Comments on: Goldman’s human face http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/ A slice of lime in the soda Thu, 20 Jun 2013 02:11:39 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Frank Fitton http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8885 Frank Fitton Wed, 18 Nov 2009 15:56:55 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8885 The $500 million though is really a drop in the bucket compared to the kinds of numbers this company throws around. Its almost insulting in a way, but at this point we are the dog underneath the table and are willing to take whatever scrapes these people want to toss our way. So are we supposed to get excited about this? I wouldn’t exactly say that, but I wouldn’t completely scoff at it either. They didn’t have any reason or were mandated to do this in anyway. Of course its a blatant PR move, but its not a bad one. Its really in their best interest too for as the economy soars so do their profits. Its really just a win win situation for everyone involved. Some more money possibly in line with the kind of money they’ve been paying out in bonuses would have been nice, but who are we really to complain. I don’t really blame Goldman Sachs for the financial crisis, they were simply going about their businesses. Looking back at it, things could have been done differently of course, but hindsight is always 20-20. Its refreshing to see someone step up to the plate and admit that they didn’t handle things as well as they could have. Is it sincere? Probably not, but at this point its all we’re going to get and its better than nothing. Check out my blog on the Goldman Sach's penance offering at.... http://www.thedebtgazette.com/2009/11/goldman-500-million-penance/ The $500 million though is really a drop in the bucket compared to the kinds of numbers this company throws around. Its almost insulting in a way, but at this point we are the dog underneath the table and are willing to take whatever scrapes these people want to toss our way.

So are we supposed to get excited about this? I wouldn’t exactly say that, but I wouldn’t completely scoff at it either. They didn’t have any reason or were mandated to do this in anyway. Of course its a blatant PR move, but its not a bad one. Its really in their best interest too for as the economy soars so do their profits. Its really just a win win situation for everyone involved. Some more money possibly in line with the kind of money they’ve been paying out in bonuses would have been nice, but who are we really to complain.

I don’t really blame Goldman Sachs for the financial crisis, they were simply going about their businesses. Looking back at it, things could have been done differently of course, but hindsight is always 20-20. Its refreshing to see someone step up to the plate and admit that they didn’t handle things as well as they could have. Is it sincere? Probably not, but at this point its all we’re going to get and its better than nothing.

Check out my blog on the Goldman Sach’s penance offering at…. http://www.thedebtgazette.com/2009/11/go ldman-500-million-penance/

]]> By: Sharon http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8884 Sharon Wed, 18 Nov 2009 15:21:54 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8884 Given that they're paying this out over time, do you know if they're legally bound to fund the full amount, or if they can just as easily pull back when the media focuses on other issues and public pressure on Goldman subsides? Given that they’re paying this out over time, do you know if they’re legally bound to fund the full amount, or if they can just as easily pull back when the media focuses on other issues and public pressure on Goldman subsides?

]]> By: Jeremy http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8881 Jeremy Wed, 18 Nov 2009 14:57:39 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8881 Mr. Salmon, You are fishy at best. Like rotted shark, your commentary is just as pungent. How you can vouch for a firm that drove the market into the ground, and in combination with its alumni, strong-armed the weakling Bernanke into giving trillions to Goldman and its evil ilk, is beyond any realm of conscience. Either you are truly a moron, naivete, or a Goldman alumnus. Mr. Salmon,

You are fishy at best. Like rotted shark, your commentary is just as pungent. How you can vouch for a firm that drove the market into the ground, and in combination with its alumni, strong-armed the weakling Bernanke into giving trillions to Goldman and its evil ilk, is beyond any realm of conscience. Either you are truly a moron, naivete, or a Goldman alumnus.

]]> By: onthetimes http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8873 onthetimes Wed, 18 Nov 2009 06:54:21 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8873 The $500M Goldman is sort of giving away is over five years, so it's $100M per year. Meanwhile, an estimate provided in the FT says Goldman will spend almost $22 Billion in compensation in 2009 (not sure if that means just the bonuses, or their entire compensation, but does that matter?. So for those of you keeping score at home, that's $100 million to atone for their sins, and $22 Billion, or 220 times $100 Million, for their compensation. Or in other words, the $100 Million is about 0.4% of this year's compensation. Now everybody should be able to understand why Goldman couldn't possibly accept 98 cents on the dollar for the swaps they bought from AIG. They needed the $250 million or so to cover this gift. Yes, they are so sorry. The $500M Goldman is sort of giving away is over five years, so it’s $100M per year. Meanwhile, an estimate provided in the FT says Goldman will spend almost $22 Billion in compensation in 2009 (not sure if that means just the bonuses, or their entire compensation, but does that matter?.

So for those of you keeping score at home, that’s $100 million to atone for their sins, and $22 Billion, or 220 times $100 Million, for their compensation. Or in other words, the $100 Million is about 0.4% of this year’s compensation.

Now everybody should be able to understand why Goldman couldn’t possibly accept 98 cents on the dollar for the swaps they bought from AIG. They needed the $250 million or so to cover this gift.

Yes, they are so sorry.

]]> By: ptless http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8861 ptless Wed, 18 Nov 2009 01:55:08 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8861 Human face? Deserves to be applauded? You're kidding right? Are they going to pay back the money they ripped? 23billion in bonus for 2009 is what I read... what percentage of that is 500million?? Human face? Deserves to be applauded? You’re kidding right? Are they going to pay back the money they ripped? 23billion in bonus for 2009 is what I read… what percentage of that is 500million??

]]> By: maynardGkeynes http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8856 maynardGkeynes Tue, 17 Nov 2009 23:59:12 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8856 Felix: Doesn't your CDFI provide stationary for thank you notes? Felix:

Doesn’t your CDFI provide stationary for thank you notes?

]]> By: Sechel http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8854 Sechel Tue, 17 Nov 2009 23:40:14 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8854 what we've seen in the last few days, is that Goldman was not responsible for the 100 cents on the dollar AIG CDS payment(it was the foreign banks). The issue is that there are too many people in gov't who formerly worked at Goldman, Goldman's hubris and the lack of acknowledging how they are benefiting from the collapse of their competitors. what we’ve seen in the last few days, is that Goldman was not responsible for the 100 cents on the dollar AIG CDS payment(it was the foreign banks). The issue is that there are too many people in gov’t who formerly worked at Goldman, Goldman’s hubris and the lack of acknowledging how they are benefiting from the collapse of their competitors.

]]> By: tony http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8853 tony Tue, 17 Nov 2009 22:55:46 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8853 Why not save CIT Goldman? Goldman is basically trying to steal CIT's business when they are restructuring. This is stealing not charity. Why not save CIT Goldman? Goldman is basically trying to steal CIT’s business when they are restructuring. This is stealing not charity.

]]> By: StevenKs http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/comment-page-1/#comment-8850 StevenKs Tue, 17 Nov 2009 22:12:22 +0000 http://blogs.reuters.com/felix-salmon/2009/11/17/goldmans-human-face/#comment-8850 So, let's see; I can lay off $13 billion in losses on the U.S. taxpayers, promote & sell toxic derivatives at the same time I'm shorting them, front run clients, manipulate equity & commodity markets but I will be absolved if I just say I'm sorry & throw some money (relative pocket change) at your favorite cause. Well at least now we know what your price is... So, let’s see; I can lay off $13 billion in losses on the U.S. taxpayers, promote & sell toxic derivatives at the same time I’m shorting them, front run clients, manipulate equity & commodity markets but I will be absolved if I just say I’m sorry & throw some money (relative pocket change) at your favorite cause.

Well at least now we know what your price is…

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