Lloyd Blankfein of Goldman
Sachs made $73.7 million last year.
Goldman Sachs Lost $58 Billion
In Stockholder's Equity
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Talk About A Con Job
Lloyd Blankfein, chairman of Goldman Sachs, made $73.7 million last
year. James "Jamie" Dimon, chairman of J.P. Morgan Chase, had to make do
with $57.2 million, reported Forbes magazine.
No doubt about it, financial executives have made a bundle – sometimes
pocketing multimillion-dollar packages while their companies were taking
losses that had been run up on their watch. Among them: Charles Prince,
former head of Citigroup, ended up with "accumulated benefits" of $29
million; Stanley O'Neal, who ran Merrill Lynch & Co., got $161 million
in accumulated benefits, and Martin Sullivan of AIG received a severance
package of $47 million.
How Does It Work?
These guys don't make cars, or raise crops, or really make anything.
What they do is stand in front of the carnival tent and tell the hicks
to come see the 'Golden Goose' lay golden eggs. They paint pictures of
great enterprises rising to the needs of America.
What no one realizes that when the shows over all that is coming out
is what stockholders put in. If twenty people put $1,000,000 in the the
pot, and now Goldman Sachs says the pot's worth $10,000,000, they are
dreaming. The trick is that Goldman revalues all the stock off the price
of the last share.
Are These Industry Giants Or Just Carnival Barkers?
When you buy $10,000 worth of stock, the carnie gets 10%. Like all
pyramid schemes, the few that get out early win, but 90% of the people
lose. Out of that $10,000 the Zio-Carnies will get $8,000, and you will
get $2,000.
Just look at the
Washington Mutual
scam. Mr Jones invested $10,000, and all he got back was $50 .
Just ask yourself, did the other $9,950 just vanish, or is it in someone
else's pocket?
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