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Because they diverted profits - through bookkeeping trickery - to other, more tax favorable locations around the world. It's rather amusing that the treasury secretary tends to come from GS but GS pays no taxes.

Whether he is or not is immaterial. Go sit at SBUX for an hour or two and watch how many desperate people with applications walk through the door.

The government has no choice but to bail out CIT. If they go under they will bankrupt the FDIC, which will send bigger shockwaves through the country so they can either bail CIT now or bail the FDIC later. Which one leaves them with less egg on their face?

I don't think it will hit 13 but I don't think she's that far off though. I know a shit load of people out of work, all of them sending resumes, and none of them getting a phone call. I know 2 people who have gone back to school for their PhD's just to get the 21k stipend and health care...

"Enjoy it while it lasts Bud, because it never does?" Where have we heard that before?

This coming from a guy who was bullish GS at the top :mad:

If you count the premarket data this chart is pretty darn close so far....

Right. GS is a member bank. If GS failed the Fed failed.

AIG isn't a member bank. The Fed backed AIG because AIG backed the member banks.

This part is laughable. They didn't seem to concerned about that when they were bailing out Federal Reserve Member Banks. Since CIT isn't a member bank they are getting the middle finger.

Looks like you beat ByLowSellHi to this one :mad:

You gotta watch out for the quiet ones :D

funny but true

Looks like the occupation of the Middle East is expanding. You have to wonder how an expanding global military presence can be sustained. I suppose it's no different than the national debt -- that keeps expanding too. America is following the same course the Roman Empire did. Heavy social...

Boy, if that ain't a simplistic yet <b>effective</b> way of putting it.

My old man was a carpenter and fed a family of 6 on one wage. We went without some things but otherwise did quite well. The money bubble has trashed the living standards compared to how it was when I was kid.

I was at the bank the other day to make a routine visit and I got mauled by a personal banker and then their investment advisor. Both of them had Vice President on their business cards - go figure. We got to talking about the economy and the banking system (no surprise there eh?) and these two...

I wonder what would happen if I walked into the grocery store and tried to pay with monopoly money? I'd be led out in handcuffs I suppose. I wonder if the store clerk would know there is no difference between monopoly money and a Federal Reserve note (aside from perception, of course) before...

There are already position limits on energy futures, along with any other kind of futures position for specs. The CFTC is beginning to enforce the abusers of these limits, which basically excludes me and every other mo-fo on elitetrader. They are going after the likes of GS, which isn't...

Since when does Economics resemble anything like science?