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Sell Outs

Goldman Unloaded Stock After Lehman

While benefiting from a $10 billion government payment, Goldman Sachs executives sold nearly $700 million of stock after Lehman Brohters collapsed last September. During a comparable period a year earlier, Goldman partners sold less than $450 million in stock. The sell-off comes at an awkward time for the leading financial firm―executives were cashing in right as the U.S. government was providing assistance to the financial sector. The bank was expected to report strong second-quarter earnings Tuesday based on rebounding trading profits.

Posted at 6:12 AM, Jul 14, 2009
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Comments ()

hockeydog

This "news" has got to be a plant by the United Sachs of America to divert public attention from their awesome profit during the first quarter of taxpayer subsidies.

Let's see now, if those nice Goldman executives sold their stock when they were expecting Hank Paulson's windfall, then they certainly weren't planning on reaping any reward from the forthcoming government cash..., Right? Is that the message we are supposed to take from this little news headline?

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7:01 am, Jul 14, 2009

squiggy

Yep and we know it's not the whole truth. At least there are those who know.

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8:37 am, Jul 14, 2009

YARROW

Last night , Michael Savage told it about right on the corruption that goes on, and that the average person is overlooked.

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9:08 am, Jul 14, 2009

mattbenzor

Something smells here .And now there reporting record profits it stinks maybe some insider trading going on.

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9:44 am, Jul 14, 2009

aluxeterna

Please everyone keep in mind that the only reason Goldman Sachs was able to pay back the gubmint loans is because they were fed money through the AIG bailout as a counterparty. They paid back our taxes with our taxes.

We need better than a two party system. The dems and the repubs are both responsible for this utter garbage.

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9:44 am, Jul 14, 2009

Genni2002

Can barely talk about this situation anymore.Where does one find a credible, action oriented for the people third party?

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2:02 pm, Jul 14, 2009

ThinkAgain

Exactly why does everyone and their dog on Wall Street get bonuses? They don't get them for their actual performance or their loyalty to their company or stockholders. It's a club designed to prop up their pompus sense of self worth.

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11:02 am, Jul 14, 2009

This comment has been removed by The Daily Beast's editors.

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1:57 pm, Jul 14, 2009

This comment has been removed by The Daily Beast's editors.

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2:21 pm, Jul 14, 2009

mskitee

Crooks, crooks, and more crooks. Will wonders never cease?

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3:24 pm, Jul 14, 2009

chiffonade

I'm a former employee of GS. I am not a fan of Wall Street on any level but I confidently say this: Goldman is virtually scandal-free. GS pays ALL its employees a "bonus" at the end of the year, regardless of status in the company. The word "bonus" has become an inflammatory term because it implies "extra" or "reward." The truth is, the bonus is a scalable portion of the employee's salary based on the profits of the year. I have been lucky enough to have worked for Goldman when the bonus was 30% across the board - and also when times were slim and the bonus was 4%. This is not the company to be beating with the bat of righteous indignation - it's a company to be emulated. The TARP funds were repaid (GS was the first to do this). The alumni list from GS reads like a who's who of government - because these are brilliant minds. Goldman was successful LOOOOONG before Paulson ever hit the government scene. If you really want to know if/how/why GS is successful, read their annual reports. GS is successful simply and solely because their formula works and the company is run by people of integrity. I kid you not. While Wall Street implodes because of lies and cheating, Goldman rises - because it is a rock solid firm with nothing to hide. Hand to God.

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4:12 pm, Jul 14, 2009
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