Recognizing Goldman Sachs

In recognition of Goldman Sachs' recent reporting of $3 billion in earnings for the third quarter of 2009, I give you this old tale.

Young Chuck moved to Texas and bought a donkey from a farmer for $100. The farmer agreed to deliver the donkey the next day.

The next day he drove up and said, "Sorry son, but I have some bad news, the donkey died."  

Chuck replied, "Well, then just give me my money back."  

The farmer said, "Can't do that. I went and spent it already."  

Chuck said, "Okay, then just bring me the dead donkey."  

The farmer asked, "What ya gonna do with him?"  

Chuck said, "I'm going to raffle him off."  

To which the farmer replied, "You can't raffle off a dead donkey!"  

Chuck said, "Sure I can. Watch me. I just won't tell anybody he's dead."  

A month later the farmer met up with Chuck and asked, "What happened with that dead donkey?"  

Chuck replied, "I raffled him off. I sold 500 tickets at two dollars a piece and made a profit of $998."  

The farmer asked, "Didn't anyone complain?"  

Chuck said, "Just the guy who won, so I gave him his two dollars back."  

Chuck now works for Goldman Sachs.

Also, here is Russell Roberts excellent take on Goldman Sachs' profitable quarter.