Goldman Sachs, lets have Recession part 2!

Muckie

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."

AboutaWeekAgo

Invest in bit coins, quick!!

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!

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.

c_man

Goldman Sachs, lets have Recession part 2!

Can we at least have another boom first? Please?

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:

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............

Gandalph

Muckie wrote: »

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

Or borrowers.

Streetwalker

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

Highflyer13

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

Muckie

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.

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

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?

The Diabolical Monocle

AboutaWeekAgo wrote: »

Invest in bit coins, quick!!

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

KomradeBishop

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

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

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.

Dr.Teeth

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

Kermit.de.frog

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

Tearin It Up

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

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.

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.

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

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.

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.

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

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

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?

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.

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.

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.

sock puppet

The_Valeyard wrote: »

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

a VP in an investment bank is a low-mid level manager. there would be thousands of "VPs" in goldman sachs.

SEPT 23 1989

They are not even charging for their services

brevity

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.

Short video.

https://www.youtube.com/watch?v=QoUWgI-c9g4

dotsman

Kermit.de.frog wrote: »

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

What an idiot. I would not listen to anything that fool has to say. Given that this video was uploaded in September 2011, I assume that his "expert" opinion was from that day or the preceding weeks/months. 3 and a half years later we can clearly see that absolutely nothing he predicted happened. In fact, the very opposite occurred. And he was so smug about it:) I hope he lost every cent he had investing in his doom-mongering prediction.

Son Of A Vidic

The_Valeyard wrote: »

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

Classic irony. A criminal lambasting other criminals for being criminal.

KomradeBishop

Zaph wrote: »

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.

It's doubtful that it's worth €20bn, and any payoff is likely to be decades away - judging by Brian Lucey's article.

It's just election spin really.

That said, if we did get €20bn to hand, we would likely knock more years off the countries financial burden, by government spending it into the economy, than by paying down public debt with it:
The way to lessen our burden, is to grow the economy, so that GDP increases vs Debt. This is why you can't compare government spending to households: Government spending from a windfall, can actually grow the economy (and increase government income as a result, as well as lessen the effective burden of debt), which is not true of household spending.

strobe

There was that line in that TV show Breaking Bad, "You don't want a criminal lawyer, you want a criminal lawyer". They know their business, it has to be said.

S. Goodspeed

In the long long list of people/groups to blame for our banking mess Goldman Sachs and other non irish banks are pretty far down it. Fianna Fáil, the so called financial regulator and the boards of the Irish banks are all much more to blame.

20Cent

Predict Goldman Sachs will make a lot of money Irish taxpayer not so much.

JPF82

The_Valeyard wrote: »

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.

A VP did resign, but he wasn't the VP for the whole company. I used to work for Goldman Sachs at a manager level and the VP was the level just above me. It would have been my next level until I changed career to become a teacher. A VP is a title for a sort of higher middle management level within many American firms. They like their job titles.

BoJack Horseman

20Cent wrote: »

Predict Goldman Sachs will make a lot of money Irish taxpayer not so much.

How?

Honestly, I'd like to know how.

When a company floats, the organisation facilitating it wets their beak, but its the company owners who benefit.

Are you saying the bulk of AIBs current €11bn valuation would go to GS for merely administering a flotation?

20Cent

BoJack Horseman wrote: »

How?

Honestly, I'd like to know how.

When a company floats, the organisation facilitating it wets their beak, but its the company owners who benefit.

Are you saying the bulk of AIBs current €11bn valuation would go to GS for merely administering a flotation?

The last Irish bank Goldman advised was Irish Nationwide.

Don't know how they'll do it but Sachs have a history of benefiting greatly from their advice and leaving a huge mess behind them.

Magico Gonzalez

That Rolling Stone "Vampire Squid" article is a must read. The global implications and the sheer scale of activity now legally in play for these banks is breathtaking. Amazing even.

I'd urge anyone looking at this thread to read it, try to digest it, be patient.

Mind blown.