Posted on 04/19/2010 7:12:25 AM PDT by patriotldy22
Timeline of the filing of the SEC complaint against Goldman Sachs and then releases of Organizing America memo, DNC google info & financial reform legislation push.
Do you know Goldman contributed over a million dollars to the Obama campaign and is a supporter of his financial reform. No wonder they were taken by surprise by this. I predict they will get off with a slap on the wrist and a small fine. The whole purpose of this action and its timing was to help promote the financial reform bill.
Obama will do anything he can get away with until removed fro office.
Obama’s standard operating practice is to first demonize someone or some entity and then use that as an excuse to impose draconian new legislation.
Thus Obama’s indictment of Goldman Sachs is right out of the Hitler playbook of burning down the Reichstag.
Fascists, whether Nazi or Islamo, act the same.
I think you are dead on. What’s scary is that ozero is using a “crisis” to get new legislation pushed through that no one will know what’s in it. Given their track record, immigration reform means amnesty, health care reform means takeover of the medical industry.
What is financial reform going to do to us?
Quote under Comments: "If you read the SEC claim in full, you can see that this absolutely stinks. I would not want to be Fabrice Tourre, who incriminating emails are plastered throughout it.
" "Having said that, I don't think it is an area of law which lends itself to a clear prosecution. A large fine and censure will be the end result." [End]
Excerpt from UK watchdog story; "The SEC complaint is related to a single transaction in 2007 and involves a highly particularised set of alleged facts. It would not appear to have broad ramifications for the CDO market generally," the bank said."
"Goldman believes the charges are politically motivated and come at a time when President Barack Obama is trying to force through legislative changes to clean up the US banking industry.
Obama & Rahm E. raised more money from financial services players than any previous presidential candidate.
Yes, I do know about the contributions and in my opinion, GS is being thrown under the bus for this legislation.
He will get this finanacial reform passed in some form or another. It isn’t an issue that resonates with the electorate and the Republicans wont put up much of a fight on it as it isn’t going to change much. Both the Dems. And Pubs get lots of money from the banks and they will make a lot of noise about reform, but it wont do much. You will see some Pubs go along with it. The fights that the republicans will make a stand on are the ones that will get the electorates attention. They are “Cap and Trade” or “Cap and Tax” and “Immigration Reform”. Obama has to try for these before the August recess because after that it is campaign time and the November election that he knows his party and majority is going to take a big hit in.
You are on to something here. After all it is the Chicago Way.
I did not know this case was based on a single transaction...have to admit the timing of it all looks kind of fishy to me.
More detail...rebuttle.
“As normal business practice, market makers do not disclose the identities of a buyer to a seller and vice versa,” the bank said.
The third of the SEC’s criticial ommissions (sic - doesn't the Telegraph have spell check?) from its evidence, Goldman claims, was that ACA selected and approved the assets represented in the CDO. The bank also pointed out that it acted merely as an “intermediary” in the transaction, “helping to facilitate the investing objectives of two clients.”
“ACA had an obligation and, as by far the largest investor, every incentive to select appropriate securities,” Goldman said.
In a further claim, Goldman said it lost more than $90m (£59m) on the transaction and “certainly did not wish to structure an investment that was designed to lose money”.
This is sounding more and more like a trumped up charge to me. Clearly all sides of the transaction knew how the game was played and were major players in these type of securities. Caveat emptor.
It will be interesting to see the evidence that shows how Paulson cherry picked the garbage subprime mortgages to structure the CDO and how that was accomplished when the third party, ACA did the allocations.
It's also curious that they aren't charging the alleged perpetrator of the alleged underlying fraud - hedge fund, Paulson and Co or ACA Management for their role in structuring the CDO.
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