Goldman Sachs

Goldman Sachs' posting of a $2,000,000,000 profit during the second quarter, even after repaying the the $10,000,000,000 TARP loans to the Treasury definitely raises the ire of the common folk. Even I, as rational as I try to be, immediately threw up the moniker "Goldman Sucks" after parsing the news. No matter how you slice it, it just doesn't smell right.

Why is Goldman now considered the strongest bank in the United States? Could it be that the former Treasury Secretary, Henry Paulson, Jr was previously the Chairman and CEO of Goldman Sachs? Wasn't it Paulson who designed the $700,000,0o0,000 TARP plan and urgently shoved it down Bush's and Congress' throat - Bail out the financial industry or the United States economy would collapse? Didn't AIG funnel Goldman some $12,000,000,000+ out of the $167,000,000,000 in bailout funds it received? I guess Goldman paid back the Taxpayers with Taxpayer dollars while we wait for AIG to repay those funds, if ever. How is that for financial engineering? Also, in this whole conflict of interest financial conflagration Goldman became a bank allowing it to borrow billions from the Federal Reserve at 0%. Has it repaid these funds? How much did it value its toxic assets with the suspension of the mark-to-market accounting rule? I guess I'll just value my house at $1,000,000 because I say it is. Oh look I am rich.

Certainly there must be positive elements in all of this manuevering but it will be a stretch to get me to acknowledge or accept them.