Posted on 04/16/2010 7:43:50 PM PDT by NormsRevenge
Wall street can go jump off a cliff straight to he!! - the sooner the better.
He was betting on the failure of Democrat Government Programs..A sure bet.
The news is that the ‘snewz’ teams picked up is that their crime boss is turning on someone. They smell a great scapegoat-arama. But we’ve tied in Sachs with the left for a long time.
Exactly. Pay to Play. Shows the creeping fascism / crony capitalism that infects the country.
Goldman Sachs exec named first COO of SEC enforcement
WASHINGTON – A Goldman Sachs executive has been named the first chief operating officer of the Securities and Exchange Commission’s enforcement division.
The market watchdog says Adam Storch, vice president in Goldman Sachs’ Business Intelligence Group, is assuming the new position of managing executive of the SEC division.
Adam Storch Named Managing Executive of SEC’s Enforcement Division
FOR IMMEDIATE RELEASE
2009-220
Washington, D.C., Oct. 16, 2009 — The Securities and Exchange Commission today announced that Adam Storch has been named to the newly-created position of Managing Executive of the SEC’s Division of Enforcement.
http://www.sec.gov/news/press/2009/2009-220.htm
9/22/08
Here is the ‘money quote’ as they say:
“Let’s start with the numbers. Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org). John McCain’s numbers, according to OpenSecrets.org for the period 1990-2008 (i.e., 18 years worth of data) only collected $549,584.00. In other words, Barack is receiving $273,582.25 (and 2008 is not over) per year while McCain raised a paltry $30,532.44.
Want another shocker? Barack Obama has received more from one source–Goldman Sachs $542,252.00–than McCain has from all of the companies combined. Who the hell is more beholden to lobbyists? And why does a junior Senator from Illinois rate this kind of dough?”
http://noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/#more-4939
Um, on the Presidential side he supported McCain, Giuliani, and Romney. So, really, he didn’t support any Republicans.
The Rino Presidential candidates picked by the left wing mediots and the liberal elites who control their pet mediots.
I not sure if this has been posted before.....but a good insight on how we’re all getting ripped off big time....
http://www.youtube.com/watch?v=ssl5yb7FewA&sns=fb
When dems whine that repubs are the “party of big business” they are only half right. Dems are also the party of big business.
Patriots and conservatives don’t rely on corporations to defend freedom.
They will throw conservatives under the bus just as fast as they do libs. They go where their bread is buttered and the political winds are blowing.
They don’t care about America or freedom. I don’t expect them to.
Goldman received Wells Notice 9 months ago, so they had plenty of time to quietly settle the matter, if there was anything to it. Most of these result in consent decree aka negotiated settlement arrangements.
The lawsuit itself is so narrow and requres a "proof of negative" from the government (it's about what GS "misrepresented" to buyers by not telling them about who was on the other side of the trade, which is consistent with the usual practice of private placements by any investment company anyway) that it essentially specifically excludes a counterparty (John A. Palson & Co.) from any liability and is [almost] designed to fail in court. Usually the government likes to make charges as broad as possible, in this case they created an almost destined to fail, narrow "proof of negative" contract law case.
Abacus Let Goldman Shuffle Mortgage Risk Like Beads - BL, 2010 April 17, by Jody Shenn and Bob Ivry
The bank used the deals to off-load the risk of mostly subprime home loans and commercial mortgages to investors, either as hedges for similar positions or to bet against securities itself. While the data show New York-based Goldman Sachs issued at least $7.8 billion of Abacus notes, the risk passed to investors was multiples higher. The Abacus transactions are so-called synthetic collateralized debt obligations, which marry two financial innovations that contributed to the worst collapse in financial markets since the Great Depression. “Investors needed to ask some questions about synthetics they didn’t need to ask with other CDOs,” Joseph Mason, a finance professor at Louisiana State University in Baton Rouge, said in a telephone interview. The financial tools, often called technologies, are credit default swaps, used to transfer the risk of losses on debt, and securitization, used to slice the risk in a pool of assets into various new securities. Abacus deals were filled with default swaps that offered payouts to Goldman Sachs if certain mortgage bonds didn’t pay as promised, in return for regular premiums from the bank. ..... From July 2004 through April 2007, as credit markets boomed, Goldman Sachs Group Inc. created 23 financial transactions called Abacus, the word for a relatively crude counting tool involving the shuffling of beads. .....
