Diamonds and Dogs
You Can't Make this UpChutzpah Redefined
According to London's Observer newspaper, Goldman Sachs is on track to pay out record bonuses to their executives this year. Based on the first half of the year, this could be the best year ever for Goldman. So, let me get this straight, Goldman repays taxpayer TARP monies last week ($10 billion, but who's counting), and now they are purposely floating the idea of huge bonuses to see how it will fly. If AIG had failed, or if the government had not stepped in, Goldman would have been toast. Now they are the toast of Wall Street, with the outrageous bonuses to prove it.
AT&T gained 11 cents in day for dogs, as the Nasdaq dropped over 3% on the session. T is being helped by the 3G I-phone debuting with over 1 million sold. T finished at $24.15
You name it, stocks were dogs today, for the second Monday in a row. Oil stocks were hammered as oil prices fell hard, over $2 per barrel. Volume is weak and the bulls are starting to tan at the beach or maybe were too pre-occupied by the US Open finish on TV in trading rooms all over the country.