Posted on 05/12/2011 2:08:24 PM PDT by dead
Sounds like everyone who has served in Congress for the last 80 years should be in jail too.
Did anyone read all of this? I don’t have time. Bottom line please and thank you.
The Justice Department should prefer charges???
Whoever wrote that must have forgotten who is in charge of the Justice Department.
Eric Holder is incompetent ,racist, and totally under the control of Barrack Obama.
There will be no charges.
In 2008 after they learned that the top 3 GS executives all had salaries over $65 million, 43% of stockholders voted in favor of an Advisory Vote on Executive Compensation. The next year the CEO salary was a mere $25 million. This year I have not been able to find that information. Forbes CEO Compensation is a good site to Google.
All of the top officers of this company from today going back thirty years should rot hanging on street signs on wall street, along with the trash at WIG.
I read some of it. Most of it is just general criticism by somebody who doesn’t understand Goldman’s business in any depth. The Levin hearings were ridiculous, and simply showed that the SEC either didn’t understand what Goldman was doing in its dealings with hedge fund managers, or more likely the SEC targeted Goldman for some other reason. I know what Goldman was doing and they did nothing unethical or illegal in the business that they testified about to Levin. Rolling Stone magazine is not a source for useful information about business and economics.
(one which it helped create, incidentally)
Goldman Sachs IS one of the (global) handlers who put Obama into power and cashed in complements of the US taxpayer. They are as sinister as they come.
But as we have said multiple times on FR they are NOT dumb. Only those who fall for their avarice.
We are NOT simply dealing with a babbling narcissistic President. You can refute "conspiracies" or not, but you best know what it means.
Johnny Suntrade
Well, they are are bunch of sharpies. But everyone knows that, and does business with them anyway.
in cahoots with a government that set up a system that allowed the kind of stuff I THINK they are talking about here....
They should hang from the street signs after having been drawn and quartered.
Yes, Goldman knew exactly what they were doing.
What's baffling is that almost nobody knew the mortgage market would collapse. Blinded by greed I guess.
Well, that is one heck of a statement. With one paragraph you blow off an entire Senate investigation and a very lengthy, informative article from Rolling Stone. If you would like to refute the author point by point, feel free. Otherwise I'll just assume the author, Senator Levine and Senator Coburn know a little more than an anonymous poster on the internet.
Exacto. Goldman IS Obama admin— see, Geithner. For Bush , see Paulson and TARP. All of us taxpayers are expected to pony up to the losers at the table- and remove all their losses and risks. Absolute assholes.
Whew, that is a long one.
But then, I’m just here to see the posted reactions of the jerkoffs in the “buy one get two free” suits driving secondhand BMWs that were discarded from Goldman Sachs boardroom table anyway.
The problem is government, not Wall St.
Clinton mandated and created sub-prime mortgages through Fannie/HUD/CRA. Remove sub-prime mortgages, there would have been no sub-prime securities derivative bubble. Pretty simple.
Taibbi should get an award for his reporting on the financial collapse.
He won’t because he is one of the only reporters (and he’s a lefty himself) that correctly lays most of the blame at the feet of the Clinton operatives who passed the relevant laws. And he’s gone after Obama for bringing many of these same losers back for round 2, and for taking boatloads of campaign cash for them.
save
“Otherwise I’ll just assume the author, Senator Levine and Senator Coburn know a little more than an anonymous poster on the internet.”
They don’t. This is mainly grandstanding for political gain. I watched the Levin hearings live when the Goldman guys testified and in my view Levin had no clue what he was talking about half the time. I haven’t listened to Sen Coburn on this issue so I can’t comment on what he said. I’m a financial professional and I work with this kind of material every day, and it was clear to me that Sen. Levin didn’t understand what Goldman was doing in their synthetic CDO deal. There’s some good material about CDOs over at Wikipedia that explains what they are and can help readers understand what Goldman was doing and why it was not unethical.
Another thing I noticed constantly in the Levin hearings was that Levin was looking back at history, which is now a certainty, and assuming that Goldman knew everything we know now at the time Goldman made it’s decisions to get out of mortgage-backed securities. That’s just not what it was like at that time. Nobody knew for sure that the mortgage-backed securities market was going to implode. There were many smart fund managers who still wanted to buy those MBS. Goldman made a decision based on the information they had and their judgment, but as it always is in the markets in real time, Goldman didn’t know for sure which way the market would go and they could have been wrong when they sold MBS and hedged their long positions with short positions. Levin kept making the assumption that somehow Goldman Sachs could predict the future with great accuracy at that time a few years ago. I found that to be really dumb and annoying the way Levin kept repeating that implicit assumption in his statements.
Nothing unethical, that’s BC in relation to GS. When you sell something with no intrinsic worth it is anything you want to call it. I call it crap.
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