Goldman Sachs Said to Have Been Warned of SEC Suit - BL, 2010 April 17, by Joshua Gallu and David Scheer
Goldman Sachs responded to the so-called Wells notice from the Securities and Exchange Commission within months and met with the agency officials trying to fend off the civil lawsuit, said the people, who declined to be identified because the talks weren’t public. In March, the New York-based firm said it was cooperating with regulators’ “requests for information.” “The question is whether a general disclaimer like that is rendered misleading because you left out the specifics,” said Adam Pritchard, a former SEC attorney ..... Goldman Sachs’s annual report for 2009, filed with the SEC in March, recycled a passage the company used in the previous year’s report to describe regulatory probes involving securities linked to subprime mortgages. ..... Goldman Sachs Group Inc., which fell 13 percent yesterday after U.S. regulators announced fraud accusations, didn’t disclose that it was warned nine months ago that investigators wanted to bring a case, people with direct knowledge of the talks said.
Democrats Say Goldman Sachs Fraud Suit Bolsters Case for Rules - BL, 2010 April 17, by Alison Vekshin
The Obama administration and congressional Democrats are using the Securities and Exchange Commission lawsuit accusing Goldman Sachs Group Inc. of derivatives-linked fraud to bolster their case for overhauling financial-industry regulations. .....
For Some Investors, Another Reason to Distrust Wall Street - CNBC, 2010 April 16, by Jeff Cox
Yet at least part of the reason investors have grown suspicious is because of the increasingly complex and less transparent products that helped bring about the crash in 2008. While terms like collateralized debt obligations and credit default swaps have become more common in investor vernacular, many still don't understand how they work. They're likely to become even more befuddled and frustrated when such terms are thrown around in cases like Friday's shocking news regarding Goldman. Part of the allegations center around whether Goldman packaged securities that were likely to fail and then didn't tell investors that a hedge fund client had made bets — short sales — against those same securities. ..... Indeed, there was a fair share of doubt in the financial community about whether the SEC would be able to prove its case against Goldman, as well as skepticism about whether the government wasn't conveniently setting up the case for the Obama administration's financial reform package in Congress. As if on cue, the Democratic National Committee released a statement Friday afternoon from President Obama saying "we cannot delay any longer" on the reform bill. "I'm not sure it's just a slam dunk, SEC-wins Goldman-loses (case)," Lutts said. "You have some very smart people running Goldman and I don't think they made any big mistakes on this particular product." ..... The tumult Friday over fraud accusations against Goldman Sachs is likely to add to the deep mistrust among investors that the market is rigged against them. How long that sentiment lasts could depend on whether the accusations against the Wall Street banking titan stick, and if they are symptomatic of a larger contagion within the trading practices of major institutions. .....
The Obama's Democrats equivalent of the Reichstag fire?
Thanks CutePuppy.
Corzine was Goldman Sachs. It’s hilarious how Obama will try to use Goldman-S against Republicans.
Thank you for that tip, FRiend. Confirming that now ...
http://financecareers.about.com/od/whyfinancialservices/a/corzine.htm
Jon Corzine made a fortune as a trader and executive at Goldman Sachs, and rose to CEO. When he was forced out of this position, he turned to politics, ...
http://nymag.com/nymetro/news/politics/12194/
Jul 10, 2005 ... Before he was pushed out as CEO of Goldman Sachs, Jon Corzine had never lost at anything, and his unassuming mien masks a deep hunger for ...
Here’s an interesting one ...
Jon Corzine: People Hate Goldman Sachs Because They “Envy ...
In an interview with Bloomberg Television yesterday, former Goldman Sachs CEO Jon Corzine — and former New Jersey governor — defended the firm he once ran, alleging ...
www.huffingtonpost.com/2010/02/25/jon-corzine-peop
Just goes to show you, money can’t buy you love!
Especially in an election year “witch hunt” time frame!
Reid, Dodd and McCain were the big “winners”, huh? Why am I not surprised...
