Matthew 10:16
Member # 003
Was the money paid to the Execs of Wall Street an example of greed run amok or was it just capitalism that we should all be envious of & try to emulate or something in between?
Goldman Sachs & Lehman Bros. & Wall Street
- Thread starter Matthew 10:16
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It was a ponzie scheme. A rigged card game from the start. They should be rounded up and shot in the streets like the rat scum that they are so as to serve as an example to those that think it's OK to screw so many people out of so much money.
Matthew 10:16
Member # 003
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WOW! I like that post. Nice one Mark. 
carpe kid
Member # 018
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- Brandon
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- Eckardt
Use Goldman's recent issues as you example. They got caught shorting the same investments they were selling. Legally nothing wrong with that. Hell, its good business. In this case they are nothing more than the bookie. They made the juice without a care about the outcome. There lies the problem. I personally have been to Goldman Sachs. I got to speak to some of their most respected managers. Those people were some of the smartest I have ever met. Every employee was ivy league caliber.
Profits are king in the financial world. The bonuses paid are most of the compensation for the employees. Take a bond trader for example. If he is able to buy 100 million in bonds @ $97, have his firm sell 50 million of the bonds to their clients @ 99 then turn and sell the remaining position to AGE, EDJ Merrill, etc @100 he has done well for his position. He is compesated based on the profit he made his firm. Traders keep a running total throughout the year then are compesated on what they made the company and it is called a "bonus".
My issue is they hedged their bets on both ends and profited on the fees. They were supposed to be advisors and simply became bookies.
Now, go back to the reason this all started and you cannot blame just wall street. Congress in their infinite wisdom chose to say EVERY person DESERVED to own a home AND the financial industry would provide the loans or lose government backing. Just the thought should have made everyone in the world cringe. When a loan was made to a person with a 500 credit score, on aid and NEVER paid anyone on time what do you think happened. Banks made a KILLING on the loan before it went bad.
More than financial gurus need to be lined up as Mark stated.
Profits are king in the financial world. The bonuses paid are most of the compensation for the employees. Take a bond trader for example. If he is able to buy 100 million in bonds @ $97, have his firm sell 50 million of the bonds to their clients @ 99 then turn and sell the remaining position to AGE, EDJ Merrill, etc @100 he has done well for his position. He is compesated based on the profit he made his firm. Traders keep a running total throughout the year then are compesated on what they made the company and it is called a "bonus".
My issue is they hedged their bets on both ends and profited on the fees. They were supposed to be advisors and simply became bookies.
Now, go back to the reason this all started and you cannot blame just wall street. Congress in their infinite wisdom chose to say EVERY person DESERVED to own a home AND the financial industry would provide the loans or lose government backing. Just the thought should have made everyone in the world cringe. When a loan was made to a person with a 500 credit score, on aid and NEVER paid anyone on time what do you think happened. Banks made a KILLING on the loan before it went bad.
More than financial gurus need to be lined up as Mark stated.
Matthew 10:16
Member # 003
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- #5
WOW Kid that some informative stuff. Great incite & perspective. What about Chuck & Dean? Thoughts on this one guys?