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Tuesday morning links
The Mess That Greenspan Made — TOP STORIES • Goldman Reports Big Profit, Beating Forecasts - NY Times • Oil's Puzzling Spring Surge Reignites Debate About Speculators - Wash. Post • CIT Rises on ‘Active’ Talks for U.S. Aid Before Debt Maturity - Bloomberg • Don't Buy Brown and Sarkozy's Oil 'Speculations' - Real Clear Markets • Lingering questions Wall Street needs to answer - MarketWatch • Big banks try to extend winning streak - CNN/Money • Options dwindle for cashing California IOUs - AP • Wobble Time - Kunstler, ...

The Goldman Way to Celebrate: a Parody
DealBook — Goldman Sachs ’s bang-up second-quarter results caught many Wall Street analysts off guard and incited strong reactions from pundits and politicians. And they weren’t the only ones struck by how the investment bank, which recently repaid $10 billion in direct government aid and got additional billions indirectly through the bailout of American International Group , managed to post a whopping $3.4 billion profit — and find more than $11 billion to set aside for bonuses and other compensation. Such eye-popping numbers, combined with the fact that Goldman’s business is hard to ...

Did Goldman learn anything? Did shareholders?
FinanceProfessor.com — Asymmetric and short-term oriented pay packages have largely been seen as major causes of the financial meltdown we saw last year. So since everyone has seen the problems, we are no longer going to pay people in the same manner. Right? Well, hold on, not so fast. First from the NY Times : "Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers. At that rate, Goldman employees could, on average, earn roughly $770,000 each this year — or nearly ...