Reply to: Goldman pay drops a fifth as profits dive 50pc

[Peoplesoft bloke]

True they will go like you to where their commercial interests are best served. We should be thankful not necessarily to them (possibly a better word), but for the fact that the UK is the best environment for them.

Yeah and at least they are stepping up and paying their proper tax .........oh hang on

BBC News - Goldman Sachs tax deal faces UK legal challenge

[AtW]

But please don't let facts get in the way of your argument.

Facts? The fact is they've changed their bank from investment to retail in order to qualify for funding.

Your assertion that somebody made them do it needs a bit more than your opinion.

AIG's collapse would have certainly triggered wave of bank failures, like dominos it would have reached GS sooner or later.

Goldman Sachs Got Billions From AIG For Its Own Account, Crisis Panel Finds

[BrilloPad]

They've changed bank status from being investment only which was meant they can go bust to retail bank to quality for money, nobody would do that just because of "solidarity".

It was made very clear by the US government that they had to.

Bailout of AIG was bailout of GS and other banks who would have gone bust if insurer gone bust because they thought it would be smart to insure default risks.

GS held enough collateral to cover the losses. GS was not bothered if AIG went bust or not.

But please don't let facts get in the way of your argument. Carry on....

Am I turning into sasguru?

[DodgyAgent]

Of course not - but flip to being "grateful" - they are surely the last people who'd be here if there wasn't a significant amount in it for them - so sod being "grateful". They are here cos they can screw something out of it - fair enough but no need to be "grateful" - they'll be off as soon as they see a better opportunity to help shaft someone else's economy.

True they will go like you to where their commercial interests are best served. We should be thankful not necessarily to them (possibly a better word), but for the fact that the UK is the best environment for them.

[AtW]

They never wanted the money - neither did JP Morgan. They took it to show solidarity.

They've changed bank status from being investment only which was meant they can go bust to retail bank to quality for money, nobody would do that just because of "solidarity".

Bailout of AIG was bailout of GS and other banks who would have gone bust if insurer gone bust because they thought it would be smart to insure default risks.

Talking of which - the whole problem with this tulip started because "clever bankers" started coming up with schemes that are inherently risky like any business but they thought insurance would make it AAA grade investment.

[Peoplesoft bloke]

Are they obliged to come here then?

Of course not - but flip to being "grateful" - they are surely the last people who'd be here if there wasn't a significant amount in it for them - so sod being "grateful". They are here cos they can screw something out of it - fair enough but no need to be "grateful" - they'll be off as soon as they see a better opportunity to help shaft someone else's economy.

[sasguru]

This ain't capitalism - of anything this is more like communism where workers own the place of work, only this one is a public company traded on NYSE!

Quit moaning. The state supported you with handouts for years before you got your crappy, failing company off the ground.

[DodgyAgent]

Grateful? How?

If we aren't supposed to care what they do why would we need to be "grateful"

Are they obliged to come here then?

[Peoplesoft bloke]

Goldman Sachs Enters £8bn 'Parallel Pay Universe'

Why should they care what American banks do? We should be grateful that they come to the UK instead of elsewhere.

Grateful? How?

If we aren't supposed to care what they do why would we need to be "grateful"

[darmstadt]

You are underestimating how much clout GS has over the US politicians. Most often GS CEO goes on to be the US treasury chief or something. They should have folded during the credit crunch but convinced the US govt that AIG had to be bailed out.

Europe too:

Mario Draghi, governor of the European Central Bank and Mario Monti, the Italian Prime Minister ar eboth ex-employees.

But they do try hard to protect the bonuses:

Goldman Sachs announced 1,000 layoffs in July 2011 in an effort to cut expenses up to $1.2 billion.

[BrilloPad]

Goldman Sachs Enters £8bn 'Parallel Pay Universe'

"A spokesman for the Robin Hood Tax campaign said: 'When even in a bad year each Goldman employee pockets an average of $367,000 – nearly 10 times the average UK salary – it is proof that banks live in a parallel universe to the rest of us'."

Why should they care what American banks do? We should be grateful that they come to the UK instead of elsewhere.

[BrilloPad]

Aye, and they have audacity to say they were not bailed out.

Also they've turned into "proper" bank in order to qualify for Fed's loans.

They should have gone bust like Lehman along side with a few others.

They never wanted the money - neither did JP Morgan. They took it to show solidarity.

They would not have gone bust.

[Peoplesoft bloke]

Change company to economy and Bankers to ALL Politicians

Fixed

[d000hg]

It must be so hard, having to get by on only a £1million bonus instead of £2million. How do the bankers manage?

Let's remember that when you're on £500/day and get told you're facing a 10% cut to "only" £450/day.

[DodgyAgent]

Steady on - any criticism of any bonus of any kind for anyone (or anything else) in the private sector is banned on here by order of Dodgy et al.

And dont you forget it