Goldman Sachs Salutes America’s Working Men
By Barry Ritholtz - October 21st, 2009, 6:30PM
Macro Notes
We don’t want your help because maybe we don’t need itPeter Boockvar
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
read more »
The Big Picture is proudly powered by
WordPress
Entries (RSS) and Comments (RSS).
© Copyright Ginormous Content Limited 2010. All Rights Reserved.
Entries (RSS) and Comments (RSS).
© Copyright Ginormous Content Limited 2010. All Rights Reserved.
October 21st, 2009 at 6:42 pm
I suppose we’re supposed to notice that it’s the wrong finger.
October 21st, 2009 at 6:42 pm
Exactly!
October 21st, 2009 at 6:44 pm
Same to ya’ Goldie. Just remember, what comes around…goes around. You’ll get yours in the end.
October 21st, 2009 at 6:52 pm
nice…
October 21st, 2009 at 7:23 pm
They screw us. We ridicule them. Guess who’s laughing.
October 21st, 2009 at 7:40 pm
Since that’s sign language for lesbian, what are we to infer?
October 21st, 2009 at 7:44 pm
FWIW I did laugh. Thanks Barry.
October 21st, 2009 at 7:51 pm
Rutters
New York, New York
October 21, 2009
Goldman Sachs today announced they would lay off 1500 U.S. Treasury Department employees and cut the salaries of another 52,000 federal workers in order to compensate for lower-than-anticipated bonuses for Goldman Sachs executives.
In a bipartisan measure meant to reassure those federal workers affected, both the House and Senate passed by voice vote a “Fuck it, What Are We Supposed To Do About It?” resolution to absolve themselves from any blame over loss of wages, jobs, or home.
October 21st, 2009 at 7:57 pm
For those without teen-aged kids (or those whose older kids aren’t still living at home), I believe the hand signal is “L” for “loser.”
October 21st, 2009 at 7:57 pm
I think Rutters got that wrong. GS would “hire” more government people to increase bonuses not lay them off…
October 21st, 2009 at 8:08 pm
gee – thanks Bergsten- i thought it meant lollapalooza-
anyway- say hey to CNBC Sucks for me-
do you know what the novel is about?
i know he was taken w/ “The Road”-
so i was thinking he was working on something along those lines-
like ‘The Cul-de-Sac” -
keep me posted
October 21st, 2009 at 8:13 pm
@ Pete from CA,
Our sincere apologies for any inaccuracies in our story. To make amends, we also note that this was the first time in over 200 years Congress passed a b-i-n-d-i-n-g resolution.
Editorial Staff – Rutters
October 21st, 2009 at 8:27 pm
I notice how the Feinberg compensation cuts don’t seem to apply to GS or JPM. Funny how the taxpayers are still guaranteeing their debt but we don’t get a bonus;)
October 21st, 2009 at 8:29 pm
The two comments I had were already expressed. I enjoy this blog, since everyone is as jaded and sarchastic as I am!
October 21st, 2009 at 8:29 pm
That is the international kid sign for “loser”. I’ve had it presented to me often!
October 21st, 2009 at 8:45 pm
As W.F. Buckley once said on his TV show, if there weren’t rich people, who’d employ gardeners?
Makes sense to me.
October 21st, 2009 at 9:00 pm
vachon-
wow-
lame ass argument- if there is no taxpayer bailout to SURVIVE- and ZIRP- and USG backed borrowing- and inside information from GS transplants- then they can cover themselves in honey and roll around in $100 bills as far as i’m concerned -
you have got to be shitting me
October 21st, 2009 at 9:07 pm
From the “you are just plain wrong” department:
Federal Reserve Board governor Daniel Tarullo said Wednesday that he opposes the “provocative idea” of getting banks out of the business of trading risky securities so they can focus on lending.
http://www.marketwatch.com/story/feds-tarullo-opposes-idea-of-splitting-banks-up-2009-10-21
October 21st, 2009 at 9:12 pm
Shouldanode. He is an attorney – a profession that for the most part is “cognitively-challenged” when it comes to understanding risk (BR is an exception).
Daniel Tarullo (born November 1952) is a professor of Law at Georgetown University Law Center and a member of the Board of Governors of the United States Federal Reserve Board since January 28th, 2009. His areas of specialty are international economic regulation, banking law, and international law.
October 21st, 2009 at 9:13 pm
LOSER = all of us dumb taxpayers
WINNER = all the TBTF “Banks”
Greg Mankiw, harvard economist, says our new marginal tax rate (high earners) once health care “reform” passes will be 70%+
http://gregmankiw.blogspot.com/2009/10/marginal-tax-rates-from-health-reform.html
Must admit, I that is depressing…
October 21st, 2009 at 9:32 pm
Watching volume and opening action. Potentially going long DXD at 33 if the follow through from today’s close looks strong. My guess is open up to challenge 10k again. That would put DXD around 33. Might dip a toe there.
October 21st, 2009 at 11:17 pm
“For those without teen-aged kids (or those whose older kids aren’t still living at home), I believe the hand signal is “L” for “loser.”
good to point that out, some crusty ass might have confused it with the shape of the recovery…
October 21st, 2009 at 11:49 pm
I hope those A-holes keep it up for a little while.
One of these days, the working men and women of this country are going to wake up and put your sorry heads on a stick, and they will all be called terrorists.
So it goes…
October 22nd, 2009 at 12:27 am
tnoll: in American Sign Language, the sign for ‘Lesbian’ is made by placing the L on one’s chin.
October 22nd, 2009 at 1:08 am
On taxes…We should raise them until we have a balanced budget. Until then, we’ve been paying the INFLATION tax (a wealth tax). Nobody knows how much taxes they pay until they consider that.
Two generations of cowards running the GOP have been pimping “tax cuts” because they don’t have the balls to come out and demand spending cuts. In real terms, the only tax cuts that mean anything are spending cuts. Deficit dollars just compete with the dollars I have in my pocket.
October 22nd, 2009 at 1:24 am
Re ASL sign: I know it’s usually on the chin.
October 22nd, 2009 at 1:28 am
Backpfeifengesicht – German word which translates to “a face that cries out for a fist in it.”
October 22nd, 2009 at 10:00 am
Barry,
That is more like it…now you understand how everyone but GS feels.
I have a friend that is an extremely successful IRS/FX prop trader. He is worth every penny he earns as he does not work for a company that needed or received a bailout. That is how we view you as well.
Cheers!
JT
October 22nd, 2009 at 11:13 am
His hand could represent a graph of GOLDMAN SACKS-USA executive pay/bonus (index finger, skyrocketing) compared to the average ordinary American’s salary (thumb, flat).
October 22nd, 2009 at 4:45 pm
They are destroying capitalism in a way that would make Marx proud
http://www.theglobalist.com/storyid.aspx?StoryId=8077
October 24th, 2009 at 8:21 am
[...] 4. Have no Shame. – Speaking of bailouts, now that the economy is on its way to recovery the big banks took TARP money are are reluctant to give it back. They realize that this is free money that can be better spent on bonuses and dividends for investors. These are the actions of people who don’t care what others think about them and look at everyone else as suckers. It’s clear that Wall Street is giving Main Street America the finger. [...]
November 8th, 2009 at 4:41 am
[...] Source: http://www.ritholtz.com/blog/2009/10/goldman-sachs-salutes-americas-working-men/ [...]