Yesterday, Goldman Sachs chief David Viniar said he would like to buy back the $10 billion of TARP money the taxpayer loaned him.
Most homeowners would like to pay off their mortgage next week!
Why does Wall Street react when Goldman says like?
Goldman needs their stock higher, so they can raise cash, by selling stock or preferred because they can't pay back the TARP money because their Tier 1 capital then would be too low. So Goldman is telling Wall Street it's dreams so it's stock will go higher, so they can sell you some!
And Goldman, was one of these firms that didn't need the TARP money. Now it seems they can't pay it back, unless they raise some money. Does that mean then they needed it?
Goldman also has a line for $35 billion with FDIC's TLGP, of which they have used $29.7 billion to access funds at below market interest rates. Maybe Goldman will next tell us they don't need the FDIC guarantee!
Now look at what Goldman raised, and the bonuses they didn't pay, and do the $30 billion worth of that math. Or you can also just click the link below!
Remember the secret of Wall Street this year is, whatever they say it is, it isn't.
It's the same with Goldman Sachs.
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