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Quick Hits: Goldman Employees Tune In, Cash Out

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Brief scrutiny of today's headlines.

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Here's hoping trickle-down economics works during the current crunch.

Goldman Sachs (GS) sent a letter to about 30,000 employees saying the company is changing how it awards some stock grants and easing the rules on selling restricted shares, the Wall Street Journal reports.

Goldy says it's bringing its policy on restricted stock in line with other Wall Street firms.

Some employees rushed to sell their shares, creating a spike in the company's trading volume on Tuesday.

The company's shares are down about 65% from their peak in 2007 so there won't be bushels of bucks in the transactions, but cash-strapped merchants, real-estate agents and government at all levels looking for tax revenue during the downturn may get a little much-needed green.

The Journal notes many employees at Goldman Sachs overspent during the good times and now "are essentially facing margin calls on their lifestyle, unable to keep up with payments on mortgages and other loans."

Hmmm, makes you wonder: Do you want to take investment advice from a joker who saves little, overspends, and believes the good times will never end?

Right about now, CDs look good - and some on Main Street may be smarter than Wall Street gunslingers.
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No positions in stocks mentioned.
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