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Rigged Game

Surprise! A Private/Public partnership turned into the marriage from hell… want out yet?

gambling, trading, goldman sachsRigged Game

Courtesy of Tim Knight at Slope of Hope

Another interesting article from a Sloper………

Aug. 5 (Bloomberg): Goldman Sachs Group Inc. made more than $100 million in trading revenue on a record 46 separate days during the second quarter, or 71 percent of the time, breaking the previous high of 34 days in the prior three months.

Trading losses occurred on two days during April, May and June, down from eight in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission. The company made at least $50 million on 58 of the 65 trading days in the period, or 89 percent of the time.

Goldman Sachs, which was the biggest U.S. securities firm before converting to a bank last year, posted the biggest profit in its history during the second quarter as revenue from trading and equity underwriting reached all-time highs. The company, which has returned $10 billion to the U.S. Treasury and paid $1.42 billion in dividends and to cancel warrants, also made its largest market bets during the period.

So……….out of 65 trading days, they had 61 winning days – - 58 of them with profits over $50 million, and 46 of them with profits over $100 million. So on any given day, they had nearly a 95% chance of a profit – - pretty good odds, wouldn’t you say?

How about that! This is a shining example of Private/Public partnership. Too bad only a tiny handful of people actually make money from it, while the rest of us wind up holding the bag.

 


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