For some, the bank bailouts were a wonderful success

“Goldman Sach’s Lloyd Blankfein officially became a billionaire in July, according to the Bloomberg Billionaires Index. JPMorgan on Thursday announced that CEO Jamie Dimon's 2015 total compensation was $27 million — a 35% raise from the year before. Dimon also became a billionaire in 2015.” It seems not long ago that Wall Street was packaging up Collateralized Debt Obligations, faulty sub prime mortgages, and dealing them off to unsuspecting customers. Credit Default Swaps were flung about with outfits such as AIG, in which the viability of these packaged securities were “insured” against default. Goldman Sachs was caught, not by authorities, but by the market. As the securities failed, some of their own design, Goldman was forced to make clever moves such as becoming a commercial bank, overnight. This move positioned themselves up for the coming flow of money and generous considerations. Hank Paulson, the Secretary of the Treasury...(Read Full Post)