The Magnanimity of the Magnificent...
Stop the haggling - we want to be generous! That's the news coming out of Goldman Sachs' PR office today. They've bought back warrants from the feds for $1.1 billion - the full value as determined by the feds. Just a few weeks ago, Goldman had wanted to pay just $650 million for the warrants. Lloyd Blankfein, Goldman CEO, had this to say in the press release: “This return is reflective of the government’s assistance, which benefitted the financial system, our firm and our shareholders,” said Lloyd C. Blankfein, Chairman and CEO. “We are grateful for the government efforts and are pleased that this additional money can be used by the government to revitalize the economy, a priority in which we all have a common stake.” He added, “Because Goldman Sachs advises companies with their growth plans and raises capital to support that growth, the best and most sustainable operating environment for us is one where consumer and business confidence and economic growth flour...