Posted on 07/13/2009 12:15:17 PM PDT by RobinMasters
Goldman Sachs is expected to report record profits this week. Rolling Stone's Matt Taibbi calls the giant investment bank a "vampire squid," and notes how many Goldman alumni were involved in last year's financial bailout, which benefitted the firm. Taibbi concludes:
It's early June in Washington, D.C. Barack Obama, a popular young politician whose leading private campaign donor was an investment bank called Goldman Sachs - its employees paid some $981,000 to his campaign - sits in the White House. Having seamlessly navigated the political minefield of the bailout era, Goldman is once again back to its old business, scouting out loopholes in a new government-created market with the aid of a new set of alumni occupying key government jobs.
(Excerpt) Read more at spectator.org ...
I was on to their scam awhile back. Last month I posted about the cap and tax scam and the corrupt bankers....
While watching CNBC this morning the whole cap and tax scheme crystalized in my mind. They had a guest host there from UBS and the he was espousing the Messiah’s economic plans. He went into the whole green jobs thing, and then two Congressmen came on. The one anti tax and kill Congressmam pointed out how ludicrous the UBS bankers arguments about green jobs was. Like the Spanish study just out from their ‘green economy’ showing for every green job created, two regular ones are lost. Also that it took subsidies of 750K per job to create each job.
The whole time the UBS guy on split screen just sat there and smiled, his smile getting bigger the longer the Congressman spoke. The UBS guy knows what the MSM and most Americans do not, and this came to me like a bolt of lightning as I watched the UBS guy smile.
Cap and Trade is the replacement for Subprime and securitized mortgages. The 50 to 1 leverage the banks used the last 10 years, the sub prime liars loans etc. are gone. Without a housing bubble, the only way the bankers can continue to make money at our expense is cap and trade. Why? BECAUSE THEY WILL BE RUNNING THE MARKET FOR CARBON OFFSETS!!! The UBS’s, Goldman Sachs, etc of the world will game the system the same way they made liar loans, 110% mortgages, etc.
Cap and Tax is the bankers next big thing, and the main reason Enron went down and the Jeff Skilling and Andy Fastows of the world were hauled off to jail was cap and tax, not manipulating the energy prices.
Kenny Lay, Skilling and company actually met with Clinton in the White House to start this ball rolling. Once the bankers found out about this, they had to stop them by any means necessary to keep the pot of gold for themselves.
The smile on the UBS bankers face was like the cat who caught the canary, he can taste the money they will make by selling nothing but air. No cost, 100% profit. To the corrupt bankers, it does not get better than that.
Bingo.
Look at who is backing the Chicago Carbon Exchange.
Look at who is backing ICE.
Goldman wins whether you buy oil, natural gas or coal futures. Or whether you buy carbon contracts to offset burning those fuels. They don’t care whether the price goes up or down, they’ll game the market both ways and they own a piece of the exchange on which the contracts trade. They’ve got you coming, going and in-between.
Which is why we’re getting Cap and Trade. Period. Might as well lay back and enjoy it.
Great, so now we will have Carbon based derivatives?
So the question then becomes; “how do I get a job with UBS or Goldman Sachs?”
It is another way to make money.
The older ways such as toxic assets, CDOs, etc. remain in full force. Obama gave them the AOK full steam ahead. And he threw out a distraction that only Congress could make rules to reign them in—his future excuse.
The Republican national politicians are paralyzed. Any attempt to “regulate” finance, make them follow laws and stuff, will undermine their pseudo-philosophy of “deregulation”, that which beings in the campaign money and later personal sinecures.
Nothing has changed.
Lefties-turning-on-Bam-for-not-being-Marxist-enough alert!
First you have to sell your soul...
They are not paralyzed..They are part and parcel to this scheme as they are all on the dole from Goldman and UBS. Its the old Golden Rule at work again..."He who has the Gold...Rules".
I saw that same interview and came to the same conclusion.
Didn’t the congressman even say that the UBS banker was all rah-rah for it because he would be dealing in the trades, ala CDOs?
we are so screwed
Accept they don’t even have gold anymore, it is just paper.
