Goldman Sachs survived by cheating its customers. They knowingly sold super risky engineered bonds falsely rated as of the lowest risk to clients wanting low risk. They got the low risk rating by deliberately deceiving the raters.
For reference, Google: Moyers Black Wall St. Read the whole article.
Also, "The End, Portfolio Magazine, Dec 08-Jan 09 issue.
What reason other than tax evasion could there be for Goldman Sachs Group to set up three subsidiaries in Bermuda, 5 in Mauritius & 15 in Cayman Islands? Why did Countrywide Financial need 2 subsidiaries in Guernsey? Why did Wachovia need 18 subs in Bermuda, 3 in the British Virgin Islands, and 16 in the Caymans? Why did Lehman Brothers need 31 subs in the Caymans? What do Bank of America's 59 subs in the Caymans actually do? And AIG, why does it have 18 subsidiaries in tax-haven countries?
Robbed by the shareholders? Who's really taking the risk?
Bankers typically get burned out after a couple years anyways. The ones that stay are coked-out with no families and a shitload of cash to spend on hookers. What a life. Maybe they get your name on a building at Yale, but no one really likes you anyways.
As was stated below the serious money is in creating a company that the bankers sell for you.
The guy has a point. America is falling behind in technology/science because its best and brightest are going into investment banking to make money. That is a FACT.
Do the bankers deserve their huge bonuses? Probably. But instead of just blindly yelling "FREE MARKET", you idiots should look at a systematic problem that is hurting US competitiveness.
Are we really losing our best tech guys to banking??? As much as bankers make, who makes more: the banker advising on a tech IPO or the guy taking his tech company public???
social value? what a fucking moron. these guys are generating astounding value for their shareholders, and last time a checked, it's a FREE MARKET, and the FREE MARKET rewards the best producers, so stop bitching.
These bunch of losers are just pure jealous of what GS folks earn each year. Well they really deserve it. They put capital, effort, time and intelligence at risk to earn what they are earning. Why these bunch of bozzo journalist cringing about what they earn.
GS folks must be laughing all the way, watching them.
Would it be fair to describe this show as the propaganda arm of Wall St.?
sifjure 2 years ago
Goldman Sachs survived by cheating its customers. They knowingly sold super risky engineered bonds falsely rated as of the lowest risk to clients wanting low risk. They got the low risk rating by deliberately deceiving the raters.
For reference, Google: Moyers Black Wall St. Read the whole article.
Also, "The End, Portfolio Magazine, Dec 08-Jan 09 issue.
AnotherCuppaCoffee 2 years ago
What reason other than tax evasion could there be for Goldman Sachs Group to set up three subsidiaries in Bermuda, 5 in Mauritius & 15 in Cayman Islands? Why did Countrywide Financial need 2 subsidiaries in Guernsey? Why did Wachovia need 18 subs in Bermuda, 3 in the British Virgin Islands, and 16 in the Caymans? Why did Lehman Brothers need 31 subs in the Caymans? What do Bank of America's 59 subs in the Caymans actually do? And AIG, why does it have 18 subsidiaries in tax-haven countries?
Silberdachs 2 years ago
Your Citi Never Sleeps commercial doesn't make a hell of a lot of sense.
LeoAdd0 2 years ago
Robbed by the shareholders? Who's really taking the risk?
Bankers typically get burned out after a couple years anyways. The ones that stay are coked-out with no families and a shitload of cash to spend on hookers. What a life. Maybe they get your name on a building at Yale, but no one really likes you anyways.
As was stated below the serious money is in creating a company that the bankers sell for you.
arnbkr 3 years ago
I wonder what the bonuses will look like this year.
tcrocker15 4 years ago
Definitely not as good! Damn mortgage backed securities!!
jrado911 4 years ago
wsjdigitalnetwork
why block to cenarsystems
freedom to cenarsystems
america dreams
god bless america
nalworldgame 4 years ago
The guy has a point. America is falling behind in technology/science because its best and brightest are going into investment banking to make money. That is a FACT.
Do the bankers deserve their huge bonuses? Probably. But instead of just blindly yelling "FREE MARKET", you idiots should look at a systematic problem that is hurting US competitiveness.
qwerty1315 4 years ago
Are we really losing our best tech guys to banking??? As much as bankers make, who makes more: the banker advising on a tech IPO or the guy taking his tech company public???
DrMBA28 4 years ago
Who was that zombie rising at the end?
Renegen1 4 years ago
social value? what a fucking moron. these guys are generating astounding value for their shareholders, and last time a checked, it's a FREE MARKET, and the FREE MARKET rewards the best producers, so stop bitching.
mreldude 4 years ago 2
These bunch of losers are just pure jealous of what GS folks earn each year. Well they really deserve it. They put capital, effort, time and intelligence at risk to earn what they are earning. Why these bunch of bozzo journalist cringing about what they earn.
GS folks must be laughing all the way, watching them.
mereckless 5 years ago