A couple of days ago I told you about how the SEC is investigating Goldman Sachs for fraud charges, well guess who is reporting a record first quarter profit...
Heh, Capitalism... I'm sure that 1 million dollar fine from the SEC will sure teach them not to ever defraud the public again!
Goldman earns $3.3B in 1Q as fraud case looms
NEW YORK – Goldman Sachs Group Inc. said Tuesday its first-quarter earnings almost doubled to $3.3 billion as its trading business again surpassed the rest of the financial industry.
I guess I should be looking at the bright side. Think of all the jobs they can make now. Oh yeah. the wealth is trickling down on me... it's all over my face!!! Look at that - 90% increase in profits. Then again, it's easy to make a profit when you're selling dud stocks and loans that you're betting against.
Oh man, 3.3 billion dollars by making stuff up. The value of this item is based off the value of this other item which I just made up. I know, I know. Slow down there, can you have somebody's neighbor's kid making hundreds of thousands of dollars put this in Excel or Powerpoint form? Hmm, nah. Actually it's more like stealing. But hey, if you believe Goldman, do I have a bridge in Brooklyn, would you like to buy it? It's quite large.
Give me your money, I promise I'll be good with it! You may think that what goldman sachs does is absolutely vital to the American economy, but I think it's mainly just rampant corruption. The bestest is when you hear someone mention they've bought shares of goldman sachs because "those guys are the best". In fact, if you own any goldman sachs stock you are a thief and a murderer.
I like NYC but burn the place to the ground already just to ger rid of old mans sacks. Burn NYC down... Oh god, imaginary feds, please don't hurt me. I'm sorry, I'm really sorry. I didn't mean that as a threat! Please Feds, there is nothing that I love more than the United States of America.
But it does make you question the whole rationality of the president elect chair and the choices made behind the scenes. Take for example the last democrat there. The last democrat, Clinton, was known for having a lot of Hollywood types to sleep overnight in the Lincoln Bedroom; Obama's very first overnight guest at the white house was not a movie star or a sports celebrity, instead, it was Lloyd Blankfein CEO of Goldman Sachs. Yep.
So its no wonder that you see these guys get away with what is attributed with worse than murder. Betting against your own hedge funds and literally stealing billions of it is Vital for the American Economy after all, isn't it?
This all leads to some interesting questions. Can someone tell me why Capitalism isn't just one really big Ponzi Scheme? Take banks, for example. If everyone pulled their money out at once, there wouldn't be enough capital to cover it.
Corporations - if every investor sold all at once, there wouldn't be enough company assets for them to cash out. All of capitalism exists on the assumption that all the investors don't pull out at once - and that is a ponzi schem, right? Just because everybody knows it doesn't make it any less of one. Many of Madoff's investors knew something was up, but did and said nothing. It just makes me wonder why hasn't anyone come up with a better system yet.
Our financial system really is a ponzi scheme though.. What banks do is called counterfeiting, there may be a subtle difference, but still, calling our financial system a ponzi scheme is kind of an insult to ponzi. All I know is that this blog post is now too big to fail.