Turn to Goldman

Just because you show profits doesn't mean that people will like you

Just because you show profits doesn't mean that people will like you

EVERYBODY wants the recession to end, and so there was a certain amount of cheer when it was announced that Goldman Sachs which last month repaid $10 billion of bailout money to the US treasury and thereby freed itself from the shackles of government-imposed restrictions is expected to post the largest profit since it set an earnings record in 2007.

Tim Iacono wrote a piece on the blogosphere titled, 'Can Goldman Sachs save the world?' Here, he looks at a lot of things that are wrong with today's economy and concludes that "It looks like Goldman Sachs is going to save the world".

But not everybody feels that Goldman Sachs is the saviour of the world economy. Some actually think of this company as the devil incarnate in fact, one of this firm's competitors is said to have called Goldman Sachs traders as 'orcs' after the creatures in JRR Tolkien's The Lord of the Rings trilogy.

In fact, on www.goldmansachs666.com, there is a link to Glenn Greenwald's comments on this company. Writing about the events preceding Goldman Sachs' new blow out profits, he asks us to rewind. '"emember all of this the $700 billion bank bailout, the AIG scandal, dark and scary threats of imminent global meltdown if there wasn't full-scale capitulation by the citizenry to the immense transfer of public wealth to the private investment banking sector?"

Vampire squid

Greenwald is not alone in his criticism of Goldman Sachs. Robert Stacy McCain, writing in a blog for The American Spectator, quotes Rolling Stone's Matt Taibbi, who called Goldman Sachs a "vampire squid".

The list of Goldman Sachs baiters continues with Joe Weisenthal, who, in an entry titled 'Two Billion More
Reasons To Hate Goldman Sachs', says:u00a0 "It just must be some kind of nefarious conspiracy!"

But profits are profits and Wall Street loves this word, as apparently does the WSJ. In a blog on the WSJ, Matt Phillips says, "Goldman's ability to profit in dire economic circumstances should make it popular with investors."

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