Forum Post: Cost for Doing God's Work Declines from $13.2 Million to $9 Million -Feb,4th,2012- /// Goldman Sachs Encourages its Clients to take a Group-Discounted Swan Dive off an Equity Cliff
Posted 13 years ago on Nov. 8, 2011, 7:30 p.m. EST by MonetizingDiscontent
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Cost for Doing God's Work Declines:
from $13.2 Million to $9 Million
http://globaleconomicanalysis.blogspot.com/
-February 04, 2012-
Inquiring minds note a stunning drop in the price for doing God's Work: http://globaleconomicanalysis.blogspot.com/2009/11/gods-work-and-goldmans-prayer.html - Last year Goldman Sachs CEO Lloyd Blankfein received a salary of a $600,000 as well as a stock bonus worth $12.6 million.
This year the base salary for doing God's work rose to $2 million, however, bonuses fell to a shockingly-low $7 million. The net effect is a decline from $13.2 million to $9 million.
That is a 30% reduction in the overall cost of doing God's work. Said Blankfein "Now I know how those in Greece feel".
For additional details, please see
Goldman’s Blankfein Awarded $7 Million in Stock for ’11:
http://www.bloomberg.com/news/2012-02-03/goldman-s-blankfein-awarded-7m-in-stock-for-11.html ...Here is one key fact from the article.
The filings don’t include how much any of the executives have been awarded in cash bonuses. Blankfein received a $5.4 million cash bonus for 2010, his first since getting about $27 million in cash bonuses for each of 2007 and 2006.
Mercy!
How can the man survive a cut like that?
Inquiring minds just may be interested in the performance that merited $9 million (plus undisclosed cash compensation, if any).
GoldmanSachs 2011 Stock Market Performance:
(((PerformanceGraph))): http://globaleconomicanalysis.blogspot.com/
Said Blankfein when questioned about plunge in share price "This just goes to show you how difficult it is to do God's work. I earned every penny."
Mish note: the quotes of course are fictional, the rest of the story unfortunately is not.
Goldman Sachs Encourages its Clients to Take a Group-Discounted Swan Dive Off an Equity Cliff
Goldman Now Selling Groupon To Clients Whom It Tells To "Buy" With A $29 Limit
http://www.zerohedge.com/news/goldman-now-selling-groupon-clients-whom-it-tells-buy-29-limit
-12/14/2011-
As has been demonstrated time and time again, anyone wishing to make money should allign themselves with Goldman's flow desk, which by definition does the opposite of what Goldman's clients are doing. The most recent indication of this came last Friday when Goldman told clients to sell buy European banks to entertaining results.
Today, we get the latest Stolpering, following Goldman's all too glaringly obvious initiaition of Groupon with a "buy" and a $29 price target. From the reprt: "We are initiating coverage on Groupon with a Buy rating and a $29 12-month target. We view Groupon as the key to unlocking the massive local advertising market with which the Internet has long struggled.
We believe the size of the addressable market (conservatively the $100 bn local advertising market, but potentially over $10 trillion in global advertising, goods, and services markets), new business models like Groupon Now! in mobile, and the advantages of scale more than offset the considerable risks from competition, margin pressure, and deal fatigue." That's sufficient, we get it...
(((Look at the pitch))) http://www.scribd.com/doc/75655368
Groupon to be investigated by Office of Fair Trading
Advertising watchdog refers daily deals website after it was found to have broken UK ad regulations 48 times in 11 months
http://www.guardian.co.uk/media/2011/dec/02/groupon-investigated-office-fair-trading
-Friday 2 December 2011-
Groupon Allegedly Hacked Merchant's Email To Alter Contract
-Dec. 7, 2011-
A federal class action lawsuit alleges Groupon altered one of its merchant's contracts by gaining unauthorized access to the merchant's stored email.
The suit... http://jimedwardsnrx.files.wordpress.com/2011/11/1-main.pdf ...filed by household construction and repair web site BidMyCrib, claims Groupon surreptitiously changed a contract to extend the terms of a deal BidMyCrib had offered.....
(Max Keiser) Goldman Sachs who is part of the underwriters of the recent Groupon IPO oversees regulators and courts in the UK, so good luck prosecuting this
-December 2, 2011-
CHART OF THE DAY: This Is How Much Bankers Made On The Groupon IPO
-Nov. 8, 2011-
Groupon's investment bankers pulled in $42 million in fees from its IPO, according to Capital IQ data provided to DealBook... http://dealbook.nytimes.com/2011/11/08/bankers-reap-windfall-in-groupon-i-p-o/?smid=tw-nytimesbusiness&seid=auto ...Not bad for a few months work! Below is a breakdown of which banks made what.
See the Chart at:
Morgan Stanley:17,360,000
Goldman Sachs: 8,680,000
Credit Suisse Securities: 3,080,000
Allen & Company: 2,799,998
Barclays Capital: 1,400,000
BofA Merrill Lynch, Pierce, Fenner & Smith: 1,400,000
Citigroup Global: 1,400,000
Deutsche Bank Securities: 1,400,000
J.P. Morgan Securities: 1,400,000
Wells Fargo Securities: 1,400,000
William Blair & Company: 840,000
Loop Capital Markets: 280,000
RBC Capital Markets:280,000
The Williams Capital Group: 280,000
Total 42,000,000
Insiders sold billions in stock before this went public. In fact 85% of all the pre-IPO investors got out before the IPO with massive profits. Wall St. parked this $18 bn. turd into various ‘passive’ accounts who’ll lose everything. Even Blodget at BI had to admit pre-IPO this was nothing but a shit Ponzi scam.
