Saturday, October 17, 2009

How Goldman Sachs Made Their Profits in Q3 Using Your Money

Goldman Sachs reported earnings last week, it was one of their top quarters in history. However where they made most money was in the 'trading' category. Trading is a zero-sum game, if somebody wins, somebody else loses. The question then is who lost the $10B? Was it hedge funds, was it pension funds, was it you and me?

An MSNBC video explains how they made that kind of money. The person who gave them free money is shown at the enter of the image above, you may recognize him. Remember how they were claiming it was imperative to give the banks money otherwise it would be the end of world? This is the money GS received from the taxpayers:

Watch video

To rub salt into the wound, a 29-year Goldman Sachs employee was appointed this week to be COO of the SEC. How can now the SEC possible investigate what GS is doing on the markets?

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