Goldman Execs Sold $700M Of Stock, Most Of It During Their Bailout

Financial Times:

Executives at Goldman Sachs sold almost $700m worth of stock following the collapse of Lehman Brothers last September, according to filings with the Securities and Exchange Commission.

Most of the sales occurred during the period in which the investment bank enjoyed the support of $10bn from the troubled asset relief programme.

Read the whole story: Financial Times

Comments

[schatsie]

If this is not INSIDER TRADING. and racketeering. I will eat my hat and my coat....

[lastams]

It’s been asked on here, what is wrong with Goldman Sachs making money?
Nothing.
There is nothing wrong with GS or Citigroup or any of the rest of them making money,
The problem is HOW they make money.
There are two schools of thought on the economy.
The group that views it as infrastructure, where people live and produce and spend, and a second group that view the economy as a place where wealth is manufactured through leverage, market control, and financial engineering.
Our Secretary of Treasury and Chairman of the Fed are firmly part of the second group.
Spending money on stimulus while at the same time propping up the free-for-all casino that has become Wall Street is like trying to drive a car in two directions at once.
Without some fundamental changes, beginning with re-establishment of a de-centralized independent localized banking system, the only thing that is going to get stimulated is a short term money grab by the same people who brought the economy to its knees.

[jekyll]

We absolutely need to see an audit of where the TARP funds have gone. Then when we are done with that....we need a COMPLETE audit of the Federal Reserve!! I hope people, both libs and neocons, understand that we pay $650 Billion/year just in interest to the FED for our OWN money!! Eventhough the Constitution grants "Congress the sole responsiblitity to coin money and regulate thereof," yet this power was usurped by the money trust in 1913 and was given to the private banks in the form of a private banking cartel called the Federal Reserve. If the Congress would actually dismantle the FED and then bring our troops home from the 80 countries we now occupy, we would actually save $2 Trillion dollars/year!! But nope...our leaders need to continue the status quo. It is why I have NO respect for either party...they are ALL pawns. There are only a very few people in Congress who actually get it.....Ron Paul and Dennis Kucinich are two. Unfortunately the elite media paints these guys as loons instead of actually trying to understand why they stand on issues the way they do. I hope the media wises up!

[hellboundtrain]

Happy Bastille Day, everybody!

And, congratulations to the French!

[LooktotheLeft]

Here's an excerpt from S.P.'s Cap and Trade masterpiece:

Dear Readers,

Buy now you no that I quit. Much of my decision for quiting came because peple were making fun of me and Levi was saying lots of things that were dis-true. In any case, let me get to what I wanted to say hear. Cap and trade is a sereiuss subjict with me because I think it ded wrong to trade caps once someone gives them to you. Just the other day, someone gave me a cap for the local Wasilla Bears baseball teem and the last thing in the world I would do is trade it because then I would be acused of being dis-unloyal to my hometown basseball teem. So, in summiery, I'd lik to say, keep you caps, don't trade them as this is truely a sign of being dis-unloyal. THak you so much for listening.

I luv you.

Sarah

And if Levi is out there...you owe me $20 dolars

[Strega]

ROTFLMAO!!!!!

[DrOftrahDivad]

flagged
offtopic lies
but its nice to know shes got you so scared
and obsessed

[LooktotheLeft]

Calling DrOprahspootsalot

[AsianAfricanAMERICAN]

New Main...The Cheney's

[abby4ever]

Arrrrrggghhh !!!

[TiffanyHusseinBanned]

SarahPain "wrote" an op-ed. LOL

[AsianAfricanAMERICAN]

"wrote"


Exactly...

[TiffanyHusseinBanned]

OMG! I am d y ing. Please make the funny stop.

[ThunderclapNewman]

For the Weekly Reader?

[Strega]

good one

[TiffanyHusseinBanned]

lol

[abby4ever]

For Field & Stream.

[rockyb26]

lmao. it's about cap and trade

[rampage]

If you think she wrote it e-mail me, I have some great ponzi schemes
for you to invest in..............

: )

[greatlardini]

she writed it!!!

[rampage]

Tiff, you know GlobalDipwad is Pronto, right?

[slinkymom]

I've been reading his comments for the past few days and wondered who it was.

[AsianAfricanAMERICAN]

Doesn't the Sotomayor hearing start soon?

[greatlardini]

She'll do great!

[Strega]

she will do just fine - she's a smart & thorough judge & we're proud of her here

[AsianAfricanAMERICAN]

agreed...!

[lastams]

Wow, just look at all those smiling faces at Goldman Sachs!
This here "jobless recovery" is going just great, no?
Now if the Fed will just continue of artificially prop up the dollar, and
China continue to give us loans, things will be just great for the big investment banks.
For the rest of us, well not so much.
Sooner or later, when Goldman Sachs and Citigroup and Bank of America have sucked the last penny out
of the middle class to leverage into credit default swaps and unregulated derivatives, when the money coming out of the Fed is worth less than the paper it's printed on, when the Chinese and Saudis suddenly think that this American investment ain't looking so good, I guess these Masters of the Universe will all retire to some private island patrolled by their own little army.
Because boys and girls, what is left of THIS country will not be a pretty sight at all.

[ThunderclapNewman]

I'm sure that made you feel better, but it's utter nonsense.

Goldman Sachs did nothing illegal here.
They are in the business of buying and selling stocks and bonds and advising corporate clients on financial issues.

They know how to take advantage of the opportunities presented to them.
That's what America is supposed to be about in terms of business.

So why is everyone suddenly opposed to legal business activity?

GS is hardly my favorite company, but I have yet to see any evidence of lawlessness or illegality in their actions.

