EXTRA! EXTRA! READ ALL ABOUT IT!
GOLDMAN SACHS CHARGED WITH FRAUD
The is the headline many of us have been waiting years for. The falling of the gavel of JUSTICE.
In our DISCLAIMER, our founder Mike Morgan wrote:
And how true that statement has become. This, I am sure is a great day for him as well as it is for me and all the volunteers who have contributed to this blog since its beginning.This website provides information to demonstrate how destructive they are to our lives and the hopes and dreams of our children.
While this is just a civil suit and carries no threat of criminal charges or punishment, it is the beginning of what I believe will be a tsunami for the financial industry and those that have dubbed themselves Too Big Too Fail (TBTF). The investigation by the SEC and the prosecution of this case will open the flood gates for what I have called "The Greatest Fraud inthe History of the World" for the past three years.
I believe many top executives from the other TBTF financial institutions might just be heading for the hills and I am sure that the shredders are working overtime at many an office. In addition, I believe many current and past members of our government like Robert Rubin, Hank Paulson, Tim Geithner along with a host of other Goldmanites who have passed through that revolving door of government both heare and abroad/ (Watch the CBS video below as they list some of these people)
This long overdue SEC action should prompt investigations into the actions of Bear Stearns, Merrill Lynch, WAMU, Countrywide, Wachovia, Wells Fargo and Bank of America as well. More importantly this SEC action could and should open the door for criminal investigations and charges which are also long overdue The FBI announced back in 2008 that they were investigating 14 unknown banks for possible fraud but would not mention which ones nor has that announcement ever been followed up and updated. My belief is that it was another government attempt at a cover up while trying to appease the American public.
The PBS Newshour Report this evening had the Attorney General from Connecticut on their GS Fraud segment who indicated that the possibility does exist that there could be criminal actions taken and that his office would be looking into the possibility of damages casued by this fraud.
As was brought out many times, Goldman Sachs allegedly not onlly deceived their customers but they took advantage of government pension plans such as for firefighters, police and teachers as well as other government employees.
This is - I hope - just the tip of the iceberg. I would like to see JUSTICE served not only for the American people but for the nations and their people around the world that were stung by these giant insects. I further hope that not onlly will there be financial reform but true, honest oversight of our financial system. The argument for breaking these Too Big Too Fail guys up is even more justified.
I would also hope that the secret missions of Ben Bernanke and The Federal Reserve in cahoots with both Timothy Geitner and Henry Paulson.also come to light and are exposed. Further explanation is needed to explain the quick two step shuffle of giving Bear Stearns to JPMorgan - I believe to be a co conspirator in the economic crisis - as well as the shuffling off of Merrill Lynch to BofA and the sale of WAMU again to JP Morgan. I question that these actions were taken to avoid exposure of the details now coming out of the Lehman case and now Goldman.
I believe this is a very large iceberg and will take several years to float to the surface but each step forward is a step forward for the American people.
GS very much lives by the philosophy in a statement made by Meyer Rothschild'
Let me control the money of a nation and I care not who makes its lHopefully the power of Goldman, JPMorgan and other cartel members will be short lived from this pint forward.
###
Goldman Sachs' Revolving Door
Posted by CBS News Investigates
Written by Paula Reid, an intern at the CBS News Investigative Unit in New York.
For the full list...click here
###
Daily Links
Text of SEC's complaint against Goldman SachsMarketWatch
Goldman Sachs case likely to increase calls for Wall Street reform
Los Angeles Times
Abacus Allowed Goldman to Shuffle Mortgage Risk Like Beads
San Francisco Chronicle
Goldman Sachs CDOs a 'Concern' for Crisis Panel, Angelides Says
BusinessWeek
Goldman Sachs Executives Should Resign, Bove Says
BusinessWeek
Discusses SEC Fraud Lawsuit Against Goldman Sachs: Video ...
By marketmaker
SEC Sues Goldman Sachs, Alleging Fraud in CDO Tied to Subprime ...
April 16 (Bloomberg) Democratic Underground Latest... - http://www.democraticunderground.com/
Goldman Sachs SEC Suit 'Scandalous Story,' Economist Stein Says
BusinessWeek
Buffett's Goldman Sachs Warrants Drop by $1 Billion (Update2 ...
Gold Drops Most in Two Months as SEC Sues Goldman, Dollar Gains
BusinessWeek
Goldman Sachs Fraud | TPMCafe
By Jon Taplin
SEC Sues Goldman Sachs; US “Shocked, Shocked,” to Find Wall Street ...
By Scarecrow
SEC Sues Goldman Sachs | The Big Picture
By Barry Ritholtz
SEC Charges Goldman Sachs With Fraud On Subprime Mortgages
By Joe Weisenthal
Goldman Sachs: No apologies
CNN (blog)
Goldman Sachs Credit Swaps Jump Most Since 2008 After SEC Suit
San Francisco Chronicle
Goldman Sachs case shows need for reform - Lincoln
Reuters
Goldman Sachs's 'Fabulous Fab' Loses Bet He's Sole 'Survivor'
BusinessWeek
WORLD WIDE EFFECTS OF GOLDMAN FRAUD CHARGES:
Stocks in U.S. Retreat After Goldman Sachs Fraud Lawsuit, Google ...
By Joanna Ossinger April 16 (Bloomberg)
Commodities Head for Biggest Drop in Seven Weeks on Goldman Case
BusinessWeek
Cotton, Orange-Juice Drop as Stocks Fall After SEC Sues Goldman
BusinessWeek
Copper Prices Tumble as SEC Sues Goldman Sachs, Dollar Climbs
BusinessWeek
Gasoline Loses More Than 3% as Goldman Sued By SEC, Stocks Fall
BusinessWeek
Stocks, Oil Drop as Dollar Gains After SEC Sues Goldman Sachs
Bloomberg
Raw Sugar Drops to One-Week Low as Goldman Suit May Curb Trade
BusinessWeek
Swiss Stocks Slide as SEC Charges Goldman Sachs; Banks Decline
San Francisco Chronicle
Argentina's Stock Market Continues Slide On Goldman Fallout
Wall Street Journal
European Stocks Fall, Erasing Weekly Gain, as SEC Sues Goldman
BusinessWeek
Mexico peso down as Goldman news hits risky assets
Reuters
Brazil Stocks Fall Most in Two Months on China Concern, Goldman
BusinessWeek
Deutsche Bank Drops in Frankfurt After SEC Sues Goldman Sachs
BusinessWeek
Financial Shares Tumble After Goldman Sachs Charged With Fraud
BusinessWeek
Yen Rises as US Stocks Drop on Goldman Sachs Fraud Charge
BusinessWeek
DAX Index Drops After SEC Charges Goldman Sachs; Banks Retreat
San Francisco Chronicle
BurnsFinancial Shares Tumble After Goldman Sachs Charged With Fraud
BusinessWeek
The Power of Goldman Sachs aired April 7, 2010
Watch CBS News Videos Online
1 COMMENTS:
Just read this entire article and I fail to see what Goldman did wrong.
If they had done something to insure the Abacus fund would fail, that would be another story. It failed because of the housing crash. Goldman didn't know for sure housing would crash, as proven by the fact that they were more long than short in mortgage bonds, a fact that most ignore. If they knew housing would crash they would have been fully short. Ill-informed people need a scapegoat, and Goldman, with its high salaries is an easy one.
The technical issue of whether Paulson was an "outside advisor" is what this case is about, if you read the article carefully. Funny reading all the crazed responses that don't even focus on what this article says...lets just get out the burning torches.
Post a Comment