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Author: Subject: Goldman Sachs seeks to repay bailout money

Ultimate Peach





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  posted on 2/5/2009 at 01:55 AM
What a Surprise!!! Limit their compensation, and SUDDENLY, Goldman Sachs wants
to pay back their TARP Funds!!

GOLDMAN SACHS CFO SEEKS TO REPAY TARP FUNDS.
By Elinor Comlay

New York (Reuters)- Goldman Sachs Group inc. Chief Financial Officer David Viniar said
the bank is KEEN TO AVOID RESTRICTIONS IT AGREED TO after receiving funds from
the U.S. Government late last year and is looking to pay the money back as soon as
possible.

The investment bank, which received a $10 billion capital injection from the U.S.
Treasury's Troubled Asset Relief Program in October, IS NOT HAPPY WITH THE STRINGS
THAT CAME ATTACHED TO THE MONEY.

Compensation restrictions and certain capital requirements were part of the original
injection, and extra limitations may be in store after U.S. President Barrack Obama imposed
tough new rules limiting pay for companies receiving government aid.

"WE WOULD LIKE TO GET OUT FROM UNDER THAT," Viniar said, adding that the bank aims to
pay back the $10 billion this year.

Viniar said Goldman Sachs is also cautious about buying a bank, a move many have urged
upon the investment bank to ensure its access to stable deposit funding.

Banks have come under heavy fire for paying executives too much after receiving more than
$300 billion of capital form the government and trillions of dollars of additional U.S. support.
A report last week said that banks paid out $18.4 billion of bonuses, a fact that Obama
called "shameful."

Obama said on Wednesday that compensation at TARP recipients would limited to $500,000
a year, adding that lower compensation is a crucial element of restoring taxpayer trust.

[Edited on 2/5/2009 by woodsdweller]

 

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Replies:

Zen Peach



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Status: Offline

  posted on 2/5/2009 at 05:20 AM
Good for GS, not wanting to be beholding to the Government.

Of course they may not have received the memo that there is a new Sheriff in town and they will still be under the thumb of this administration.

 

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Zen Peach



Karma:
Posts: 16174
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  posted on 2/5/2009 at 07:20 AM
quote:
Good for GS, not wanting to be beholding to the Government.

Of course they may not have received the memo that there is a new Sheriff in town and they will still be under the thumb of this administration.


LOL...yeah, Im sure thats it. So, its perfectly ok with you that they use taxpayer funded bailout money like drunken fratboys?

 

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Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Maximum Peach



Karma:
Posts: 6428
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Registered: 12/12/2002
Status: Offline

  posted on 2/5/2009 at 09:19 AM
quote:
quote:
Good for GS, not wanting to be beholding to the Government.

Of course they may not have received the memo that there is a new Sheriff in town and they will still be under the thumb of this administration.


LOL...yeah, Im sure thats it. So, its perfectly ok with you that they use taxpayer funded bailout money like drunken fratboys?
They have NOT done that. I know it's fun to gang up on the banks, but GS did not do what you're claiming.

 

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This one goes to eleven...

 

Ultimate Peach



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Posts: 3636
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Registered: 5/1/2002
Status: Offline

  posted on 2/5/2009 at 09:41 AM
GS has $885 Billion in assets, $200 BB liquid and $64 BB in equity. On the surface, they need $10 BB like Ticketmaster needs ABB tix. Either they shouldn't have had their hand out in the first place, or they are hiding some serious losses.

 

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Universal Peach



Karma:
Posts: 6356
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Registered: 11/28/2001
Status: Offline

  posted on 2/5/2009 at 10:29 AM
There are a few firms that were ASKED to take money BY THE GOV'T to help THE GOV't try and save a sinking economy. They did not REQUEST or need the funds so I can't blame them for pushing it back across the table if their business was not collapsing in the first place and now they are being told what to do.

