Goldman Sacks (bump re: current Forbes article)

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    aka "Bailout me" This picture is #8 in my 100 strangers project. Find out more about the project and see pictures taken by other photographers at;

    April 2009 update: see the entertaining (ahem) account of a likely Goldman Sachs foul play in the comment about a page down (from this just published Forbes issue). That 's another side of the reality Joe faces.
    More there, earshot, goldsardine, and 3 other people added this photo to their favorites.

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    1. 78 months ago | reply

      wonderful shot - awesome project

    2. msdonnalee 78 months ago | reply

      wonderful social documentary shot and commentary.....on MY last attempt to photograph a stranger (without permission) here in mexico, the subject whirled around, hissed and put a hex on me......

    3. dreamswanderer 78 months ago | reply

      Fine description, and it can't have been easy to approach Joe for 100 strangers.

    4. earshot 78 months ago | reply

      I love the angle here. It is very up close and personal which contradicts most homeless person's demeanor. Great job.

    5. goldsardine 78 months ago | reply

      ----This photograph is a particular favorite of the administrators of FELT LIFE.

    6. New Dad 78 months ago | reply

      Great perspective.

    7. vision revision 78 months ago | reply

      Wonder why Sara didn't use Joe the bum. I guess rich plumbers are more to her liking-you reckon?

    8. NYCandre 76 months ago | reply

      Recently published reality 101 tidbit:

      Did Goldman Hijack the Oil Market?

      April 5th, 2009 by GreenLight Advisor

      A new article from the current issue of Forbes Magazine discusses allegations that Goldman Sachs and J. Aron and Co. may have had something to do with the spike in oil prices that brought oil to $147 per barrel. The controversy surrounds the very large short position, held by Semgroup, a then $14-billion per year (in sales) company, that was the equivalent of 20% of US oil reserves, and the [alleged] price manipulation that led to an incredible short squeeze. Nonetheless, this is a very interesting and insightful article.

      Did Goldman Goose Oil?
      Christopher Helman and Liz Moyer, 04.13.09, 12:00 AM ET

      How Goldman Sachs was at the center of the oil trading fiasco that bankrupted pipeline giant Semgroup.

      When oil prices spiked last summer to $147 a barrel, the biggest corporate casualty was oil pipeline giant Semgroup Holdings, a $14 billion (sales) private firm in Tulsa, Okla. It had racked up $2.4 billion in trading losses betting that oil prices would go down, including $290 million in accounts personally managed by then chief executive Thomas Kivisto. Its short positions amounted to the equivalent of 20% of the nation’s crude oil inventories. With the credit crunch eliminating any hope of meeting a $500 million margin call, Semgroup filed for bankruptcy on July 22.

      But now some of the people involved in cleaning up the financial mess are suggesting that Semgroup’s collapse was more than just bad judgment and worse timing. There is evidence of a malevolent hand at work: oil price manipulation by traders orchestrating a short squeeze to push up the price of West Texas Intermediate crude to the point that it would generate fatal losses in Semgroup’s accounts.

      “What transpired at Semgroup was no less than a $500 billion fraud on the people of the world,” says John Catsimatidis, the billionaire grocer turned oil refiner who is attempting to reorganize Semgroup in bankruptcy court. The $500 billion is how much the world would have overpaid for crude had a successful scam pushed up oil prices by $50 a barrel for 100 days….

      Read the whole Forbes article here
      Or download a pdf here

      This is going to be done with water next

    9. WWW.BEROK.ES 75 months ago | reply

      you have very interesting photos!

    10. jesuscm [very busy] 73 months ago | reply

      extraordinary document, very well done!

      This excellent image definitely belongs to the JOURNALIST★CHRONICLES.
      As seen in Journalist★Chronicles

    11. reurinkjan 73 months ago | reply

      This excellent image definitely belongs to the JOURNALIST★CHRONICLES.
      As seen in Journalist★Chronicles

    12. NYCandre 73 months ago | reply

      May 11, 2011 - Goldman Sachs progress report.

      "They weren't murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it. "—Matt Taibbi in Rolling Stone, on why the US Justice Department should bring criminal charges against Goldman Sachs.

      New understanding of the Pareto law

      BBC program - traders know exactly what is happening - surprising that this was shown on national TV without censure

    13. Tree Hugger Forever 72 months ago | reply

      Beautiful and sensitive portrait.

    14. Mark A. Vargas 71 months ago | reply

      Your image meets our standards
      The quality of this photograph merits
      this special invitation to you.

      You're invited to post this image to the Light and Aperture Group
      ◄◄ ►►

      TAG your photo: Light and Aperture Group

    15. gb3 photography 68 months ago | reply

      thats America , sad and true, spit on those who help you , great image

    16. Patrick JC 47 months ago | reply

      love the pov

    17. .. emeL .. 34 months ago | reply

      thanks for this!!

    18. NYCandre 33 months ago | reply

      Well .. we know for sure Barclays goosed the Libor ..

    19. NYCandre 30 months ago | reply

      On silver price manipulation

      Ted Butler on J.P.Morgan and silver:

      "My allegations in silver are incredibly specific. I believe that JPMorgan, by virtue of a massive concentrated short position in COMEX silver futures, is manipulating the price of silver lower than it would be otherwise. If JPMorgan’s concentrated short position did not exist, the price of silver would be substantially higher. It does not matter if the bank is hedging or engaged in market-making; the mere existence of such an unprecedented large and concentrated short position proves manipulation. That’s a key feature of commodity law and is why the CFTC monitors concentration closely.

      For some reason, however, the Commission treats silver differently than other commodities. In addition to ignoring the concentrated short position, it glosses over the results of the concentration on price. Silver witnessed, among other large and uneconomic sell-offs, two distinct sell-offs in 2011, in which the price fell 30% and 35% within a few days. Not one word was heard from the Commission on the two most pronounced sell-offs in modern commodity history. Yet, this week Commissioner O’Malia promised that the Commission was looking into the 4% price decline in oil. A decline in oil of 4% gets same day comment; 35% down in silver is not worthy of any comment. This amounts to a level of discrimination that is not tolerated in society or in regulatory matters.

      In addition to being specific, my allegations around JPMorgan manipulating the silver market are consistent and continuous. Four years ago, instead of responding directly to public complaints about JPMorgan’s concentrated short position, the Commission chose to investigate as a way of kicking the can down the road. After four years, the issue remains because JPMorgan’s concentrated short position remains. No one in authority wants to make the issues around this short concentration more transparent; not the CFTC, not the CME, not JPMorgan itself. Transparency is good in principle and for the other guy; but when it comes to silver, not so much..."

      Ted Butler, 25 September 2012

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