Tuesday, April 14, 2009

Follow-Up

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You don't become the most prestigious Wall Street firm by taking your time. I thought it could take them until the start of the Hamptons season. Well, it took Goldamn exactly one day to find the profits, boost the stock, raise the capital, repay the bailout, and hand-out the bonuses!! Bloomberg was even able to put it in one (!) sentence. I quote:
"Goldman Sachs Group Inc., buoyed by profit that exceeded the most optimistic Wall Street estimates and a 54 percent jump in its stock price, plans to raise $5 billion to repay federal rescue funds and shed government limits on executive pay."

One last question: It was our understanding that government bailouts, Wall Street nationalization, the end of capitalism etc., were the ultimate anathema, the extremely bitter pill we had to swallow to prevent the global meltdown. If it were so easy to find the money elsewhere, why did we even bother? When were they (uhm...) less than accurate? When they announced the losses in January or the profits in April?
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