Since I've adopted Goldman Sachs as my parasite, I'm learning all sorts of interesting things about them! For example, in his capacity of Secretary of the Treasury, former Goldman Sachs CEO Hank Paulson might bail out Goldman Sachs. Say, you think his old firm will take him back when he returns to the dreaded private sector? Bloomberg:
Morgan Stanley and Goldman Sachs Group Inc., the biggest independent U.S. investment banks, may reap cash infusions as part of Treasury Secretary [and former (?) Goldman Sachs CEO] Henry Paulson's plan to buy stakes in financial institutions, investors said.
Paulson, in a statement yesterday, said the U.S. will purchase equity in a ``broad array'' of banks and other financial firms to restore market stability and ensure economic growth. The Treasury is working on a ``standardized program that is open to a broad array of financial institutions,'' he said.
``Based on the fact that [Goldman Sachs and Morgan Stanley are] allegedly commercial banks now [nice snark] and are moving that way, I think they're likely to get protection,'' said Benjamin Wallace, an analyst at Grimes & Co. at Westborough, Massachusetts, which manages about $700 million. ``Whatever solution they come up with for the banking industry as a whole will apply to them, because they're no longer special.''
Morgan Stanley and Goldman were among the most profitable firms in Wall Street history and paid out $36.7 billion in compensation and benefits to employees for 2007. Both investment banks stayed profitable through the first three quarters of this year.
Hey, I've got an idea!
Since the guys who took $36.7 billion home with them are also the guys who engineered the Clusterfuck
we're now in, how about they save the taxpayers $36.7 billion by making a "voluntary contribution" to Hank Paulson's bailout? Just a thought.
NOTE I encourage every Correntian to adopt a parasite! It's easy, and it's fun!
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