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Goldman Sachs, lets have Recession part 2!

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  • 12-01-2015 7:51pm
    #1
    Muckie
    Registered Users Posts: 1,763 ✭✭✭


    Hi Folks,

    Just wondering does any one else think think this is a bit mad!

    Leave the Fox incharge of the Chicken House!

    UPDATE 1-Ireland appoints Goldman Sachs to advise on AIB sale.

    The appointment of an advisor marks a stepping stone in Ireland's bid to get private investment into AIB after its 2010 nationalisation, but no transaction is likely until the second half of 2015.

    The Department of Finance said in a statement that Goldman Sachs was selected after a "mini tender" in December during which banks on a pre-approved panel were invited to bid for the business.

    A source familiar with the situation said Goldman Sachs' pitch included doing the work free of charge. A London-based Goldman Sachs spokesman could not immediately comment.


    http://www.reuters.com/article/2015/01/12/ireland-banks-sale-idUSL6N0UR1G120150112

    "So let's reduce this macro story to human scale. Meet GSAMP Trust 2006-S3, a $494 million drop in the junk-mortgage bucket, part of the more than half-a-trillion dollars of mortgage-backed securities issued last year. We found this issue by asking mortgage mavens to pick the worst deal they knew of that had been floated by a top-tier firm – and this one's pretty bad.

    It was sold by Goldman Sachs – GSAMP originally stood for Goldman Sachs Alternative Mortgage Products but now has become a name itself, like AT&T and 3M.

    This issue, which is backed by ultra-risky second-mortgage loans, contains all the elements that facilitated the housing bubble and bust. It's got speculators searching for quick gains in hot housing markets; it's got loans that seem to have been made with little or no serious analysis by lenders; and finally, it's got Wall Street, which churned out mortgage "product" because buyers wanted it. As they say on the Street, "When the ducks quack, feed them."


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Comments

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    #2
    AboutaWeekAgo
    Closed Accounts Posts: 651 ✭✭✭AboutaWeekAgo


    Invest in bit coins, quick!!


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    #3
    Muckie
    Registered Users Posts: 1,763 ✭✭✭Muckie


    Forgot to add, im not big into conspiracy theories, but didn't these guys help with the mess we're in now!

    So its back to business for the banks while the rest of us will be railroaded (taxes and more taxes) into footing any bill if any when their gamble fails!


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    #4
    The_Valeyard
    Closed Accounts Posts: 12,452 ✭✭✭✭The_Valeyard


    Didn't their VP resign because of the morally bankrupt way the company was behaving?

    F*ck that shower of c*nts. They were the ones telling us everything was grand last time.


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    #5
    c_man
    Closed Accounts Posts: 4,436 ✭✭✭c_man


    Goldman Sachs, lets have Recession part 2!

    Can we at least have another boom first? Please? :(


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    #6
    opiniated
    Closed Accounts Posts: 889 ✭✭✭opiniated


    Sure Noonans telling us we may make a profit on selling Bank shares - as long as we forget/ignore what was flushed away on Anglo.:rolleyes:

    I wish I could do my household budget that way!:mad:


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    #7
    mikom
    Closed Accounts Posts: 16,391 ✭✭✭✭mikom


    Muckie wrote: »

    UPDATE 1-Ireland appoints Goldman Sachs to advise on AIB sale.
    "


    Well if they are as good as the consultants costing €50m brought in to launch Irish water then thy are worth every penny............


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    #8
    Gandalph
    Registered Users Posts: 1,792 ✭✭✭Gandalph


    Muckie wrote: »
    it's got loans that seem to have been made with little or no serious analysis by lenders;

    Or borrowers.


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    #9
    Streetwalker
    Closed Accounts Posts: 1,906 ✭✭✭Streetwalker


    Hardly made the news. No special interests there no siree bob.


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    #10
    Highflyer13
    Closed Accounts Posts: 954 ✭✭✭Highflyer13


    Joke to be fair. They are a shower of cowboys.


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    #11
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Muckie wrote: »
    A source familiar with the situation said Goldman Sachs' pitch included doing the work free of charge. A London-based Goldman Sachs spokesman could not immediately comment.

    We are gonna get ridden.


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    #12
    Iranoutofideas
    Closed Accounts Posts: 1,083 ✭✭✭Iranoutofideas


    Goldman Sachs are the same shower of cnuts that helped Greece cook the books so they could join the euro and the same shower of fcukers that used to employ that arsehole Timothy Geithner


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    #13
    Highflyer13
    Closed Accounts Posts: 954 ✭✭✭Highflyer13


    I wonder do they have any jobs going. Fcuk it if ya can't beat em, join em. Actually 2 Irish lads became elite partners in GS in November. Wonder if its anything to do with this?


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    #14
    The Diabolical Monocle
    Banned (with Prison Access) Posts: 2,618 ✭✭✭The Diabolical Monocle


    AboutaWeekAgo wrote: »
    Invest in bit coins, quick!!


    Invest in a certain country which for certain reasons shall go un-named, quick!!


