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Oh Goldman: A Song for Your Bonus Babies

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Daily Finance.com: "Goldman Sachs Group Inc. (GS) faces a gargantuan public relations headache when it reports third quarter result.

Investors will be angry if the New York-based bank fails to hit Wall Street's consensus of earnings of $4.24 per share on revenue of $11.02 billion, or if it does not give bullish enough guidance. The Obama administration and members of Congress, on the other hand, will be furious if Goldman Sachs' earnings are too good. ... Legal challenges are possible from bankers as government pay czar Kenneth Feinberg reviews the practices of banks that have received bailouts.

OH GOLDMAN


With Apologies to John and Yoko

By Danny Schechter, author of THE CRIME OF OUR TIME

In the middle of the night
In the middle of the night I call your name
Oh Goldman, oh Goldman, my love will turn on you
When the Obscene Bonuses Descend From Your Privatized Mountain
When the Superrich reward themselves again
Even Tylenol ™Won't Ease The Pain

Last week, Chief Executive Lloyd Blankfein said the public's anger over Wall Street pay was "understandable and appropriate." He also called on rivals to dump multiyear guaranteed bonuses, saying they encouraged excessive risk taking. Nonetheless, Blankfein argued that Goldman -- like every company on Wall Street -- needs to pay competitive wages to attract and retain top talent.

In the middle of the bath
In the middle of the bath I call your name
Oh Goldman, oh Goldmamn, my love will turn on you
My love will turn on you

You have given us all and now we have nothing
The Parade of Your Patriarchs Has been Our Undoing
Rubin, Paulson, Corzine Too
Oh How Much More Do We Owe You?

RAW STORY: Goldman Sachs will announce the firm's bonus payments for 2009. Analysts expect the bonus pool to mushroom to $23 billion -- double the bonus pool paid to employees in 2008. Earlier this year, Goldman Sachs said that it had put aside $11.4 billion for bonuses during the first half of the year.

"The absolute size of compensation payouts will rise significantly," Keith Horowitz, an analyst at Citigroup, wrote in a note to clients two weeks ago, highlighted by Andrew Sorkin in The New York Times' dealbook column Tuesday.

How much is $23,000,000,000?

For one thing, it's enough to send 460,000 full paying students to Harvard University for one year, or 115,000 for four years."

In the middle of a shave
In the middle of a shave I call your name
Oh Goldman, oh Golldman, my love will turn on you

Oct. 9 (Bloomberg) -- Goldman Sachs Group Inc. plans to pay its employees bonuses this year even if it faces a political backlash, the Wall Street Journal reported, citing an interview with Chief Executive Officer Lloyd Blankfein. The company didn't get any preferential treatment from the government and didn't need bailout funds, Blankfein told the newspaper.

In the middle of a dream
In the middle of a dream I call your name
Oh Goldman, oh Goldman, my love will turn on you
My love will turn you on

Clay Risen, TheFasterTimes.com: "Once again, the bank is being portrayed as a financial vulture, reaping the benefits of others' misery

The question, (Felix) Salmon rightly asks, is why a company that did so well in the public eye for so long is now the bete noir of pretty much anyone with even the slightest weakness for economic populism. Which isn't to say they're wrong-just to ask, where have they been? It's not as if Goldman Sachs is doing anything new."

(Don't you love that phrase, "which isn't to say they are wrong!" which isn't to say the bear doesn't shit in the woods.)

In the middle of a cloud
In the middle of a cloud I call your name
Oh Goldman, oh Goldman, my love will turn on you

Oh Goldman, "Giant Squid On The Face of Humanity"
To quote the Fearless Matt Taibbi
Oh Goldman, Financier of Rush Limbaugh's Football Fantasy
Oh Goldman, AIG profiteer thanks to taxpayer ignorance
Oh Goldman, Manipulator in Washington By Remote Control
Oh Goldman, Leader in Foreclosures Through Yr Servicer Litton
Oh Goldman, Avaricious Engine of Unelected Big Footing Billions
Oh Goldman, Stop Menacing Our Media With More Acquisitions
Oh Goldman, Lobbyists For Theft Without Restraint, Without End
Oh Goldman, Hustler-in-Chief on a Street Of Derivative Doo Doo
Oh Goldman, Have You No Shame?
Oh Goldman, When Will Oh Turn Into No?

Said Eliot Spitzer of Goldman, Oh, "Just because it's a conspiracy theory
doesn't mean It isn't true."

PS: Economic Justice Is Not A "Weakness."

Our Love Has Turned On You

News Dissector Danny Schechter edits Mediachannel.org. He has just finished a film and book on the financial crisis as a crime story. Comments to Dissector@mediachannel.org