This Just In
The top 30,000 have largely earned every penny of what they have. They haven't stolen it from anyone. - a blog reply.
I Disagree...Can anyone in the 5 largest financial firms in the USA claim they deserve their money after the bailout they got?
My answer is no.
This Just In; Water Wet, Investment Banks Cheat investors.
Mr. Gupta, a friend and business associate of Mr. Rajaratnam, allegedly spoke with Mr. Rajaratnam by phone after a special telephone conference call by Goldman's board and tipped him to the Berkshire investment and Goldman's upcoming public-equity offering before it was announced in September 2008, according to the SEC. The Berkshire investment came at the height of the financial crisis, within days of Lehman Brothers Holdings Inc. seeking bankruptcy protection.
Within a minute after the call, Mr. Rajaratnam allegedly arranged for Galleon funds to purchase more than 175,000 Goldman shares, the SEC said. Mr. Rajaratnam had begun purchasing shares earlier in the day, following another call with Mr. Gupta, the SEC said. Mr. Rajaratnam caused the Galleon funds to liquidate their Goldman holdings the day after the information became public, making $900,000 in illicit profits, the SEC said. Mr. Gupta didn't seek reelection to Goldman's board last year.
Goldman Sachs declined comment Tuesday
I mean allegedly cheat of course.
I also remember news reports of GS showing a trading profit every single day for three months.