By: ralph.montegue
12/11/2009
4:41 pm Yahoo! Profile:
ralph.montegue Did this message offend you?
Sign in to report abuse |
Reply to this message |
It really is depressing to watch!
How is it that those who caused so much trouble and distress are allowed to go unpunished? |
|
By: mentawaisurf
10/11/2009
5:20 pm Yahoo! Profile:
mentawaisurf Did this message offend you?
Sign in to report abuse |
Reply to this message |
Let's not forget that "Government Sachs" was rescued by taxpayers just a year ago and then sought refuge under the Fed's wings by 'converting' into a commercial bank (supposedly no longer an investment bank!)
Yet they seem not to understand the public outrage over their $20 billion bonuses for 2009!
So Goldman Sachs CEO Blankfein has gone on a PR junket around the world proclaiming they are performing "God's work". What planet are these people from?
He went on to say that, "We help companies to grow by helping them to raise capital," Blankfein said. "Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It's a virtuous cycle."
Yet almost all their money is made via proprietary trading which is simply risky market trading which results in volatile profits. They continue to operate like an unregulated hedge fund while gaining all the benefits of a government entity. It smacks of crony capitalism and outright corruption. So when markets tumble again and "Government Sachs" cries out for yet another taxpayer rescue, we will all watch as Wall Street's mighty angel falls back down to earth. |
|
By: stevebwilson1
10/11/2009
12:19 pm Yahoo! Profile:
stevebwilson1 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Greed got us into this mess in the first place!
Sadly, it now looks as if Greed shall be the primary cause the economic Disaster of which I and increasingly more and more people are now forecasting shall soon ocurr.
Imagine the result of frenzied attempts by thousands of investors seeking to gain back monies lost in early 2009 .. Now look carefully at the facts.
USD low, share price activity volatile, gold high, unemployment high, consumer demand low, protectionism rife..
Indeed! The GREEDY shall be the cause of the Economic Disaster! |
|
By: ang101000
9/11/2009
9:07 pm Yahoo! Profile:
ang101000 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Hi Menta,
'The chief executive of Goldman Sachs,Lloyd Blankfein, believes banks serve a social purpose and are doing "God's work."
Thanks, due to Goldman's (and other banks) evangelical zeal the world has become poorer. |
|
By: mentawaisurf
9/11/2009
4:46 pm Yahoo! Profile:
mentawaisurf Did this message offend you?
Sign in to report abuse |
Reply to this message |
Goldman Sachs boss says banks do "God's work"
Sun Nov 8, 2009
LONDON (Reuters) - The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, believes banks serve a social purpose and are doing "God's work."
http://www.reuters.com/article/newsOne/idUSTRE5A71 9520091108
This is the type of hubris that still permeates the corporate culture of many financial institutions. A truly humbling lesson awaits... |
|
By: almurrie1@y7mail.com
9/11/2009
2:22 pm Yahoo! Profile:
almurrie1@y7mail.com Did this message offend you?
Sign in to report abuse |
Reply to this message |
The Russian Czar had a wake up call when the starving millions threw him out. Only problem was he was the only one doing anything of value in the country - building railways and industialising in an unprecedented fashion. Russia would have beaten USA easily had they kept going, but you must look after the little people too. Took them nearly 50 years to get back to what they had nearly achieved!
As long as the little guy thinks that he is better off than otherwise, the Czars will continue to exist. Woe betide the Czars though if there is mass unemployment and starvation, which looks increasingly possible, they won't last 10 minutes. So I don't feel at all sorry for them.
Al |
|
By: jaymarcel
9/11/2009
8:17 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| For some strange reason my entries keep being repeated sorry. It is not me being greedy for forum space;) |
|
By: jaymarcel
9/11/2009
8:16 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| For some strange reason my entries keep being repeated sorry. It is not me being greedy for forum space;) |
|
By: jaymarcel
9/11/2009
8:15 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| For those who keep blaming the greedy, the weak (shareholders) are just as much to blame for letting these CEOs get away with these pay rises/bonuses. |
|
By: jaymarcel
9/11/2009
8:15 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| For those who keep blaming the greedy, the weak (shareholders) are just as much to blame for letting these CEOs get away with these pay rises/bonuses. |
|
By: jaymarcel
9/11/2009
8:13 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
Irrelevant to what the USA voter thinks they don't have much of a say for another 4 years do they?