 

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"Fly High Above The Water"

 

Ultimate Peach



Karma:
Posts: 3636
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Registered: 5/1/2002
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  posted on 2/5/2009 at 10:51 AM
quote:
There are a few firms that were ASKED to take money BY THE GOV'T to help THE GOV't try and save a sinking economy. They did not REQUEST or need the funds so I can't blame them for pushing it back across the table if their business was not collapsing in the first place and now they are being told what to do.




Great point, and an even better signature

 

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Walk down on the street and leave, my blues at home

 

Zen Peach



Karma:
Posts: 18593
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Registered: 11/20/2006
Status: Offline

  posted on 2/5/2009 at 11:43 AM
quote:
There are a few firms that were ASKED to take money BY THE GOV'T to help THE GOV't try and save a sinking economy. They did not REQUEST or need the funds so I can't blame them for pushing it back across the table if their business was not collapsing in the first place and now they are being told what to do.
Exactly. I work for one of those corporations and they have begun the payback process.

 

____________________
"Come on down to the Mermaid Cafe and I will buy you a bottle of wine, and we'll laugh and toast to nothing and smash our empty glasses down..."

 

Zen Peach



Karma:
Posts: 15998
(15990 all sites)
Registered: 10/13/2007
Status: Offline

  posted on 2/5/2009 at 10:47 PM
quote:
Goldman Sachs wants to pay back their TARP Funds


And they'll be glad they did.

BTW, what's their ticker symbol?.....

 

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Peach Master



Karma:
Posts: 898
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Registered: 8/17/2003
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  posted on 2/5/2009 at 11:00 PM
quote:
What a Surprise!!! Limit their compensation, and SUDDENLY, Goldman Sachs wants
to pay back their TARP Funds!!

GOLDMAN SACHS CFO SEEKS TO REPAY TARP FUNDS.
By Elinor Comlay

New York (Reuters)- Goldman Sachs Group inc. Chief Financial Officer David Viniar said
the bank is KEEN TO AVOID RESTRICTIONS IT AGREED TO after receiving funds from
the U.S. Government late last year and is looking to pay the money back as soon as
possible.

The investment bank, which received a $10 billion capital injection from the U.S.
Treasury's Troubled Asset Relief Program in October, IS NOT HAPPY WITH THE STRINGS
THAT CAME ATTACHED TO THE MONEY.

Compensation restrictions and certain capital requirements were part of the original
injection, and extra limitations may be in store after U.S. President Barrack Obama imposed
tough new rules limiting pay for companies receiving government aid.

"WE WOULD LIKE TO GET OUT FROM UNDER THAT," Viniar said, adding that the bank aims to
pay back the $10 billion this year.

Viniar said Goldman Sachs is also cautious about buying a bank, a move many have urged
upon the investment bank to ensure its access to stable deposit funding.

Banks have come under heavy fire for paying executives too much after receiving more than
$300 billion of capital form the government and trillions of dollars of additional U.S. support.
A report last week said that banks paid out $18.4 billion of bonuses, a fact that Obama
called "shameful."

Obama said on Wednesday that compensation at TARP recipients would limited to $500,000
a year, adding that lower compensation is a crucial element of restoring taxpayer trust.

[Edited on 2/5/2009 by woodsdweller]


No **** ....All the have to do is remember where they burried it.
All thieves ......Probably loansharking
it ,now they want to look like good guys.

 

Ultimate Peach



Karma:
Posts: 3807
(3804 all sites)
Registered: 12/11/2001
Status: Offline

  posted on 2/6/2009 at 10:36 AM
I bet the Federal Government will be putting more restrictions on pay, behaviour, spending etc for many other companies in the not too distant future. Gov't contractors, anyone who remotely benefited from Federal Spending, heck even people that indirectly benefited from State and local govt spending could see a national regulation imposed upon them by the police force of Washington. The Fed govt through failed Fanny, Freddie,Treasury and Fed Reserve polcies helped cause this mess but they want to now play a bigger part in our economy. Wow.

This slippery slope doesn't go the other direction.

 

____________________
Tim L.

 
 


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