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Ear to the Ground

Goldman Sachs Under Pressure to Return $2.9 Billion Windfall to Taxpayers

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Posted on Feb 16, 2011
nosha (CC-BY-SA)

Critics of the financial chop shop, of which there are many, would like to see Goldman Sachs return billions in taxpayer dollars paid out to cover a $20 million bet. The huge payout was passed through AIG, orchestrated by then-Chairman Timothy Geithner’s New York Fed, and publicized by the Financial Crisis Inquiry Commission.

McClatchy Newspapers:

It’s now clear that the Federal Reserve Bank of New York, which quarterbacked the hurried, $182 billion bailout of AIG to avoid a meltdown of global financial markets, did little to guard against windfalls for major banks and investment banks.

The financial crisis panel’s final report late last month found that Goldman’s $2.9 billion payout came on “proprietary” trades—investments in which the firm used its own money rather than the more typical deals completed on behalf of clients.

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MarthaA's avatar

By MarthaA, February 19, 2011 at 6:56 pm Link to this comment

PatrickHenry, February 19 at 2:44 am,

The common population doesn’t have anything to do with calling people common, the common population is the public at large that have all things in common.  The masses of the public at large will become aware of their power as the American Common Populace, which denotes no insignificance whatsoever, only a class and culture that needs to be realized, because as individuals there is no way to have equality with the two other classes and cultures, the Corporate Middle Class and Culture that will never shrink more than 20% of the population and the Corporate Elite Capitalist Class and Culture that is only 10% of the entire population.

Here are some definitions of common usage:

common:

1.  belonging equally to each or all of a group: The airwaves of the United States belong in common with the entire population of the United States. 2. of all; from all; by all; to all; general: common knowledge, 3. united, joined: Science and medicine form a common front against ignorance and disease. 4. belonging to the community at large;public: He sowed a slander in the common ear.  A commoncouncil. The common population of Egypt and Wisconsin USA are outraged at the government’s attempting to remove the workers common benefit.

common carrier:  A person or business conveying goods or people for pay, offering the service to the public generally, the common population.

common council: the lawmaking group of a city, town, etc.

commoner:  one of the public; a person who is not a nobleman. 

common land:  land that is used and enjoyed by the public and is not restricted to private ownership.

common law: 1. law based on custom and usage, but confirmed by the decisions of judges, as distinct from statute law2. the law of all countries whose legal systems derive from English law, as distinct from civil or canon law.  3. law based on the decisions of judges in actual cases; case law.

common market:  an association of countries for promoting free trade among its members by eliminating tariffs, duties, and similar restrictions, with a common tariff for external commerce.

common wealth1. the group of people who make up a nation; citizens of a state.  2. a democratic state; republic.  3.  any one of the states of the United States.  4. a number of people united for a common interest.

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PatrickHenry's avatar

By PatrickHenry, February 18, 2011 at 9:44 pm Link to this comment

MarthaA,

Who are you calling common?

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MarthaA's avatar

By MarthaA, February 18, 2011 at 7:19 pm Link to this comment

Truly all the corrupt bankers should be behind bars, but there are different laws for fraud for the Common Population, as the Common Population could never get away with fraud, but there are no laws against high class bankers taking millions without even a slap on the wrist, because cheating the population out of money is the popular way to play the game in upper banking circles, as the following video documents: http://www.realecontv.com/videos/banking-malfeasance/straight-from-the-horses-mouth-.html

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By vote, February 18, 2011 at 4:04 pm Link to this comment

If we charged them 40% interest and got a couple “co-signers” I might be O.K. with corporate bailouts. That’s what they would do to us, why don’t we do it to them when it is our money?

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MarthaA's avatar

By MarthaA, February 18, 2011 at 12:26 am Link to this comment

By all means, don’t let the conservative culprits fritter off to an ascending economy after sapping the U.S. Economy dry leaving the common populace of the U.S. holding the bag for centuries.  The Big Banks and the War Mongering Corporate Military Industrial Complex have squandered most of the $14 Trillion deficit, as the common population receive only a small drop in the economic bucket, and are begrudged even that.

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By faith, February 17, 2011 at 1:03 pm Link to this comment

I second that, PatrickHenry. Seize the assets !  Send in the bean counters !  But,
how are you going to regain those funds from all the CEOs/Bankers from funds
which are now commingled and in nice secure trust funds for the recipients’ future
generations? 

Matt Taibbi has a wonderful article in the new RollingStone that should be
published every where allowable.  It is excellent investigative journalism.  Its title
is “Why Isn’t Wall Street in Jail”.  http://www.rollingstone.com/politics/news/why-isnt-
wall-street-in-jail-20110216

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PatrickHenry's avatar

By PatrickHenry, February 16, 2011 at 8:53 pm Link to this comment

Under pressure?  I advocate siezing assets.

Boo Hoo, no bonuses for you.

Send in the bean counters.

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