Posted on 04/16/2010 8:04:24 AM PDT by quesney
Edited on 04/16/2010 8:18:06 AM PDT by Admin Moderator. [history]
Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.
(Excerpt) Read more at nytimes.com ...
Goldman down 9%, with heavy volume of shares being traded. Banking sector at large also sinking.
Another black eye for Wall Street.
Rubin called Tres Sec O’Neill and asked him to conceal the downgrading of Enron until he could get his clients out of the stock.
Why weren’t criminal charges filed at that time?
“Rubin called Tres Sec O’Neill and asked him to conceal the downgrading of Enron until he could get his clients out of the stock. Why weren’t criminal charges filed at that time?”
Banking sector continues to sink - looks like on the assumption that there’s a lot more corruption going on here, yet to be exposed, than what’s been revealed so far (Lehman, Goldman, etc.).
Goldman is a PIGGY BANK for the Democrat Party!
I do fear, at times, the anger directed at Wall Street and the financial services sector -— as I believe that MOST of our current economic problems are the result of bad government policy -— and that blaming corporate America is a scape goat for the liberals who CAUSED this mess!
However, Goldman Sachs is complicit, more than ANY other firm. Goldman is the employer, in revolving door fashion, for many past, and future, Democrat politicians and government officials.
Goldman gives HEAVILY to Democrat candidates and to the Democrat Party.
I think a political attack on Goldman, highlighting the Democrat connections to Goldman, would be VERY helpful in the next election cycle.
We should not criminalize business failure.
However, we should not allow criminals to claim economic hardship, when we catch them in the act, either!
PING!!
REMINDER: GOLDMAN SACS WAS OBAMA’S LARGEST CONTRIBUTOR DURING THE 2008 CAMPAIGN!
hmmmmmm.....
Goldman ain’t gonna be the only one.
The Rats and GS have already worked out all the details of this “Dog and Pony Show” in advance.
The Fox has been put in charge of finding out what happened to the hens.
Soros and John Paulson invest heavily in Gold back in march:
hmmmm... where’s the indictment against Soros?
John Paulson and Soros are friends:
http://thefastertimes.com/wallstreet/2010/02/17/why-was-george-soros-taking-advice-john-paulson/
The first thing you need to know about Goldman Sachs is that it’s everywhere.
The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who’s Who of Goldman Sachs graduates.
Matt Taibbi
The only politician who got more money from Goldman than Obama was Chris Dodd (D-CT). Dodd is leaving the Senate.
Finally, the darn cops arrive.
Wathcing the real time quotes ... no buyers of GS at 160 ... just blew through that level ...
Insider trading? Is Citi positioned to take the place of Goldman now? Did Paulson and Soros have insider information that this was coming?
From TheStreet.com:
Soros bought 95 million shares of Citigroup during the fourth quarter, according to a quarterly filing on Tuesday. Soros’ Citi buying spree equaled $313 million worth of Citi shares at year’s end. It was a big move into Citi, as Soros had previously reported no exposure to Citigroup in quarterly filings.
Soros’ bullish turn on Citi echoed the trading strategy of his hedge fund peer John Paulson, who has been a big backer of a banking sector recovery in general, and Bank of America and Citigroup specifically. While Paulson sold a few million of the 159 million Bank of America shares he owns in the fourth quarter, Paulson bulked up on Citi shares, buying an additional 200 million shares to take his overall stake in Citi to above 500 million shares.
hmmmm..probably headed to his Irish ‘farmhouse’ in order to evade prosecution ASAP...lol.
It’s either that or this Administration and GS are getting a divorce.
Not sure of that characterization of whom selected the bonds that were shorted. As I understand what was happening, the mortgage bonds were sold in tranches lowest to highest tiered by the credit worthiness of the borrowers (of course, most of that was a sham anyway). Then the bonds were again retiered into financial packages called Collateral Debt Obligations such that the lowest tiered, and highest risk tranches, of many bonds became one CDO and that CDO would be tiered again making virtually worthless paper AAA rated. Those were the items that Paulson bought credit default swaps upon...he was betting against items packaged by GS, not the other way around. Again, that is how I see it.
What galls me about this whole thing is this is a CIVIL suit. I want these clowns in Jail for criminal fraud. Guys like Kosloski at Tyco and those guys are Enron are doing real time and they were pikers compared to the bums at GS, Deutch Bank, Merrill, Lehrman and a few others.
Vince
wait till the lawsuits start...
Not sure of that characterization of whom selected the bonds that were shorted. As I understand what was happening, the mortgage bonds were sold in tranches lowest to highest tiered by the credit worthiness of the borrowers (of course, most of that was a sham anyway). Then the bonds were again retiered into financial packages called Collateral Debt Obligations such that the lowest tiered, and highest risk tranches, of many bonds became one CDO and that CDO would be tiered again making virtually worthless paper AAA rated. Those were the items that Paulson bought credit default swaps upon...he was betting against items packaged by GS, not the other way around. Again, that is how I see it.
What galls me about this whole thing is this is a CIVIL suit. I want these clowns in Jail for criminal fraud. Guys like Kosloski at Tyco and those guys are Enron are doing real time and they were pikers compared to the bums at GS, Deutch Bank, Merrill, Lehrman and a few others.
Vince
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