[slinkymom]

Didn't they get TARP money through AIG, some $13 billion? Do they have to pay that back in some way or is that a freebie? If so, isn't that kind of unfair to us taxpayers?

I'm seriously asking, not being snarky.

[lastams]

"Goldman Sachs did nothing illegal here."

Thanks for making my point for me.
It is not "illegal" because laws they paid Congressmen to change the law.
And they continue to do nothing illegal as they bring the same expertise to oil futures
that they brought to sub-prime mortgages.
What a great deal; now we get to pay at the pump as well as watch our infrastructure crumble.
Such a deal.
But yes, you are indeed correct. The rampant greed and total disregard for the public good exhibited at Goldman and Citigroup and Bank of America is not illegal.
But it should be.

"Institutions that are too big to fail are too big to exist"
Robert Reich

[Vinkaye]

Are you serious? Everyone's entitled to 100 cents on the dollar... just ask GM's creditors how the restructering is working out for them.
Goldman Sachs took 10 billion in tax payer relief because they were so good at what they did?
I have an idea Thunderclap, I'd like to roll the dice in Vegas, in search of some big payoffs, but I would like you to assume all the risk and losses for my excursion, you okay with that?

[martin2]

Twelve year old children working in coal mines was legal
Slavery was legal. why is the destruction of our economy legal, because the
bankers own the politicians

[helonias]

But what would Jesus do with the money changers?

[ConservativeHippie]

Throw them out ontheir@sses.

[abby4ever]

The people at GS and the money changers in the temple where Jesus was, are, as types go, two different beasts. Both are gre_edy, yes, and money-oriented. But Jesus was upset with the money changers, not for making money per se but for making money out of selling things that people could offer as sacrifice: they were making it too easy and convenient for the people, so that what the people bought and offered as a sacrifice (doves in a cage for example) could not really even be CALLED a sacrifice. Not on a strict definition of it.

Jesus, if he were here, MIGHT knock the furniture around over at GS, but there really are differences between the two.

[helonias]

Luke 12:44. "Sell your possessions and give alms; make yourselves purses which do not wear out, an unfailing treasure in heaven, where no thief comes near, nor moth destroys. For where your treasure is, there will your heart be also."

Luke 16:19-25. "Now there was a certain rich man, and he habitually dressed in purple and fine linen, gaily living in splendor every day. And a certain poor man named Lazarus was laid at his gate, covered with sores, and longing to be fed with the crumbs which fell from the rich man's table; besides, even the dogs would come and lick his sores.
Now it came about that the poor man died and he was carried away by the angels to Abraham's bosom; and the rich man also died and was buried. And in Hades, being in torment, he lifted up his eyes, and saw Abraham far away, and Lazarus in his bosom.
And he cried out and said, 'Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water and cool off my tongue; for I am in agony in this flame.'
But Abraham said, 'Child, remember that during your life you received your good things, and likewise Lazarus bad things; but now he is being comforted here, and you are in agony...'"

[helonias]

I mean the Jesus in the Bile not the one you seem to be talking about

[CarolinaDem]

Kid in my philosophy class years ago turned in a paper so hot the prof copied it for our seminar. He went on to Lazard Freres, then GS. i found the paper years later...he bought it. Instincts you cannot teach.

[abby4ever]

That happens. It's sad but true.

[ethancorso]

"Seems what the GS program can do is intercept the FIX messages being sent to the exchange from the large institutions, interpret what was is being bought or sold, and then put their trade in ahead of those trades for the same buys or sells. Then the trades coming in afterward may or may not get filled, depending upon how large GS's trades were.

How would this work? Say an institution wanted to sell 10,000 shares of IBM. GS would intercept the message, and sell 10,000 ahead of the institution. Say only 12,000 shares were available to sell. GS would sell its 10,000 and the institution could only sell 2,000.

A new definition for "slippage," right?

What is being investigated is whether GS illegally used security-access codes to acquire the messages prior to "transacti­on_commit" timepoints at the NYSE. This may have only resulted in a nanosecond trading advantage but, with ultra-high-speed computers, a nanosecond is a lifetime.

How was GS found out? Because quant trading recently hit an all-time high of 48.6% of all NYSE trading. And since GS represents 60% of all program trades ... hmmm, well, you do the math. The NYSE keeps close tabs on program trading and was startled that nearly half of all trades suddenly came from program trading.

...One might opine that GS makes money the old-fashioned way ... by stealing it."

http://tycoonreport.tycoonresearch.com/articles/695403404/a-new-definition-of-slippage

[mollyjackson]

Executives at Goldman Sachs know how to read the market....when Obama buys, they sell. A very good move.

[abby4ever]

What a cruel thing to say.

[AsianAfricanAMERICAN]

So since you figured this out, are we to assume you're a multi-mill­ionaire...­?

[Strega]

*snort*

[rampage]

tinatoledo31 I'm a Fan of tinatoledo31 permalink

it is to you because you dont understand it. that is where all this populist anger comes from. you people cant survive in the system and you dont understand it so you want to bring everyone down to your level.
----------­>>>>>>>>>>­>>>>

Thanks fgor your completely st000pid insight. I did quite well for myself and the other folks I traded for.
However because I DID UNDERSTAND the inner machinations I got out while the going was good.
I have not owned or traded a stock for myself or anyone else since 2000.

Next time you want to run your moneymaker try to know what you are talking about.

[MataHari007]

They are posting on another Goldman Sachs thread? They always seem to follow that pattern.

[rockyb26]

liz cheeeney is a lying sack of rags

[AsianAfricanAMERICAN]

just like daddy

[ethancorso]

The apple doesn't fall far...

[ThunderclapNewman]

You flatter Ms. Cheeeney unnecessarily.

[LittleOldLadyWho]

Or something! ;o)