View Full Version : JPMorgan reports $3.6 Bill in profits. Goldman $3.19 Billions...
ElNono
10-15-2009, 09:44 AM
They're both fighting tooth and nails for the bonuses...
Thoughts?
How much of the stimulus directly benefited those firms?
How much power to protege's of (at least GS) have in Washington/NY/financial/govt's around the world?
They get richer and richer and richer seemingly no matter what else happens in the World, no matter which party is in power?
Color me not surprised.
Bonuses?
Why not? It's hard work running the World.
TDMVPDPOY
10-15-2009, 10:26 AM
shouldve invested in bank stocks when they were in the shits...
shouldve invested in bank stocks when they were in the shits...
Somebody is going to make big $$$ with those stocks.
angrydude
10-15-2009, 11:34 AM
http://www.goldmansachs666.com/
boutons_deux
10-15-2009, 11:35 AM
"Somebody is going to make big $$$ with those stocks"
Class war champion Warren Buffet bought $5B of Goldman, sold it for $8B, pays less income tax than his secretary.
"Somebody is going to make big $$$ with those stocks"
Class war champion Warren Buffet bought $5B of Goldman, sold it for $8B, pays less income tax than his secretary.
How does he avoid capital gain's taxes?
I pay them on every nickel I make on investments. Do really really rich guys get a different 1040?
ElNono
10-15-2009, 12:20 PM
How does he avoid capital gain's taxes?
I pay them on every nickel I make on investments. Do really really rich guys get a different 1040?
Ship money overseas?
Ship money overseas?
I'm betting he doesn't use TurboTax like Moi; but that isn't one of the questions.
It asks: Did you sell any stocks?
I say: "Yes"
It asks: What did you sell, and how much did you sell it for?
I tell it how many shares of what I sold for how much.
It asks what I paid for it and when.
I tell it.
It calculates the tax. (if held for less than a year it's taxed as straight income, if over 12 months, as a capital gain). Maybe he didn't sell - in which case there is no tax, yet.
ElNono
10-15-2009, 12:40 PM
I'm betting he doesn't use TurboTax like Moi; but that isn't one of the questions.
It asks: Did you sell any stocks?
I say: "Yes"
It asks: What did you sell, and how much did you sell it for?
I tell it how many shares of what I sold for how much.
It asks what I paid for it and when.
I tell it.
It calculates the tax. (if held for less than a year it's taxed as straight income, if over 12 months, as a capital gain). Maybe he didn't sell - in which case there is no tax, yet.
He's rich. Laws, taxes and all that minutiae only apply to commoners like you and me. You always suspect these guys know all the rules of the game, including how to go around them. I think the UBS case actually proves that, and we'll see how long the government cracks down on that, or if that specific case was just for show.
boutons_deux
10-15-2009, 12:53 PM
WB says his income tax paid is 17%, after his army of tax lawyers and accountants abuse the purposely hyper-complex tax law the way Congress intended it to be abused.
The Wealthy (oligarchs) Are Different From You And Me.
WB says his income tax paid is 17%, after his army of tax lawyers and accountants abuse the purposely hyper-complex tax law the way Congress intended it to be abused.
The Wealthy (oligarchs) Are Different From You And Me.
Turbotax owes me some money.
I'm doubting, however, that Buffet's secretary pays more than half a billion in taxes.
boutons_deux
10-15-2009, 02:51 PM
WB's secretary pays a higher tax rate than WB's 17%, was his point, not a bigger absolute number
boutons_deux
10-15-2009, 02:52 PM
and fund/money/equity mgrs pay capital gains rate of 15% for the fees they pocket, when they are not making capital gains, since they are investing Other People's Money, not their own.
and fund/money/equity mgrs pay capital gains rate of 15% for the fees they pocket, when they are not making capital gains, since they are investing Other People's Money, not their own.
That is some BS right there. I'm just the poor schlep sitting at the top margin, waiting for next year when it goes back up to 39.
