Goldman Sachs bet on housing meltdown -- and won (What a surprise!!)

MamiHerald ^ | 11/01/2009 | Greg Gordon

[devane617]

Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.

[devane617]

Who would have thought GS would be involved in stuff like this? This is a good read....

[MAD-AS-HELL]

maybe because GoldmanSachs knew about the fraud in the first place. The criminals on Wall Street know what’s going on and make money on having inside information. The sad thing is they are helped by their pol buds in DC.

[rsobin]

GS won only because Washington (we) bailed out their counter parties.

[Ev Reeman]

Goldman Sachs is just as corrupt as ACORN.

[Achilles Heel]

No more bailouts.

[1rudeboy]

That’s what I call an excerpt!

[paristwelve]

This comment pretty well sums it up.

rogermia305 (11/01/2009 06:57:14 AM):
“Goldman Sachs is the biggest contributor to the Democratric party. Obama works for them, and he is easy to manipulate. They are untouchable at this time. They don’t care about main street, and will keep stealing, and getting away with it. I’m sorry I voted for him.”:

[FReepaholic]

...maybe because GoldmanSachs knew about the fraud in the first place. The criminals on Wall Street know what’s going on and make money on having inside information. The sad thing is they are helped by their pol buds in DC...

Exactly. I remember at the height of the RE boom (around 2005), stuck in a remote corner of the newspaper was a story about Citibank lobbying Congress to reform bankruptcy laws.

I recall wondering why they were doing that when everything seemed to be going great in the market and there was no bankruptcy problems.

They knew it was going to blow up.

[Reeses]

``The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser and then goes out and actively markets that product or very similar products to unsuspecting customers without disclosing its true opinion,'' said Laurence Kotlikoff, a Boston University economics professor who has proposed a massive overhaul of the nation's banks. ``This is fraud and should be prosecuted.''

Does the US government disclose it's true opinion of the ponzi scheme treasurary bills it sells? They are marketed as super safe, can't lose places to store wealth, yet it's clear a huge unprecedented default is coming.

[Toddsterpatriot]

a five-month McClatchy investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws.

OMG! That's funny.

The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser

Two in a row. You have to assume that any product anyone wants to sell you is a loser, otherwise, they'd keep it themselves.

That reminds me, the dollar is about to become worthless, send me your worthless dollars to buy my gold. LOL!

[Diogenesis]

good thing for them that bankers and senators,
and their spouses, are above the law forever.

[classified]

It was the Democrat Schumer who recommended Hank Paulson to the Bush’s administration. Oh George always trying to please the left by being obliged to being non-partisan hired old Hank on and gave him the job. George looked like a deer caught in headlights when the $hit hit the fan. He was so pre-occupied with protecting the country since 911, that he fell to recognize along with everyone else the daisy chain relationship from the White House to Goldman to Congress with info. flowing to bundlers, via W.H. then to the Obama campaign. Great coup in the beginning of the overthrow of the United States Financial Economy by the new liberal communist democratic administration who has now taken over the Democratic party.

[M. Espinola]

You are still in here shilling for Goldman Sachs.

[Toddsterpatriot]

I thought I was shilling for the Fed?

[Leisler]

SEC unit hires ex-Goldman Sachs as chief operating officer
"Adam Storch had worked since 2004 in a Goldman unit that reviewed contracts and transactions for signs of fraud. His new job is to make the SEC's enforcement division more efficient...."

[Toddsterpatriot]

So what?

[org.whodat]

GS won only because Washington (we) bailed out their counter parties.

BINGO!!!!

What would have been their balance sheet, without the par payments funneled from AIG and others. Tax payers are such suckers. Now I'll go look in the mirror.

[org.whodat]

And Goldman was not in the meeting with Paulson and democraps/republicans trying to get Tarp approved and Jorge did not sign it. Damn did not know obamma was in charge then.

[org.whodat]

Probably got to go to parties with Madoff and sit at the controls of the de’bull. Madoffs boat!

[org.whodat]

LOL, foil cap alert!!!