-November 9, 2011-
Groupon’s Stock Is Tanking, Approaching The IPO Price Level
http://www.businessinsider.com/groupon-stock-falling-2011-11
-Nov. 9, 2011-
(MaxKeiser) Of course we take ads from Groupon on this site, as does BusinessInsider. The difference is, we told you for for 6 months now that this was an incredible new benchmark in brazen acts of Wall St. larceny. Plenty more scams coming; Zynga comes to mind.
::::::::Bankers Reap Windfall in Groupon I.P.O.::::::::
http://dealbook.nytimes.com/2011/11/08/bankers-reap-windfall-in-groupon-i-p-o/?smid=tw-nytimesbusiness&seid=auto
Wow companies charge fees for services!! What an outrage!!!!! Jail them all!!!!!
well remember this? People may not remember. Once again, I think fraud and insider trading, as usual, are the operative words here... clear trends in our world today.
:::::::::::::Accounting Change Cuts Groupon’s Revenue:::::::::::::
http://dealbook.nytimes.com/2011/09/23/groupon-changes-its-revenue-accounting/
: : : : f l a s h b a c k : : : :
-From September 23, 2011-
Groupon disclosed a major accounting change on Friday, essentially halving its once-jaw-dropping revenue after it encountered resistance from regulators with its filing to go public.
Groupon, the online coupon titan, announced separately that its chief operating officer of about five months, Margo Georgiadis, had stepped down.
The changes in the revised filing and the executive departure are likely to spur additional questions about Groupon, a much-envied rising star in the constellation of new Internet companies. The company has grown rapidly, but its ability to sustain that growth, the ways it measures growth and the eccentric public persona of its chief executive have come under fire at times.
Despite those criticisms, and the current turmoil in the stock market, Groupon is still aiming to go public next month, people briefed on the matter have said. That offering could value Groupon at more than $15 billion.
The company’s revised filing... http://www.sec.gov/Archives/edgar/data/1490281/000104746911008207/a2205238zs-1a.htm ...for an initial public offering also incorporated portions of a memorandum sent to employees by the company’s chief executive, Andrew Mason, that were subsequently leaked to the press. Analysts had questioned whether that letter ran afoul of a mandatory “quiet period” for companies seeking to go public.
The revenue accounting change is Groupon’s second since it filed to go public in May. Early last month, it removed references to an accounting metric that critics said misleadingly showed the company turning a profit.
In its latest filing, Groupon says that it has restated its financial results for the last three years “to correct for an error” in the way it reported revenue. Before, the company reported as revenue all the money it collected from customers, including cash that was later paid out to Groupon’s merchant partners.
Now, Groupon is reporting what it calls “net revenues,” which exclude the retailer payouts.
For example, in a version of the prospectus filed last month, Groupon reported $1.52 billion in revenue for the first six months of the year. In Friday’s filing, that number is now called net revenue and is $688 million. The original $1.52 billion figure is now counted as gross billings.
Groupon’s accounting change is the inverse of what Google did before its own public debut in 2004. The search giant initially excluded cash that was shared with distribution partners in its revenue figures. It later changed its revenue to include those payouts.
I Suggest Groupon Offer Coupons To It's IPO Investors, They're Going To Need Them
::::::::Groupon: Accounting Shenanigans That Can Make A Leprechaun Blush!::::::::
...Also consider this from Reggie Middletons Boom Bust Blog... (26 September 2011)
::::::::I Suggest Groupon Offer Coupons To It's IPO Investors::::::::
:::::::::::::::::::::::::They're Going To Need Them::::::::::::::::::::::::::::
http://boombustblog.com/BoomBustBlog/Groupon-Should-Offer-Courpons-To-Its-IPO-Investors-That-Don-t-Read-BoomBustBlog.html
(Reggie Middleton) In our June blog post and forensic analysis of Groupon “What Does Groupon and the Matrix Have In Common?” http://boombustblog.com/BoomBustBlog/What-Does-Groupon-and-The-Matrix-Have-in-Common.html ...we contend that the company’s revenues were not an appropriate measure to compare with its peers for valuation purpose as the company was overstating its revenues in its books of accounts as the revenue from Groupon were on gross basis while the appropriate comparable measure was gross profit which was the amount the company retained after paying its subscribers. Our contention was valuing the company on price-to-sales and looking at the “hyper” sales growth would make valuation look overly optimistic; besides other investment theses that were highlighted – falling revenue per subscribers, slowing growth rate, the flawed business model and competitive pressures, investors disconnect between value and risk, and of course the valuation.
(((Read the Full Article at)))
http://boombustblog.com/BoomBustBlog/Groupon-Should-Offer-Courpons-To-Its-IPO-Investors-That-Don-t-Read-BoomBustBlog.html
Hmmm. 'Let's round up the usual suspects.'