Oh well. At least all the old farts are gonna get a $250 bonus!
baseline bum
10-15-2009, 03:44 PM
If we were hellbent on freeing credit, I don't see why we didn't just give money to smaller, more responsible banks instead of fronting it to the assholes who put us in this mess to begin with. Great use of our money to subsidize their fucking mergers and acquisitions.
coyotes_geek
10-15-2009, 04:42 PM
If we were hellbent on freeing credit, I don't see why we didn't just give money to smaller, more responsible banks instead of fronting it to the assholes who put us in this mess to begin with. Great use of our money to subsidize their fucking mergers and acquisitions.
Exactly. But Bush/Obama had other ideas.
InRareForm
10-15-2009, 10:08 PM
how come people bitch and moan about spending money on healthcare, but when it comes to spending money so these banks and salaries are ballooned, we hear nothing of the such with townhall meetings or outrage???
Aggie Hoopsfan
10-15-2009, 10:12 PM
If we were hellbent on freeing credit, I don't see why we didn't just give money to smaller, more responsible banks instead of fronting it to the assholes who put us in this mess to begin with. Great use of our money to subsidize their fucking mergers and acquisitions.
Did anyone expect anything to change when Obama brought the head of the NY Fed that oversaw Wall Street on board? Geithner's just picking up where Bernanke started in looking after their boys at the expense of the American taxpayer.
coyotes_geek
10-15-2009, 10:27 PM
how come people bitch and moan about spending money on healthcare, but when it comes to spending money so these banks and salaries are ballooned, we hear nothing of the such with townhall meetings or outrage???
There was, and still is, plenty of outrage over the banks and all the financial sector bailouts. Hell, AIG had to hire extra security because their employees were getting death threats. Not just the executives, the regular employees.
TDMVPDPOY
10-15-2009, 10:48 PM
There was, and still is, plenty of outrage over the banks and all the financial sector bailouts. Hell, AIG had to hire extra security because their employees were getting death threats. Not just the executives, the regular employees.
lol had a friend who worked for them, lol all us tried to get cheap manutd jerseys through her see if they get any employee discounts, didnt get shit :(
i remember laughing at my friends who worked in banks getting share options for their salary package, how it tumbled to below what they were earning per hour, now its all recovered and growth is damn strong.
Cant_Be_Faded
10-16-2009, 12:42 AM
Did anyone expect anything to change when Obama brought the head of the NY Fed that oversaw Wall Street on board? Geithner's just picking up where Bernanke started in looking after their boys at the expense of the American taxpayer.
The agg actually has got a point here.
ElNono
10-16-2009, 01:40 AM
What I was reading is that a bunch of these banks returned the TARP billions they received from the government when they started cashing in the insurance money from AIG for all those defaulted notes. And we all know where that AIG money came from.
So basically, they avoided all the extra penalties of the TARP program, and still got bailed out with taxpayer money, not to mention they got extra perks in the process, like an increase of FDIC insurance for deposits now up to 250K...
how come people bitch and moan about spending money on healthcare, but when it comes to spending money so these banks and salaries are ballooned, we hear nothing of the such with townhall meetings or outrage???
You don't think the bailouts pissed those people off?
You're out of your mind; Bush/Paulson, then Obama/Geithner got the whole ball rolling; but you can't stop what's already happened - so your try to keep the NEXT dominoe from falling.
coyotes_geek
10-16-2009, 12:07 PM
Still tough sledding for BofA. They just announced a loss of $1B.
ElNono
10-16-2009, 04:12 PM
Still tough sledding for BofA. They just announced a loss of $1B.
Bank of America has it well deserved because they tried to screw over their stockholders with the Merrill Lynch acquisition, and they screwed over most of their credit card customers by jacking up the APR to circa 25% when the crisis came around...
TDMVPDPOY
10-17-2009, 12:08 AM
He's rich. Laws, taxes and all that minutiae only apply to commoners like you and me. You always suspect these guys know all the rules of the game, including how to go around them. I think the UBS case actually proves that, and we'll see how long the government cracks down on that, or if that specific case was just for show.
i remember a similiar case down here, i think it was packer or murdoch, their companys made billions, and only paid like $100 tax, while they spent millions on lawyers to fight the charges of tax evasion, and they won lol....awesome.
coyotes_geek
10-17-2009, 08:26 AM
Bank of America has it well deserved because they tried to screw over their stockholders with the Merrill Lynch acquisition, and they screwed over most of their credit card customers by jacking up the APR to circa 25% when the crisis came around...
