NYT: Goldman Sachs (GS) Offers Loans to Stretched Employees

[jordi_fanclub]

Source: The New York Times

Goldman Sachs got its bailout. Now some of its bankers, those aristocrats of Wall Street, apparently need a bit of a bailout too.

Goldman, which accepted billions of taxpayer dollars last fall and, as learned Sunday, was also a big beneficiary of the rescue of the American International Group, is offering to lend money to more than 1,000 employees who have been squeezed by the financial crisis. The loans, offered via e-mail last week, could range from a few thousand dollars to hundreds of thousands.
(...)
Now these funds have stumbled, and some Goldman employees who financed their gilded lifestyles by borrowing in good times are suddenly short on cash needed to meet commitments to their personal investments in the funds. “It’s a problem with the culture of spending,” said Gustavo Dolfino, the president of Whiterock Group, a Wall Street recruitment firm. “No matter how much you have, you spend like you have a lot more.”

Read more: http://www.nytimes.com/2009/03/17/business/17wall.html?_r=2&ref=business

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Goldman Sachs... the "masters-of-universe"!
In the tradition of Wall Street FRAUDSTERS!

[bertman]

1. Isn't that sweet of them to loan their employees money so the employees can pay their

mortgages on loans held by Goldman Sachs!

It was heartrending to read that 25 of Goldman Sachs' partners are NOW WORTH LESS THAN FIVE MILLION DOLLARS. How devastating!!

You got to love that unfettered capitalism.

[Jambalaya]

3. "Free Marketeers"

Have you noticed how the term "free market" seems to have been deleted from the corporatist handbook ?

How ironic that the Randian disciples of little or no government couldn't run FAST enough to get government taxpayer $$$ bailouts?

The VERY government that they wanted to shrink down to a size so it could be drowned in the bathtub?

[bertman]

5. Excellent observation, Jambalaya. nt

[No Elephants]

2. We bailed out Goldman Sachs and AIG, then AIG bailed out Goldman Sachs some more. It's

good to be Paulson's former employer.

[high density]

4. Sounds like a very bad idea

These guys can either sell now or ride it out like everybody else. It sounds like more of a desire to delay the inevitable with the ultimate financier being the US taxpayers.