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    #15
    KomradeBishop
    Closed Accounts Posts: 4,981 ✭✭✭KomradeBishop


    Brian Lucey - Trinity professor - did a good related article to this:
    https://brianmlucey.wordpress.com/2015/01/12/hyperbolics-banks-and-elections/


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    #16
    silverharp
    Registered Users Posts: 17,849 ✭✭✭✭silverharp


    GS didnt get the moniker of vampire squid for nothing. And the best we had defending Irish interests back in the day was that gimp Lenny

    A belief in gender identity involves a level of faith as there is nothing tangible to prove its existence which, as something divorced from the physical body, is similar to the idea of a soul. - Colette Colfer



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    #17
    Earthhorse
    Registered Users Posts: 14,714 ✭✭✭✭Earthhorse


    Muckie wrote: »
    So its back to business for the banks while the rest of us will be railroaded (taxes and more taxes) into footing any bill if any when their gamble fails!

    It's not back to business, just business as usual.


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    #18
    Dr.Teeth
    Banned (with Prison Access) Posts: 29 ✭Dr.Teeth


    Didn't they also help the Greeks massage the books in order to join the Euro...
    ^^^^ someone got this in already :-/


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    #19
    Kermit.de.frog
    Registered Users Posts: 23,546 ✭✭✭✭Kermit.de.frog


    https://www.youtube.com/watch?v=aC19fEqR5bA


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    #20
    Tearin It Up
    Banned (with Prison Access) Posts: 449 ✭✭Tearin It Up


    So in simple terms, can someone explain what do I do if I bank with AIB.


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    #21
    Zaph
    Registered Users, Subscribers Posts: 47,282 ✭✭✭✭Zaph


    Tearin It Up wrote: »
    So in simple terms, can someone explain what do I do if I bank with AIB.

    You do nothing. Banks get bought and sold all the time, and there's no need for people to change their bank just because their existing one has a new owner.


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    #22
    Tearin It Up
    Banned (with Prison Access) Posts: 449 ✭✭Tearin It Up


    Zaph wrote: »
    You do nothing. Banks get bought and sold all the time, and there's no need for people to change their bank just because their existing one has a new owner.

    Oh OK, thanks, I got a bit worried they might be sold and take everything I've got.


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    #23
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Whats the news? Goldman Sachs is what most firms use for IPOs. Goldman Sachs knows the real money will be made when AIB is listed on the stock exchange. AIB was going to have to have a major bank for its IPO whether it be Goldman Sachs or Morgan Stanley


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    #24
    BoJack Horseman
    Registered Users Posts: 12,248 ✭✭✭✭BoJack Horseman


    Tearin It Up wrote: »
    Oh OK, thanks, I got a bit worried they might be sold and take everything I've got.

    No, that happens.

    Your savings/current account is converted to bonds, which will be given away to greedy German bondholders.


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    #25
    brevity
    Registered Users Posts: 8,498 ✭✭✭brevity


    The vampire squid!

    http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405

    http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212

    Definitely worth a read.


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    #26
    whupdedo
    Banned (with Prison Access) Posts: 1,513 ✭✭✭whupdedo


    Sergio Georgini wrote: »
    We are gonna get ridden.

    Not only will we be ridden, but this time their going to put sand through the vaseline they'll be using as lube


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    #27
    Tearin It Up
    Banned (with Prison Access) Posts: 449 ✭✭Tearin It Up


    whupdedo wrote: »
    Not only will we be ridden, but this time their going to put sand through the vaseline they'll be using as lube

    Very nice


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    #28
    BoJack Horseman
    Registered Users Posts: 12,248 ✭✭✭✭BoJack Horseman


    whupdedo wrote: »
    Not only will we be ridden, but this time their going to put sand through the vaseline they'll be using as lube

    How do you know the flotation price?


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    #29
    5starpool
    Subscribers Posts: 32,849 ✭✭✭✭5starpool


    I presume if we got the AIB 20bn back this would go straight to paying off the national debt a bit? The cynic in me thinks though that some of it may be 'appropriated' for election bribes capital expenditure and tax cuts.


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    #30
    Zaph
    Registered Users, Subscribers Posts: 47,282 ✭✭✭✭Zaph


    5starpool wrote: »
    I presume if we got the AIB 20bn back this would go straight to paying off the national debt a bit? The cynic in me thinks though that some of it may be 'appropriated' for election bribes capital expenditure and tax cuts.

    I was thinking exactly the same thing myself earlier. Its proper use would be to pay off loans or buy back bonds issued to finance the servicing of the loans. But €20bn sitting in the back pocket of a Minister for Finance with an election coming up is a worrying scenario. I can just see a big chunk of it p*ssed away instead of knocking a couple of years off the country's financial burden in an attempt to pull the wool over the eyes of the electorate. And the really scary thing is they'd probably succeed.


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    #31
    mbur
    Registered Users Posts: 521 ✭✭✭mbur


    KomradeBishop wrote: »
    Brian Lucey - Trinity professor - did a good related to this:
    https://brianmlucey.wordpress.com/2015/01/12/hyperbolics-banks-and-elections/
    brevity wrote: »
    The vampire squid!

    http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405

    http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212

    Definitely worth a read.
    Goldman Sachs International, chaired by longtime Fine Gael grandee Peter Sutherland, has been appointed (I’m sure after rigorous searching) to provide financial advice as to what to do with AIB.

    I think I'm slowly getting the picture.


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