Regardless, we should still be hoping that they can be profitable. The taxpayers are on the hook for backstopping $100 billion of BofA's losses.
boutons_deux
10-17-2009, 09:04 AM
Resolution Trust Corp worked once: delist their stocks, take over the banks, etc over, sell off the sellable, or make into a new business, shitcan can the unsellable, wipe out the stockholders (esp the incompetent execs paid in stock options), sell it all back to private investors.
Clandestino
10-18-2009, 11:33 AM
max long term capital gains tax rate is 15%. so, buy and hold and you'll pay lower taxes. also, buy high quality munis and interest is tax free as well.
coyotes_geek
10-18-2009, 02:09 PM
It's only a matter of time before the LT cap gains rate gets jacked up. I actually wouldn't be all that surprised to see cap gains tax rates get removed entirely with everything just falling under ordinary income.
Clandestino
10-18-2009, 06:22 PM
Thank Obama if it happens
TDMVPDPOY
10-18-2009, 11:58 PM
max long term capital gains tax rate is 15%. so, buy and hold and you'll pay lower taxes. also, buy high quality munis and interest is tax free as well.
dude thats fkn pretty low, dunno what you guys are complaining about
down here its 50% if you hold onto it for 12months or longer, then its tax at marginal rates whatever scale of taxable income ur on.....
Winehole23
10-19-2009, 09:31 AM
The new SEC chief for enforcement is, wait for it...
Naw. You already guessed (http://www.salon.com/opinion/greenwald/2009/10/16/goldman/index.html) it.
Winehole23
10-19-2009, 09:32 AM
the market watchdog agency said friday that adam storch, vice president in goldman sachs' business intelligence group, is assuming the new position of managing executive of the sec division.
(ap)
The new SEC chief for enforcement is, wait for it...
Naw. You already guessed (http://www.salon.com/opinion/greenwald/2009/10/16/goldman/index.html) it.
Do any of you who voted for "change" have anything to say about this?
Nothing has changed; they just keep us distracted with stuff that doesn't REALLY matter - while they seem to get along, and keep the ball rolling on the important stuff.
Winehole23
10-19-2009, 01:40 PM
The guy sounds like he has relevant professional experience. I guess we'll see who he takes on.
Winehole23
10-19-2009, 01:45 PM
Before joining Goldman Sachs, Storch was a senior consultant at accounting firm Deloitte & Touche. He is a certified public accountant and certified fraud examiner, and has an MBA from New York University (http://topics.nytimes.com/top/reference/timestopics/organizations/n/new_york_university/index.html?inline=nyt-org) and bachelors of science in business administration from the State University of New York (http://topics.nytimes.com/top/reference/timestopics/organizations/s/state_university_of_new_york/index.html?inline=nyt-org) in Buffalo.
boutons_deux
10-19-2009, 01:52 PM
He probably made $100 of $1000s or $Ms at Goldman Sucks, and his partiality and willingness to police and prosecute is as suspect as Geithner's, Paulsen's, or any other ex-Wall St bankster.
SEC is totally corrupt and unwilling to really police Wall St., other than the rare prosecution as "we're doing our job" window dressing.
Note how it was Spitzer who went after Wall St and not SEC (and note it was Wall St who took Spitzer down, esp after Spitzer took down Greenberg of AIG)
The entire financial sector is a bunch of incestuous, inbred, self-dealing bastards taking care of each other.
The guy sounds like he has relevant professional experience. I guess we'll see who he takes on.
from your article it indicates:
Business Insider has more details on Storch (http://www.businessinsider.com/found-photo-of-adam-storch-29-year-old-goldman-guy-who-is-now-coo-of-the-sec-2009-10), the new COO of SEC Enforcement: He's 29, and has worked at Goldman Sachs for the last 5 years -- since he was 24 years old. I'm sure there was nobody more qualified for that position and that he'll be an absolutely relentless and fearsome force in helping the SEC enforce applicable laws and regulations.
