If Goldman Did Not Need the Money, Why Did They Take It?
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If Goldman Did Not Need the Money, Why Did They Take It?
Bloomberg News: Goldman Sachs Group Inc. wants to repay the $10 billion it got from the U.S. Treasury last year to signal the firm is healthy and to escape limitations that were imposed with the money, Chief Financial Officer David Viniar said.
Read this story at bloomberg.com
Goldman’s CEO, Lloyd Blankfein, made $70 million in 2008 according to Goldman’s annual proxy statement. Given the US Treasury’s new proposal to limit executive compensation to $500,000 on future bailout funds, it would appear that Lloyd does not want to take a $69.5 million paycut.
Treasury’s proposal is just a bone. The Administration wants Congressional authorization to spend billions, if not, trillions on new bailouts of toxic assets funded by the taxpayer. They need to look tough on bankers to maintain public support for more financial coup d’etat.
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Goldman Sachs has stated that they will pay back the bailout money. By doing so their stock price shoots up thus allowing them enough room to offer additional shares to the public. The proceeds of which they will use to payback the bailout money.
Nice way to work it if they can get people to buy their stock. I have confidence they will.