According to an article in the Star-Telegram, the Goldman Sachs Group which is now the owners of thousands of subprime mortgages facing foreclosure is finding itself battling homeowners in bankruptcy court.

The article said:

“Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into high-yield bonds. Now that the bottom has fallen …

Tags: Foreclsure Goldman Sachs

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… billion in 2008.

When the foreclosure and credit crisis threatened to crush banks such as Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America, the American taxpayer and the taxpayers of other countries rushed to their aid with bailouts.  In return, we have seen foreclosures increase, bankruptcies increase and consequently, banker bonuses have increased for “performance” during 2009.  As we have all suspected, the bank’s definition of good performance is radically …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

… the Star-Telegram, despite the growing foreclosure crisis, the nation’s largest banks such as Goldman Sachs and JPMorgan Chase have not changed their reckless behavior.  Many of the banks who have received tens of billions of dollars in federal bailout money are still up to their old tricks and risky investments.

The article said:

“That Wall Street is making money again in essentially the same ways that thrust the banking system into chaos last fall is reason for concern on several …

… claims have historically peaked six to 10 weeks before recessions end, according to a report by Goldman Sachs. Initial claims reflect job cuts by employers.

But the latest report shows job losses remain high.

Employers seem to be accelerating their job losses as the economy continues to sour. Already, over 8 million Americans have faced job losses and that number is expected to increase. Many Americans who are still employed are afraid that at any moment they could face a job loss. …

… most executives are still making way more than the average American worker can ever dream of.

Goldman’s top executives are forgoing bonuses but still earn $600,000 a year in base salary. Not only that, but Goldman is actually fighting to keep the $255,000 chauffeurs and personal financial planners for their executives. Did I miss something? Didn’t these bankers come to the edge (or over the edge) of bankruptcy ? Didn’t they come with their hat in hand to the American taxpayer, …