I owe Adam Storch an apology for unfairly questioning whether he's really the most qualified person for the position of COO in SEC enforcement. After all, in 2002, he was named as a Co-Winner by SUNY-Buffalo of the prestigious Intern of the Year Award (http://mgt.buffalo.edu/departments/aandl/intaudit/right.htm), for his sterling summer work in sorting mail and fetching coffee at Deloitte & Touch
How did, between '02 & '04, Storch become a senior anything @ D&T?
Winehole23
10-19-2009, 02:16 PM
Embellished his resume, did he?
How clever.
Winehole23
10-19-2009, 02:55 PM
The question is not why did we bail out the banks.
The question is why did we give the banks billions of our money so they could then buy assets by the trillions with our money and they keep the profits (http://www.businessinsider.com/dylan-ratigan-how-goldman-sachs-made-3-billion-a-year-after-we-bailed-their-lucky-asses-out-2009-10#)?
The answer is Henry Paulson, former Goldman Sachs CEO who ran the US Treasury, and Tim Geithner, current Treasury Secretary who at the time ran the New York Federal Reserve, willingly delivered Goldman Sachs the $70 Billion -- with no strings attached.
http://www.businessinsider.com/dylan-ratigan-how-goldman-sachs-made-3-billion-a-year-after-we-bailed-their-lucky-asses-out-2009-10
http://www.businessinsider.com/dylan-ratigan-how-goldman-sachs-made-3-billion-a-year-after-we-bailed-their-lucky-asses-out-2009-10
I'm pretty sure this is NOT the capitalism Friedman was talking about.
Winehole23
10-19-2009, 03:44 PM
I'll buy that.
ElNono
10-19-2009, 04:02 PM
Before joining Goldman Sachs, Storch was a senior consultant at accounting firm Deloitte & Touche
Touche or Douche?
Thank you. I'll be here all week. :(
ElNono
10-19-2009, 04:04 PM
29 years old and he's the SEC enforcement officer?
Really?
Winehole23
10-19-2009, 05:06 PM
Touche or Douche?
Thank you. I'll be here all week. :(There's not anything wrong with Deloitte I know of...
Winehole23
10-19-2009, 05:09 PM
.. doosh
spursncowboys
10-19-2009, 05:51 PM
OH NO. A company making a profit. We have to do something about that.
Winehole23
10-19-2009, 06:32 PM
OH NO. A company making a profit. We have to do something about that.You gotta admit, getting a 70 Billion dollar public subsidy without strings and keeping the dough they made on investing the subsidy, is a pretty sweet deal for Goldman.
For the US taxpayer, not so much.
Winehole23
10-19-2009, 06:33 PM
Oh well, I guess socialism is ok so long as it props up insolvent broker dealers and megabanks instead of dirty hippies and undeserving minorities.
coyotes_geek
10-19-2009, 08:24 PM
The new SEC chief for enforcement is, wait for it...
Naw. You already guessed (http://www.salon.com/opinion/greenwald/2009/10/16/goldman/index.html) it.
Predictable.
Ridiculous.
Status quo.
ElNono
10-19-2009, 08:35 PM
OH NO. A company making a profit. We have to do something about that.
Have you thanked them yet for taking your money, turning a profit, and keeping both your money and said profit?
Winehole23
10-20-2009, 04:17 PM
http://www.bloomberg.com/apps/news?pid=20601039&sid=aqAAZ8PB9Hto
boutons_deux
10-20-2009, 04:22 PM
nah, SEC's insider trading dog-and-pony show is not to stop inside-traders, but to make a political show of stopping them.
Winehole23
10-20-2009, 04:32 PM
The Bloomberg correspondent didn't seem very impressed either.
Winehole23
10-20-2009, 04:32 PM
The fact that the SEC has stirred from its years-long nap might be considered news all by itself.
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