Bought And Paid for (2010)
Bought And Paid for
“Much of it was fueled by anger over the Street turning into a profit machine (funded by the American taxpayer) just over a year after the record taxpayer bailouts. Then add on top of that the reports that the firms were getting ready to hand out record bonuses to their bankers and traders. In another era Lloyd Blankfein would have been showered by love letters from his clients and shareholders. He was running the most successful firm on the Street, having turned a loss in the last quarter of 20...08, the peak of the crisis, into four consecutive quarters of massive profits. Goldman had earned about $13.4 billion in 2009, projected to do at least that much or even better in 2010, and was now setting aside $23 billion for company bonuses to its bankers and traders.
But Blankfein had to hold off on the celebration. With the bailouts of 2008 still fresh in the public’s mind, Goldman had come to embody all that was wrong with the American economy and the president’s approach to it. Unemployment remained high—the “official”MoreLess
But Blankfein had to hold off on the celebration. With the bailouts of 2008 still fresh in the public’s mind, Goldman had come to embody all that was wrong with the American economy and the president’s approach to it. Unemployment remained high—the “official”MoreLess
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