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?
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.....
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
Finally, the darn cops arrive.
Wathcing the real time quotes ... no buyers of GS at 160 ... just blew through that level ...
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
Rahm Emanuel’s close friends who run Magnetar Capital packaged and sold between 30 and 60% of all CDO’s in the boom years of 2005 to 2007, and they purposefully packaged tham ALL to fail.
Yet Magnetar Capital and Rahm Emanuel have been NOT ONCE mentioned in the LSM over the largest destruction of private household wealth in the history of the country.
Goldman Sachs is the banking arm of the Dim party - having given us such stars as Rubin, Corzine and September Surprise Paulson.
Did Soros short Goldman? (inside trading?)
And how many Goldman Sachs employees have been given job appointments by Obama?
ping
I expect the suit to be withdrawn as soon as Goldman reminds Obama of the tens of millions in campaign contributions they gave him.
Some persppective:
The SEC a Gov’t agency, headed by Mary Shapiro, an Obama devotee, is accusing GS, a huge Obama donor, of fraud coincidentally at a time when Zero’s financial reform legislation is up before congress.....hummmm!
Goldman Sachs Group, Inc. (The)(NYSE: GS)
Real-Time: 158.24 -26.03 (14.13%)
11:34AM EDT
Everything is tanking on this now. Commodities included.