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Goldman Sachs' Black Magic, Here's How They Did It
Made popular 1989 days ago in
How did Goldman, Sachs & Co. - saved a year ago by the US taxpayer - magically make $3 billion in 3 months a year later?
This as the US dollar collapses, unemployment soars and foreclosures hit a record?
Here is the Goldman, Sachs & Co. revenue break down for the past 3 months:
Financial Advisory-M/A: 325 million.
Equity Underwriting: 363 million.
Debt Underwriting: 211 million.
Trading-Principal Investments: 10 billion.
Notice that 10 billion is much bigger than two or three hundred million made from the traditional Wall Street businesses.
That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following:
10 Billion in TARP
11 Billion from the Fed
30 Billion from the FDIC
13 Billion from AIG
For a grand total of $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money).
Goldman at the apex of the crisis is delivered this money - which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital.
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Is Goldman Sachs' Amazing 3rd quarter profit of 3.4 Billion legalized theft?
This is not a scientific survey,
to learn more. Results may not total 100% due to rounding and voting descrepencies.
1987 days ago
Yes - Obama gave them the money hype the system, no better way to make himself look good.
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