Has Goldman Sachs Gone Back to the Good Old Days?

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Even Wall Street was stunned this week when Goldman Sachs announced record quarterly profits — more than it earned in all of last year — with the prospect of bonuses that could match or exceed what executives were paid during the boom before the recession.  Net income for the second quarter was $3.4 billion -- 65% higher than last year, just one month after the bank repaid $10 billion in taxpayer bailout money.  Today, JP Morgan also announced big earnings, but Goldman Sachs remains in a class by itself.  With former executives pulling strings in both the Bush and Obama Administrations, it's the most influential bank in America.

Credits

Guests:
Richard Bove - Rochdale Securities - @DickBoveSays, Matt Taibbi - Contributing Editor, Rolling Stone - @mtaibbi, Peter Cohan - President, Peter S. Cohan and Associates, William Gruver - former General Partner, Goldman Sachs

Host:
Warren Olney

Producers:
Sonya Geis, Katie Cooper