I think a lot of folks new the housing market was not sustainable at the rate it was going. Here in California at the height of the houseing market I could not afford to by my own house.
There’s a special place in hell reserved for these greedy bastards.
With the friends of Obama its like having tomorrow’s newspaper yesterday.
This is a fine line. Suppose you were the treasurer of a pension fund, and you called GS and said you wanted to buy some bonds rated AAA by Moody’s and S&P. They would say yes, they have some in stock, here’s the price.
The question that should have been asked was this: “Do you, Goldman Sachs, actually think these bonds are truly worthy of an AAA designation? What is your opinion and analysis of these securities?”
I would imagine most of the customers didn’t ask that.
It’s positively Randian. Give em what they want, and let them choke to death on their own puke.
“...before a flood of mortgage defaults staggered the U.S. and global economies.”
Wait until the commercial defaults start rolling through...the Fannie and Freddie debacle has killed us...we just haven’t fallen yet...Thanks, Barney...
Goldman has been called A blood sucking squid stuck on to the face of humanity since 1920 ...........
and I agree.
Google Goldman Sachs Matt Tobias
Jon Corzine was from Goldman Sachs. So was Lawrence Summers.
Here’s a great read from last year. It’s long but it’s a great report on the insiders view of the bankers.
Does this mean it's unethical to sell a stock if you think the company's no good?
Of course, if GS was being paid to give investment advice to the parties to whom it sold the junk, that would be wrong. But it seems that was not the case here. GS was simply the lesser fool selling to the greater fools. Nothing wrong with that.
McClatchey is just jealous.
Goldman Sachs is as much of a criminal organization that supports liberals as is ACORN. One operates in the ghettos and the other on Wall Street.
They clearly bet right that the crash was going to happen. What I don’t get is how more folks didn’t bet that as well. Soft economy, market saturation, that’s pretty much a prescription for a hard crash. GS saw what was coming and abandoned ship and to be honest, I can’t say that I blame them. It’s not like I would expect any company or investor to see dangers signs ahead and decide to just risk it and eat the loss. They have investors to keep happy to.
You can argue that what they did was unscrupulous. But I have to wonder is why people didn’t see GS manning the lift boats by dumping housing securities and think to themselves “if they don’t want them, why do I?”
In this mix, the greedy Wall Street Bankers are being falsely blamed.
In truth, the real culprits are greedy politicians whose families were involved in self enrichment through real estate developements, in 6 major states: Florida, Nevada ( Reid was very active),Arizona( McCain Family and hangers on),Michigan, and California.It is bigger than Tea Pot Dome ever dared to be.
Added to that were the millionaire executives created at Fannie/Freddie.
This huge boondoggle was then trumped by a huge boondoggle in reference to the TARP monies which became crucial in avoiding a supposed melt down in World Economy, precipitated by an electronic bank run on the Fed on Sept 18th, 2008, in the order of 500 billion dollars.. The American people still do not know who those banks were , nor do we have a list of the executives behind it. Bets are that SOROS was in that mix, along with his ARAB friends.
THe overall goal of SOROS et al was the creation of panic before the election so that Obama would be elected,destroy the US dollar,and establish a new reserve currency to end US dominace in the world of finnance and trade.
Goldman Sachs was a bit player.The real culprits are withon outr own government, who are continuinng to do exactly the same as they had done before.
It is the job of a new and rejuvinated Republican party to get to the bottomm of the whole mess, and clean it up. No new regulatory laws are needed either. The enforcement of laws now on the books would tale care of it.Who an do it, who has done it before? Sarah Palin.
This in total was a vast criminal enterprise. And it all started inside our own goverment. Sachs was only a bit player, although an important one.But the fraud buck hardly stops with just them. Scape Goating is hardly justoce, It is a mere diversion. Fannie and Freddie as well as the FHA need to be demolished and replaced with two institutions which are beyond political influence and machination.
If we want to clean it up, there is no better placce to start than with an investigation into Chris Dodds, John Mccain, and Harry Reid.The trails established will lead to all of the culprits who are responsible for the biggest boondoggle since Tea Pot Dome.
There is a reason that Mccain, Reid and other established politicians are in fear of Palin.Their continued non exposure depends on keeping Sarah away from the reins of power.
Goldman shorted your house!!