BECAUSE THEY WILL BE RUNNING THE MARKET FOR CARBON OFFSETS!!!
A $10T (ten trillion) per year market!!
http://www.rollye.net/BlogArchivesCapTrade709.html
(Richard Sandor, chairman and CEO of Chicago Climate Exchange and Climate Exchange PLC.)
Interview on Bloomberg’s “Taking Stock” with Pimm Fox:
Pimm Fox: Richard Sandor, give us a little insight into the size of the worldwide emissions market right now?
Dr Richard Sandor: The size of the market worldwide is pretty much dominated by the European market. We [the ECX European market] trade 1000 ton contracts roughly $15-20,000 per contract. We went from 4000 contracts in ’07 a day, to 11,000 in ’08. We’re 21,000 in ’09, we’re running at 300% over year by year, and, call a volume, depending on price, $8-10 billion a month.
Fox: And what about the actual dollar volume—I mean, how much could this worldwide market be worth, let’s say, 5-10 years down the road?
Sandor: I think this will unambiguously be the largest non-financial commodity in the world. If you consider worldwide emissions, the Europeans are 2 billion (tons), the proposed Waxman-Markey bill will be 3 times Europe at 6 billion tons of coverage. Canada, Australia, ultimately China and India, we’re talking about a worldwide crop of call it 30-35 billion tons, at $20 a ton, which would make it $700 billion, and commodities markets trade 10 to 20 times the crop, so I believe it’s a market that would be $10 Trillion a year.
Fox: A ten trillion dollar market, for emissions trading?
Sandor: “We are also trading in the United States—its very important for the listener to understand that this is not a market of tomorrow: it’s a market of yesterday and today. In August, we began trading the Regional Greenhouse Gas Initiative, which is a mandatory carbon market that stretches from Maine to Maryland. And since January, we’ve been trading 440,000 tons a day, 743, 16 a day—
Fox: Explain, how does this market get created in the first place? Is this government created in terms of credits, or is this an association where the actual amount of carbon emissions is traded in contracts?
Sandor: No. The way it works is, the government sets a cap. Let’s say you’re a utility, and the cap is 1 million tons. And each year, you have to reduce by a certain amount, to 900,000 to 800,000 to 700,000. If you’re particularly good at it, and you have a 1 million base, and a requirement to go to 900,000, but you go to 500,000, you can sell those. Suppose I’m not so good because I can’t switch easily from coal to natural gas. It takes me three years to build a new technology, then I can buy your emissions, and the systemic emissions will be lower, but you as the low-cost driver, can allow me to buy your credits temporarily to hedge myself. So its mandated by the government. The emissions are capped. The cap goes down every year. And then those people who get below their cap are incentivized to do so, because they can sell them to people who can’t put the technology in very quickly.”
(If ‘government’ needs more revenue, just lower the cap. Evil genius, actually.)
“we are so screwed.....”
Just Wait
“Japan’s Admiral Yamamoto, after the attack on Pearl Harbor, said: “I fear we have awakened a sleeping tiger and filled it with a great resolve.”
There are how many thousand GS employees? How many millions of us are going to lay back and let these modern days King’s Courtiers have their way with our families?!!!
You’re right.
How do you get a job with Goldman Sachs?
First, are you the correct religion?
When will America wake up - the FED is run by and for the major investment banks; whether it’s pumping up the money supply, lowering interests (reducing the cost of borrowing); cheapening the currency; or loving government-backed debt (deficit spending) - the actual objectives of the FED are to create wealth for the banks out of nothing more than the exchange of financial transactions, using someone elses money.
While I agree with your premise, there is a HUGE difference between blowing a military explosion apart with bombs via a sneak attack and the techniques used by GS et al to strangle us... you know, the frog in boiling water...
Believe me, I’d LOVE to see a revolution, but Americans have become too dumbified, I’m afraid.
More to the point, how do I profit from this bubble? Like the internet and the housing bubble, those who bought in early and bailed out in time did all right.
On the other hand, if enough people are on to them, maybe this bubble can be nipped in the bud.
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