Do you think obamas opposition would have done anything different? |
|
By: hdmausguy
6/11/2009
7:49 pm Yahoo! Profile:
hdmausguy Did this message offend you?
Sign in to report abuse |
Reply to this message |
| 80 million eligible sheeple did'nt vote in the last (Obama) elections. Once a reasonable number of these clowns turn off the T V & pull themselves up off the couch & join the outrage herd,only then will things come to a head. Obama and Congress will,as you say menta,be forced into emergency rescue mode being too little too late & lots of economic pain never before encountered by generations of Americans & then the World. |
|
By: mentawaisurf
6/11/2009
5:16 pm Yahoo! Profile:
mentawaisurf Did this message offend you?
Sign in to report abuse |
Reply to this message |
| Thanks Ralph, but the point of my final sentence was to stress that voters will not surrender and pony up to rescue banks when they crash again. Not without a fight this time. Obama and Congress will try to push it through again for the 'good of the nation' but it won't wash with people this time. Voters will protest - strongly and en masse. Eventually government will be forced into an emergency rescue to try and stop the collapse from spreading, but the delays due to voter outrage will render it all too little, too late. |
|
By: ralph.montegue
6/11/2009
4:46 pm Yahoo! Profile:
ralph.montegue Did this message offend you?
Sign in to report abuse |
Reply to this message |
A+ mentawaisurf.
Nevertheless. Lasty does have a point.
Our PM has a huge ego and the major powers have been busy feeding it.. Red Carpet Treatment at the recent meetings in the US.. Tell me you did not see through all that back slapping and congratulating..
The PM has been effectively manipulated and a close on the sale is about to be realised.
Sadly, we will end up with a "CLUNKER" or two & they'll get the dollars.
But what's new. Shouldn't we be used to that by now?
History does repeat itself. |
|
By: lasty49
6/11/2009
11:34 am Yahoo! Profile:
lasty49 Did this message offend you?
Sign in to report abuse |
Reply to this message |
"Only this time voters won't allow government to use their money to bailout the crooks."
Really say who..?
Can you see a paradigm shift happening Menta.
The world wants to be one.. A socialism stance.. Just read the Copenhagen treaty and see what the UN wants us to donate through its smoke and mirrors climate change alias Carbon credit scam.
Wait for it... $7 billion per annum.
Rudd has his pen at the ready jumping up and down like a kid in a lollyshop.. He wants to be the UN governor..Forget about what the voters want. |
|
By: mentawaisurf
6/11/2009
11:27 am Yahoo! Profile:
mentawaisurf Did this message offend you?
Sign in to report abuse |
Reply to this message |
Anyone who saw Addicted to Money last night on ABC are more aware of just how our addiction to credit and plastic has led to a massive debt bubble that has yet to be unwound.
Yet the financial crime that led to the GFC, which was both predictable and preventable, was fueled by the dealers (bankers) who pushed their drug (credit) onto their victims (customers).
Banks made huge profits from pushing credit and selling dodgy products to the unsuspecting. They helped create the 'buy now pay later' culture of unsustainable consumerism coupled with unfettered free-market speculation. Only it wasn't free.
Banks financial alchemy created a whole new range of debt products (designer drugs) to push - securitization and structured products under the giant umbrella of derivatives. These bogus assets were cut and diced and sold around the world falsely advertised as safe investments by the banks snake oil salesmen. Credit ratings agencies were in on the scam as they were paid by the very banks that created these toxic products to rate them AAA so they could be flogged to unsuspecting investors for huge fees. The banks only objective was profit without any regard for their victims (just like drug dealers). Then they leveraged up to gamble on world-wide markets with OPM (other people's money). They turned the global economy into one giant casino. Morals and ethics went out the window along with their conscience. Regulators were complicit and still remain in the pocket of the big international banks. They helped build an entire global economy on an economic lie.
However, with the change in social mood, people are no longer willing or able to take on more debt. The music has stopped. Regardless of how much money/credit is created it will have no effect - just like pushing on a piece of string. So now the lie is being exposed so that the whole credit economy house-of-cards will implode. Only this time voters won't allow government to use their money to bailout the crooks. |
|
By: rodneysaviour2
6/11/2009
11:15 am Yahoo! Profile:
rodneysaviour2 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Hello Qitulong! Yes! This country was built by the working man, for the working man and its financial as well as geographical security is still maintained by the working man. You and I know this only too well and are both proud to have been "working men" prior to retirement.
