[Congressional Record Volume 155, Number 149 (Thursday, October 15, 2009)]
[House]
[Pages H11385-H11386]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    RECESSION OVER FOR GOLDMAN SACHS

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Madam Speaker, all across America unemployed Americans, 
struggling small businesses heaved a sigh of relief today because we 
know the recession is over. Goldman Sachs reported profits of $3.19 
billion. They are on track to pay bonuses of over $20 billion, $700,000 
average per employee. The recession is over for Goldman Sachs.
  Of course, there is a little problem with this whole equation. Over 
the last year, they have received over $60 billion in taxpayer 
subsidies. Hmm, that

[[Page H11386]]

happens to be about five times their projected profits and three times 
what they are going to pay out in bonuses.
  They got $13 billion from AIG after we gave AIG $80 billion to pay 
off bad debts. They changed into a bank-holding company magically, but 
are exempt from bank-holding company rules, and got another 50-or-so 
billion dollars of subsidies out of the Federal Treasury.
  What a wonderful system this is. They are creating tremendous wealth. 
They are an engine of growth. They have recovered from the recession. 
All hail Goldman Sachs.

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