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Monday, July 20, 2009

Jon Stewart on Goldman Sachs (NYSE:GS) [Video]

Jon Stewart comments on the news that Goldman Sachs is on track to pay out as much as $20B in bonuses, nearly $700,000 per employee, more than 14 times the average American household income.
The Daily Show With Jon StewartMon - Thurs 11p / 10c
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PRESS RELEASE: (slow loading pdf)
NEW YORK, July 14, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $13.76 billion and net earnings of $3.44 billion for its second quarter ended June 26, 2009. Diluted earnings per common share were $4.93 compared with $4.58 for the second quarter ended May 30, 2008 and $3.39 for the first quarter ended March 27, 2009. Annualized return on average common shareholders’ equity (ROE) (1) was 23.0% for the second quarter of 2009 and 18.3% for the first half of 2009.
$3.44B earnings on only $13.76B in revenue means of every dollar they collected, 25% or 25¢ was profit. Aren't you glad Hank Paulson, former CEO of GS, saved Goldman when he was Treasury Secretary?

Although "The Daily Show" calls itself Fake News and it's on Comedy Central it speaks for how many Americans far from Wall Street feel about many important issues of the day.

Some Jon Stewart zingers:
  • The US economy is basically a pyramid....Goldman Sachs is the eye... we must protect the eye.

  • First the Government let a couple of GS competitors... collapse.

  • Then it gave AIG $13B to give to GS.

  • "The supports are giving out. Quick, everybody, throw your bodies under Goldman Sachs to cushion its fall! Children first, they are the softest!"

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