Goldman Sachs Sucks!!

Goldman Sachs is an international firm that involves in investment banking, securities, investment management and other financial services primarily with institutional clients. Goldman Sachs provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which consist on corperations, governments and individuals. In short, it is a firm that control the finance market in the whole world.

However, Goldman Sachs has been accused involving in frauds. The firm has reached a settlement with Securities and Exchange Commission (SEC) after months of trials in US court and the firm agreed to pay $550 million as fine a.k.a. "saman".

Yes, it is indeed $550 million for "saman" and my first reaction is OH MY HOLY FUCKING GOD!! Fines are usually paid in cash or via bank transaction. If the fines are being paid in cash, these would be 5.5 million piece of $100 bills (which you can see the sample on your left). And you will need a fucking huge warehouse for all these money!!

The whole Malaysia income in the year 2009 (a.k.a. GDP) was $220 billion. And the fine itself is roughly 1/400 of the whole Malaysia income! This is a huge number for a firm to pay a fine. And, in fact, this is the largest fine ever given by the SEC to a financial firm.

However, I believe that this fine is too generous for Goldman Sachs. Last year, Goldman has profited $13.39 billion in that fiscal year itself. This means that Goldman Sachs earns $36.7 million per day. $550 million of fine is equal to only 14 days of its profits. Also, we should not forget that Goldman Sachs profited $5 billion (from $71.6 billion to $76.6 billion) as their stock price increased after the settlement was announced last Thursday. So what is $550 million for Goldman Sachs? NOTHING!

However, Goldman Sachs sucks all the blood of the poor by misleading the poor into unprofitable investments. Part of the reasons we are still facing a world recession is due to Goldman Sachs' fraud. Goldman Sachs paid its fine of $550 million to SEC. This $550 million means nothing to Goldman Sachs but it means EVERYTHING to the millions of the poor.

p/s: Goldman Sachs has a very ugly logo because this firm is formed since 1869. It used to be my dream company and is still my dream company. Please forgive my unethical behavior.