Where's the love?

So Goldman once again shows how cool it is to have trader guts and make lots of money on risky bets.  Below is a letter I wrote to the NYT,

To: letters@nytimes.com

Subject: $3.4BN Profit at Goldman Sachs, July 15, 2009

Sir - I am not one to cry foul when money well earned is made.  Yes, I lost my financial services job  in part due to the reckless trading mentality of the market but that does not color my remarks here.

What is annoying is that had the US taxpayer not stepped in, Goldman would no longer exist to make these profits.  Secondly, they were making risky trade bets with US taxpayer equity - c'mon, they didn't blow those profits through in the last month after they repaid TARP money!

So - well done Goldman, you once again demonstrate your prowess on the trading floor.  All I want to know is, as a tax payer who saved your butt and you put my tax dollars at further risk through risky trade positions, all I get is the coupon on the preferred shares?  Where's the kicker/bonus?  We stood by you - where's the taxpayer's bonus?

Maurice A Johnson
Post Road Advisors