Friday, October 16, 2009

More Foxes In The Hen House

It just can't get anymore ironic. It just can't.
Ok, here we go. The SEC announced today its appointment of 29 year old Goldman Sachs employee, Adam Storch to a new position in the Securities and Exchange Commission. His new job, as the LA Times puts it, "the first chief operating officer in the agency's enforcement division".

So Goldman Sachs, who just got a crapload of money from the government (aka the taxpayer) and has had its own people at the helm in high places in government, like Henry Paulson, who helped to create the worst economic scenario Americans have seen since the Great Depression, gets the nod from the SEC to to let them hire one of their 29 year old minions to help "make the SEC's Enforcement Division more efficient" ?

Excuse me while I laugh and cry at the same time.

Lets take a look at how much money has been given (stolen) to Goldman Sachs from all of us. Here's a piece from Shelly Roche's post on her site on how much money Goldman Sachs got from our federal government's bailouts and how they're magically profiting these days:

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).

There you have it. Goldman I mean.. Your government has everything under control.

Lets call the Webster Dictionary people to give them the heads up on the new definition of "regulation".