Yesterday Obama announces this executive pay cap on firms that receive government money. Shockingly, today, Goldman Sacks announced it would like to pay the government back - asap.
The only reason I used the word "shockingly" in that previous paragraph was because I was shocked it took them a whole day to decide this. I kind of figure the decision at Goldman took about a millisecond, if that long.
But this does raise an interesting question. How can they pay it back - I thought every bank on Wall Street was broke? Isn't that the reason we gave them 700 billion dollars in the first place? If Goldman can pay the government back this quickly, why did the government give them a huge chunk of our money, and no one seems to know what these friggin banks are doing with the money? I guess since no one bothered to follow-up on how the money was spent, there was no reason to see if Goldman needed the money in the first place - right?
How did Goldman get on this list for government money in the first place? Wait a minute, who did Hank Paulson work for while he was on Wall Street????? Oh yeah, GOLDMAN FRIGGIN SACHS.
And as if God himself wanted to give me a cherry to top this baby off right, the government's own Congressional oversight queen told the folks on the Hill that they probably overpaid for some of the bank assets they bought with the TARP. Gee, you think? Chris Dodd's quote that this finding will "raise some eyebrows" is so priceless I had to laugh. Not as many eyebrows as you getting sweetheart deals on mortgages from Countrywide Chris, but yeah, this should actually raise a few eyebrows and a couple of fists.
Sometimes this blog just writes itself.