Simon Johnson: Goldman Is About To Be Blacklisted And Possibly Banned In Europe

http://www.businessinsider.com/simon-johnson-goldman-is-about-to-be-blacklisted-and-possibly-banned-in-europe-2010-2 ^

[blam]

Simon Johnson: Goldman Is About To Be Blacklisted And Possibly Banned In Europe

Joe Weisenthal
Feb. 15, 2010, 6:45 AM

MIT professor Simon Johnson raises some provocative scenarios in regards to Goldman's participation in Greece's scheme to obfuscate its debt levels.

In particular, he expects a full audit of the company, and perhaps some kind of ban:

If the Federal Reserve were an effective supervisor, it would have the political will sufficient to determine that Goldman Sachs has not been acting in accordance with its banking license. But any meaningful action from this direction seems unlikely.

Instead, Goldman will probably be blacklisted from working with eurozone governments for the foreseeable future; as was the case with Salomon Brothers 20 years ago, Goldman may be on its way to be banned from some government securities markets altogether.
If it is to be allowed back into this arena, it will have to address the inherent conflicts of interest between advising a government on how to put (deceptive levels of) lipstick on a pig and cajoling investors into buying livestock at inflated prices.

[snip]

[C19fan]

After the (blank) hit the fan only a fool would take advice and/or buy a financial product from Goldman. Your used car salesman is more honest than these Ivy League MBAs.

[SunkenCiv]

"Too big to fail! Bailout!"

[FromLori]

Here’s what else people should know about the squid and the others

http://www.opensecrets.org/orgs/list.php?order=A

http://www.salon.com/opinion/greenwald/2009/04/04/summers/

http://www.nytimes.com/2009/07/19/business/19dimon.html?_r=1

http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

http://online.wsj.com/article/SB123146096981566339.html

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/print
Obama coddles bankers

His credibility sinks further as Democrats schmooze the lobbyists

http://www.post-gazette.com/pg/10038/1033826-373.stm

In his year-end interviews with friendly news outlets like The Washington Post and National Public Radio, President Obama had a curious choice for his biggest accomplishment of the year: the bailout of the financial sector.

http://www.washingtonexaminer.com/politics/Obama_s-pick-for-man-of-the-year_-George-W_-Bush-8677553-79997637.html

Irked, Wall St. Hedges Its Bet on Democrats

http://www.nytimes.com/2010/02/08/us/politics/08lobby.html?hp

[jnsun]

Buenos Aires. Out of the Global Eye.

[meadsjn]

Just what would it take, other than a natural disaster, to create conditions in which FOOD actually stops moving??? How does a crash create that?

How much of your food is grown within walking distance?

For every person in the US, how much of their food is grown within walking distance?

There are a variety of circumstances that would stop the food from moving.

[A.A. Cunningham]

Business Insider

[HiTech RedNeck]

What is this going to do with trade with Greece? Will the EU ostracize Greece?

[HiTech RedNeck]

Sachs was making money hand over fist.

Now they’re anathema to much of Europe, because of the monkey business with Greece. Did Europe expect Sachs to be more ethical?

[meadsjn]

I don't know, and probably neither does any of the really smart people.

It looks like no other country is going to bail out Greece. I suspect that when one big country defaults on their debt, others, including the USA, will be soon to follow. As the fellows on Glenn Beck a few days ago were discussing, we could see a global reset, a wiping-out of all debt, just because so many countries are never going to be able to produce enough to pay their debt, their interest, and their operating costs.

This is probably what the big thieves like Goldman Sachs and JP Morgan expected, and they don't care. They've already stolen their trillions from taxpayers and investors.

[meadsjn]

If I heard correctly, this crisis with the PIGS countries could result in a break-up of the EU. I’d see that as a good thing.

[hennie pennie]

*ping* - Goldman Sachs in the news again, a very interesting thread and lots of links.

[LucyT]

Here is important background information -- a set of articles written by Matt Tiabbi about Goldman Sachs and published last summer in Rolling Stone.

They are EXCELLENT articles, every single person who's read them is very impressed.

. . . . #39.

Thanks, hennie pennie.

[Cicero]

This is a fascinating reversal. Goldman are the ultimate leftwing-connected insiders. Hand in glove with Obama when he was elected. Working closely with the Congressional Black Caucus.

Did they overreach? or will this EU ban somehow fail to work?

[hoosiermama]

Check out 39

[maggief]

bookmark

[SaraJohnson]

Goldman put the “sters” on the bank. I would love to see Europe and the US wack ‘em.