It saddens me to see the GREED of so few result in the hardship and sorrow of so many.
As always, the GREEDY have acted in such a shameful manner and the working man has had to suffer fo it! |
|
By: qitulong
5/11/2009
4:20 pm Yahoo! Profile:
qitulong Did this message offend you?
Sign in to report abuse |
Reply to this message |
| You right again Mr. steve_b_wilson sir. It is working man who suffer all tiem when rich people they making big mistakes with somen investment or other. Why is always common nman has to suffer for ruich man mistaken actions? It is not right that people who get so rich from all this mess can still be in job while so many man on the street left with big financial troubles after losing jobs. |
|
By: stevebwilson1
4/11/2009
4:34 pm Yahoo! Profile:
stevebwilson1 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Those who's GREED lead us into this situation remain for the most part in employment & wealthy.
Where is the justice?
While so many of our friends and fellow countrymen continue to suffer as a result of the GREED of the few, these heartless financial parasites get off the hook scot free. |
|
By: jaymarcel
3/11/2009
10:43 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| Thanks for the incite mate, good luck. |
|
By: hdmausguy
3/11/2009
10:11 am Yahoo! Profile:
hdmausguy Did this message offend you?
Sign in to report abuse |
Reply to this message |
| jay - This is the dilemma that many investors face quite often. A company might start off with good managers(directors)but over time certain directors resign(other interests etc.)and new ones take their place. The ASX always has announcements for change of directors & change of interests(buy/sell shares etc.)The problem then is that you have your shares that may have dropped in value because the market did'nt like the directors giving themselves big $$$ payments. Often the shares may be worth less than what you paid for them. So then you have to make a choice. Either sell out at a loss or hang in and back your original judgement that the fundamentals of the company are still sound and that the market sentiment will improve and thus return your shares to the black. I have a problem with directors decisions at the moment. A couple of months ago I bought some gold shares for 9.2c each. After 2 weeks they went up to 9.8c. All good. Then at the end of the third week they put a stop on their trading pending an ASX Co. announcement.There was no pre consultation with shareholders about it. When they returned to trading they announced a funds issue to complete the gold processing plant. Nothing wrong with that. However the way they made the funding was poor. Instead of offering less shares at a higher rate,to preserve the value of existing shares,they've offered 2.2 billion shares at 4c each . This will increase the number of shares from 600 million to 2.8 billion an increase of around 360%. The market reacted, dropping the price from 9.8c to the low 4c range.Remember the new shares are'nt trading yet. I'm not buying any new shares I'll just have to sit and hold and hope my current 55% value drop comes good once gold starts to flow? |
|
By: jaymarcel
3/11/2009
7:24 am Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
hdmausguy I understand the problem but don't understand why shareholders keep feeding them.
It's similar to a mortgage holder whinging about their bank, the answer is to take your money elsewhere, if the directors have 55% share what do you think would happen if the other 45% was not bought buy disappointed shareholders. |
|
By: ang101000
3/11/2009
12:18 am Yahoo! Profile:
ang101000 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Menta,
Why are financial industry paychecks so big?
The answer is simple, and it is the one Willie Sutton is supposed to have offered when asked why he robbed banks: "Because that's where the money is."
To Rein In Pay, Rein In Wall St.
http://finance.yahoo.com/career-work/article/10805 3/to-rein-in-pay-rein-in-wall-st?mod=career-salary _negotiation |
|
By: hdmausguy
2/11/2009
3:43 pm Yahoo! Profile:
hdmausguy Did this message offend you?
Sign in to report abuse |
Reply to this message |
| jay - another thing to consider about companies is the power that the majority share holders have with their votes. For example say the directors of a company have 55% of the shares in that company then they have the majority vote. All too often we have seen annual general meetings to discuss company business.The hottest one is usually the directors remuneration. Even though smaller parcel(minority vote) shareholders(generally more numerous) have valid & logical reasons to limit payouts it is usually overruled by the majority vote and thus fat payouts are given at the top for the big boys(including themselves) in the company. For you to blame the minority shareholders is a naive point of view. |
|
By: jaymarcel
2/11/2009
1:52 pm Yahoo! Profile:
jaymarcel Did this message offend you?
Sign in to report abuse |
Reply to this message |
| I will do thanks mate sounds interesting, I do agree with you which is another reason I don't buy shares. |
|
