WASHINGTON, D.C. – Amid a global pandemic and economic crisis hurting small businesses and workers across the country, Goldman Sachs reported “blowout second-quarter earnings” today, raking in a whopping $2.42 billion in profit — a boon CNBC is calling the mega bank’s “biggest earnings outperformance in nearly a decade.” Goldman Sachs was able to capitalize on the trillions of dollars the Federal Reserve and the Trump administration injected into the economy to prop up credit markets.
Goldman Sachs Raking In Billions As Trump's Threatens To Cut Unemployment Insurance
Meanwhile, workers who lost their jobs because of the mismanaged response to the coronavirus are facing looming cuts to their unemployment insurance, which is set to expire this month. Although no end to the virus is in sight, and as the economy continues to sputter along, the Trump administration and its allies do not appear to have the same urgency to help the millions of workers affected as they do the nation‘s largest banks.
Seth Klarman Tells His Investors: Central Banks Are Treating Investors Like “Foolish Children”
"Surreal doesn't even begin to describe this moment," Seth Klarman noted in his second-quarter letter to the Baupost Group investors. Commenting on the market developments over the past six months, the value investor stated that events, which would typically occur over an extended time frame, had been compressed into just a few months. He noted Read More
“The fact that Goldman Sachs is raking in billions as Trump threatens to cut unemployment insurance for millions of newly jobless Americans is a perfect encapsulation of this administration’s warped priorities,” said Kyle Herrig, president of Accountable.US. “Workers, not big banks, need help from their government right now. The Trump administration needs to start making people's lives its priority.”
Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.