Business Insider charts who will be getting filthy rich when Facebook goes public in a year. Somehow, the answer is just what you most feared/suspected: Mark Zuckerberg, Goldman Sachs, and, somehow, Bono.
Tag Archives | Goldman Sachs
Douglas Rushkoff called the impending doom of AOL when it’s hapless merger with Time Warner was announced. Now he says Facebook is cashing out and it’s the beginning of its demise, in an opinion piece at CNN:
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All signs for Facebook appear to be pointing up.
Mark Zuckerberg is Time’s Man of the Year, the movie about him seems likely to be an Oscar winner, and now Goldman Sachs is raising $1.5 billion from its favorite investors on behalf of the social networking company.
At the very same moment, Facebook’s only real competitor –NewsCorps’ waning social networking site, MySpace — is shedding employees and expenses, most likely in hopes of a fire sale.
But appearances can be deceiving. In fact, as I read the situation, we are witnessing the beginning of the end of Facebook. These aren’t the symptoms of a company that is winning, but one that is cashing out.
Goldman Sachs bankers are the deserved target of a lot of Wall Street bashing by regular Americans whose jobs have been lost and homes foreclosed due to the many crimes (yes, crimes) perpetrated by the banks, insurance companies and ratings agencies. New York Post columnist John Crudele has challenged Goldman CEO Lloyd Blankfein to go up against him in a Wall Street boxing match:
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Lloyd Blankfein, the chairman of Goldman Sachs, would probably like to see me hurt. And I’d like to see him investigated for insider trading.
So I figured a boxing match was in order. The only hitch, I can’t seem to get Blankfein to do it.
Let me tell you anyway how I almost became a pugilist.
A few weeks ago someone from a gym downtown was looking for some publicity and mentioned that there is a charity boxing match with Wall Street types going against each other scheduled for Dec.
Bad money drives out the good” – Gresham’s Law
Even primitive medieval economies understood the importance of guaranteeing the integrity of currency; Henry I of England imposed the penalty of castration on counterfeiters.
Gresham’s Law is the formal name economists give the common sense notion that counterfeiting is a bad thing and should not be encouraged. The upshot is that the phony money undermines your confidence in all the money in circulation, even if the bogus bucks are a relatively small portion of the total ‘dollars’ in circulation.
You need to KNOW for a fact just how much real, tangible value you can expect to receive in exchange for those ‘dollars’, and that’s entirely independent of any action on your part. At least in the short term that’s entirely dependent on how your fellow market participants perceive the value of that currency. Even if you accept some shiny beads as payment in a real estate deal, you shouldn’t really be shocked when you’re evicted for offering the same as a rental payment to your new landlord the following month.… Read the rest
Is this really the time to give a “get-out-of-jail-free” card to corporate chiefs who can’t resist fraudulently dipping into the honey pot of riches that they have access to? I mean we’re still unraveling (and paying for) the massive frauds perpetrated by the banksters at AIG, Goldman Sachs and their Wall Street cronies and shills in Washington. I suppose it shouldn’t be too much of a surprise that the Supreme Court is in on it too, but the timing shows a particularly callous disregard for public sentiment. Report from the Los Angeles Times:
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A Supreme Court ruling Thursday dealt a severe blow to legislation meant to fight public corruption and also could affect the recent convictions of former Enron chief Jeffrey Skilling and former newspaper magnate Conrad Black.
In ruling on “honest-services fraud,” the justices said Skilling and Black were wrongly convicted on that charge. All nine justices agreed that such fraud was too vague to constitute a crime unless a bribe or kickback was involved.
[disinformation ed’s note: we’re not sure whether to consider this so crazy that you can’t make it up, or that actually you can – what do you think?] By Sherri Kane and Leonard G. Horowitz for rense.com:
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News unfolding from the oil crisis in the Gulf of Mexico has linked media censorship to investment bankers at Goldman Sachs (GS) stewarding the Vatican’s wealth, and increasing evidence that the explosion was intended.
A near total news blackout from independent sources, and arrests of anyone caught photographing and filming the devastation, show the Halliburton-British Petroleum (BP) oil crisis is being criminally controlled, implicating some of Wall Street’s heaviest hitters.
According to a report issued by frightened, yet faithful, documentary filmmaker, James Fox, interviewed from the Gulf’s Grand Isles by Mel Fabregas on the Internet’s Veritas Radio Show, “There is a complete media blackout” on news coverage broadcast from the region.
Who gets your vote for most heinous CEO of the year? From Marketwatch:
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Tony Hayward is Lloyd Blankfein’s new best friend. For months, Blankfein, chief executive of Goldman Sachs Group Inc. has been the CEO ALTH (America Loves To Hate). He’s been defiant before Congress, unapologetic, a defender of ruthless Wall Street practices, invoking God and bare-knuckle capitalism in the same breath.
His firm has been accused of betting against clients, masking Greece’s debt problems, taking backdoor bailouts through American International Group Inc. and good, old-fashioned fraud.
Enter Hayward, the bumbling, stumbling chief executive of BP PLC, and the man ultimately responsible for the disaster that began April 20 on Deepwater Horizon in the Gulf of Mexico.
Hayward’s BP is blamed for 11 dead workers, an environmental catastrophe, a slow and inadequate response and insensitivity to the havoc his company has sprung upon nature and the livelihood of those on the Gulf Coast.
Will Goldman survive the assault? Will the threat of criminal charges being pursued against the world’s leading investment bank spill over onto others on Wall Street? Is the criminalization of the crisis underway, or is all this just a maneuver?
For the last two years, I have felt lonely and isolated with my calls for a jail-out, and insistence that theft, fraud and crime are at the heart of our economic disaster. I have written two books documenting my contention and just released the film Plunder The Crime of Our Time treating the economy as crime scene.
There are a few other voices out there making a similar claim: Former bank regulator Bill Black; U.S. Senator Ted Kauffman; and even billionaire investor Jim Chanos, among them. Most politicians of both parties and media pundits have dismissed the suggestion, preferring to believe that virtually everyone was to blame and, hence, no one was to blame.… Read the rest
Let's Give Goldman Sachs Their Own "Shitty Deal" #Plunder #GoldmanSucks #FreeFriday http://bit.ly/cuUXky(If you haven't heard of the "shitty deal" yet read here.) As always the more you Tweet the above phrase, the greater your chances of receiving a copy of Plunder on DVD. Here's the trailer: