{"id":187945,"date":"2011-01-20T10:23:00","date_gmt":"2011-01-20T15:23:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/01\/20\/the-vampire-squid-has-conquered-time-itself\/"},"modified":"2011-01-20T10:23:00","modified_gmt":"2011-01-20T15:23:00","slug":"the-vampire-squid-has-conquered-time-itself","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/01\/20\/the-vampire-squid-has-conquered-time-itself\/","title":{"rendered":"The Vampire Squid Has Conquered Time Itself"},"content":{"rendered":"

As if nearly destroying the world wasn’t enough, when Goldman Sachs became a bank holding company, allowing it to get billions in Federal Reserve bailouts, it moved its fiscal year from starting on December 1 to January 1, as regulations required, and then it disappeared the missing month of December, 2008<\/a>, and loaded the “orphan month” with huge losses as well as huge bonuses to its employees that basically went down the memory hole”<\/p>\n

As a result, some great information gets missed, and is that much harder for the rest of us to find. For instance, the main news in the story is this:<\/p>\n

Nearly 36 million stock options were granted to employees in December 2008 \u2014 10 times the amount issued the previous year \u2014 when the stock was trading at $78.78. Since those uncertain days, Goldman\u2019s business has roared back and its share price has more than doubled, closing on Tuesday at nearly $175.<\/p><\/blockquote>\n

The story goes on to detail the dates at which the options can be exercised. But there\u2019s much more to be said on this matter. For one thing, the monster option grant took place during Goldman\u2019s notorious orphan month, meaning that it would never appear in an annual report<\/b><\/span>. And for another thing, it was very expensive even at the time.<\/p>\n

\u2026\u2026<\/p>\n

Remember that December 2008, when Goldman made these grants, was the worst month in the company\u2019s history: it lost $1.3 billion, and was mired in the depths of the financial crisis<\/b>. Yet many partners will have received stock and options awards that month which are worth hefty eight-figure sums today. Not bad for a month\u2019s work.<\/p><\/blockquote>\n

(emphasis mine<\/i>)<\/p>\n

I cannot see this as anything but a deliberate attempt to loot the company at the expense of the share holders. <\/p>\n

Why these ratf%$#s aren’t under criminal investigation is beyond me.<\/p>\n","protected":false},"excerpt":{"rendered":"

As if nearly destroying the world wasn’t enough, when Goldman Sachs became a bank holding company, allowing it to get billions in Federal Reserve bailouts, it moved its fiscal year from starting on December 1 to January 1, as regulations required, and then it disappeared the missing month of December, 2008, and loaded the “orphan …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004],"tags":[],"class_list":["post-187945","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187945"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=187945"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=187945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=187945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=187945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}