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 | It’s the best of times for Goldman Sachs, and the worst of times for the rest of us. Ironic that this news would break on Bastille Day: Goldman Sachs’ profits for the second quarter smashed Wall Street estimates and are likely to trigger a windfall for bankers. The bank, long considered the most prestigious and profitable on Wall Street, recorded [...] So says our Representative Brian Baird and I quote him from a link to a story in my earlier article: Baird said the legislation also will prevent executives who presided over the financial crisis from reaping huge salaries and bonuses. “Any company that chooses to participate in the program will not be able to offer their departing executives exorbitant severance packages,” [...] On the day that the first of the bailout dollars are to be disbursed, we learn this: Oct. 27 (Bloomberg) — Five straight quarters of losses and a 70 percent slide in its stock this year haven’t stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses. Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable [...] |      | ||||
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