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July 17, 2009

Comments

eric

Good questions Gilleran. For "smart" guys they sure have played this long term stupid. They have enraged the public....finally. I am going to put out a piece tomorrow comparing them to another corrupt regime who has played their hand very stupidly.

GILLERAN

The ostensible purpose of converting to a bank holding company is to do a banking business, right? So where’s the GS Consumer Bank?

Where’s the demand-deposit business? Why are they enriching themselves in a public game of pocket pool when they should be funnelling those profits into the Consumer market via a ‘Bank’ as defined in the Act?

Why is the public funding them at all, if they are not providing a bona fide demand-deposit public banking business?

If GS is packed with such geniuses, then why are they not buying up all the toxic assets (which are, after all, OUR MORTGAGES) and turning them to gold with that newly minted Bank Charter of theirs?

Have we all gone mad?! THE WHOLE PURPOSE OF THE BANK HOLDING COMPANY ACT IS TO SET STANDARDS FOR BANKS DEALING WITH THE PUBLIC.

The whole purpose of issuing Bank Charters in the first place is to protect consumers.

So, where’s the Consumer Business at GS?!

They applied to convert to a Bank Holding Company, then took the public’s money to do an upstairs institutional business. This is just plain fraud. … and Geithner/Summers should be summarily terminated for calling it ‘progress’.

Big E in NYC

Spending an inordinate amount of time exposing GS is nothing to be ashamed of considering society, as a collective, is stupid.

Craig

Check out the "Goldman Sachs to Jobless Jack" cartoon at http://www.markfiore.com

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