Goldman Sachs always has clout in Washington, as evidenced by the firm’s alumni serving as Treasury secretaries under both Presidents Bush and Clinton. Today, in these tumultuous times of bailouts and meltdowns when the investment banking leviathan needs Washington more than ever before, Goldman can leverage its most valuable asset yet—incoming White House chief of staff Rahm Emanuel. Goldman Sachs is the giant of Wall Street, and more than any other investment bank, Goldman is surviving the current financial storm.
Traditionally a Democratic booster, and one of Barack Obama’s top sources of funds in this past election, Goldman has always had some particularly strong allies within government. Emanuel is one such ally. An interesting early chapter in the Goldman-Emanuel relationship took place in the setting of Bill Clinton’s campaign for the White House in 1992. Clinton hired Emanuel as his chief fundraiser.
At the same time, however, Emanuel was on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time. This is certainly a noteworthy relationship, but it’s one that has almost entirely escaped scrutiny. (snip)
In his four terms in Congress, Emanuel has raised $74,750 from Goldman, making the firm his number four source of funds. Goldman has helped Emanuel. How has Emanuel helped Goldman? The most obvious answer, as mentioned in this column two weeks ago, is in Emanuel’s lead role in shepherding the “$700 billion” bailout—first proposed by former a Goldman CEO, Bush Treasury Secretary Henry Paulson—through the skeptical House.
Of course, back in the Clinton days, Goldman benefited from NAFTA and the bailout of the Mexican currency, with Emanuel pushing NAFTA through Congress, and Rubin hammering out the peso bailout. Did Goldman improperly funnel money to the Clinton campaign by subsidizing Emanuel’s salary in 1992? Did Goldman’s help to Clinton spur the Democratic president to push NAFTA and the Mexican bailout?
The answers to these questions are opaque, and with Emanuel burrowed deep within the Obama White House, the continued relationship between Goldman Sachs and Obama’s right hand man won’t be easy to follow.
Watch which regulations of Wall Street Obama fights for. Watch where the bailout money goes. And don’t be surprised Goldman soon sitting pretty once again.
http://www.washingtonexaminer.com/opinion/columns/TimothyCarney/
THINGS WE DO NOT KNOW ABOUT RAHM Did Wall Street Rahm reveal all of his ties to financial institutions involved in Obama's trillion dollar federal bailout of financials.......like Goldman Sachs, for instance?
COMING TO A TOWN NEAR YOU Mother Jones magazine circa Feb 2007 reported on the activities of Mark Florian, Chief Operating Officer of Goldman Sachs' municipal finance division.
According to the report, Florian was traveling to statehouses across the US to convince state officials that selling state assets would be "mutually beneficial." One of the scams involved selling state roads then monetizing them via bonding----which would make billions for G/S til the end of time.
=====================================
REFERENCE Goldman Sachs opened an office in Princeton NJ 2006 when Corzine was elected (the better to loot the NJ Treasury).
Goldman Sachs Hedge Fund Partners
701 Mount Lucas Rd
Princeton, NJ 08540-1911
G/S Hedge Fund Partners advertises it seeks investments in traditional infrastructure sectors including transport infrastructure such as "monetizing" toll roads, airports and ports as well as regulated gas, water and electrical utilities.
Then-Gov Corzine (ex-Goldman head) stationed Goldman Sachs functionaries in state government as the issue of road monetization surfaced. Corzine hired four of his G/S buddies including G/S alumnus Bradley Abelow as state Treasurer. Corzine took a road show across the state to sell the monetization deal. However, monetizing NJ roads hit a large pothole and collapsed like a flat tire---b/c taxpayers were onto the G/S scam.
It’s bad for the rats to have Corzine defending G-S.
Hahahaha! Isn’t it though? Corzine is a sleazy dude. But they all are. Now we find that the white lamb in the group, Schumer, is buds with John Paulson:
Rush’s Hard Hitting Commentary reg. Tie between [Goldman Hedge Scammer] John Paulson and Chucky Schumer:
http://www.freerepublic.com/focus/chat/2464021/posts?page=80#80
http://www.rushlimbaugh.com/home/daily/site_041910/content/01125107.guest.html
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