13 June 2006

The Dow Continues to Fall; Goldman Sachs Stock Jobbers Keep Gettin' Paid

The AP reminded us today that even amidst a stock market that has not moved in 5 years, the stock-jobbers and fake money creators at Goldman Sachs Group Inc. continue to reap windfall profits. The piece notes that the firm:
On Tuesday reported sharp gains from investment banking and trading that helped shield the Wall Street leader from choppy market conditions, but investors remained unsure how long this could be kept up.
Just as they did with in 1927 and 1928, Goldman Sachs is prepared to ride the wave of over-speculation and fake money creation until the end. The piece continues, lauding the mind-boggling profits raked in by a company - and an industry - who's sole raison d'etre is fraud.
The world's top investment bank joined Lehman Brothers Holdings Inc. in reporting second-quarter numbers that solidified record first-half earnings. But, eroding market conditions that began in May has left many guessing if this is all about to change -- sending investors to the exits...'

'The $64,000 question is if weak markets persist, how long'' can strong quarterly returns be maintained, said Goldman Chief Financial Officer David Viniar...

Quarterly profit at Goldman Sachs climbed to $2.29 billion... the firm's second-best ever, but still below the record profits seen during the first quarter.
What the AP refuses to acknowledge - what is well known to students of history - is that by the time "investors" realize they have been scammed by the liars at Lehman Brothers and Goldman Sachs - most likely after a crash in the hedge fund market that both have marinated themselves in - it will be too late.
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