Hey World - Not To Worry The Vampire Squib is Back. Just Be Glad You Lost Your Job.

[TheBigotBasher]

The vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money is back. Be happy.

US bank Goldman Sachs reported a net profit of $3.44bn (£2.1bn) for April to June, beating analysts' forecasts.

Less volatility in stock markets, rises in global share prices and involvement in many firms' rights issues and takeovers had boosted profits, it said.

The bank said it had set aside $6.65bn for pay and bonuses in the quarter - an average of $226,000 per employee.

Goldman has recently paid off $10bn of government loans it had taken as part of a government bail-out programme.

Its results include a one-off charge of $426m related to the repayment of its government loan under the Troubled Asset Relief Programme (Tarp).

The article goes on to quote a William Smith, of Smith Asset Management who says "Goldman should be celebrated, not demonised."

"Things are very fragile but they manage to make money in all environments, which is what you're supposed to do," he added.

http://news.bbc.co.uk/1/hi/business/8149762.stm

Yep, so just be happy things work this way, as you face losing your job and home. Things work this way.

[inna]

1. actually, it's even worse. we're talking $18 BILLION in bonuses for GS.

Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.

http://www.nytimes.com/2009/07/13/business/13goldman.html?_r=3&partner=rss&emc=rss

[TheBigotBasher]

4. I'm sure the homeless person with a bad foot

will break out a glass of water for themand imagine it is champagne.

[The_Casual_Observer]

2. They made money speculating on the price of oil & shit like that.

It had nothing to do with earning the money by investing it in real businesses.

[RagAss]

3. Yes...they made money on "air". Concepts alone drive the economy now.

[TheBigotBasher]

5. Have you seen the price of oil lately?

It looks as though they are back at the air. There is no demand surge causing this price hike.

[TheBigotBasher]

6. BTW what concept is driving the economy?

[AllentownJake]

7. I give it 3-6 months before they crash something and wreck any recovery possibility

The cycles of boom/bust have been getting worse since 1987 and Greenspan taking over. Bernake and Geithner are no Greenspan in being able to manage the cycles over 7-8 years so no one notices.

Plus the banksters have been getting more and more bold and sociopathic.

We might see a revolution by 2010.