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Big Banks Are in High Cotton: Profits Soar

Written by Gary North on January 17, 2013

Goldman Sachs’ profits are up.  J. P. Morgan Chase’s profits are up.

How are your profits? Not so good? That’s because you’re not an ex-CEO of Goldman Sachs. Therefore, you’re not the Secretary of the Treasury. You’re not Hank Paulson. You’re not Robert Rubin. You’re not even Jon Corzine. So, no U.S. Senate seat for you. You’re not going to be governor of New Jersey. Furthermore, if you ever oversee a multibillion-dollar bankruptcy, the way Corzine did, where the money that investors put into their accounts was used by the firm to speculate for its own account, you will go to jail. Corzine won’t. As I said, you’re not a former CEO of Goldman Sachs.

Goldman Sachs will continue to do well, no matter how poorly you do. That’s the way the world works.

But when the Great Default hits, as it will surely hit, there will be a window of opportunity to change the way the world works. When the governments of the world can no longer guarantee profits at the top, there will be more profits at the bottom and in the middle.

Here is reality: TARP was for them. It was not for us. This video explains it in a way that anyone can understand.

If you want to know how the world works at the top — the top 6,000 people — read David Rothkopf’s book, Superclass.

You don’t even have to read the book. Watch the video.

Continue Reading on dealbook.nytimes.com

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