Speculation, Theories and Conjecture
The number of stories about Goldman Sachs has nearly doubled since last Friday's announcement by the SEC. As would be expected, many stories offer speculation, theories and conjecture. Some even offer so called evidence to support their position. I am sure this will be headline news in the blogs and on the web for months to come and will certainly provide enough fodder to feed all the hungry in the world.
As for me, this site and the others similar to it, it appears to be a victory of sorts. Many of us have been waiting for a shoe to fall and a crack to form and by the grace of gods servants - GS - it has
I am sure we will all read and I will publish links to all the opinions, speculation and theories that will roll down the hill like a rock gathering moss. It will be somewhat gratifying to be able to look at all the different views (coming from all directions) put them all together and create new opinions and conjecture.
But don't be fooled. Any definitive action in this case is a long way off and those seeking instant gratification will be very disappointed. There even exists a possibility that this will neveer even get to court. Yes, GS has hired some big guns for their legal defense but many a big gun prefers to settle a civil suit rather then go to trial. the question they will be asking themselves is how a trial will affect their already tarnished image. I would imagine that their PR department will be discussing that with the attorneys if they are not doing so already.
What will be more interesting to me and what I will be looking for throughout the coming months is how all of this will affect their business worldwide not to mentions watching to see how many hens will leave the coup. And even more interesting how many whistleblowers will surface to save themselves for possible future prosecution.
Already, some in Germany (see highlighted links below) are taking action and bailing from GS or contemplating doing so.
More important even then any GS fallout will be how far lawmakers will look through this new crack in the skin - peeling away the layers - to expose all the fraud that I believe was rampant in our financial industry. Fraud that created the cause and effect of the economic crisis. A fraud that could not have been accomplished without the help of many high ranking officials in government - possibly even Presidents or Vice Presidents. Oh, I know whatyou are thinking - here he goes again with conspiracy theories - but let us not forget the proven crimes of recent past Presidents. It is possible. The question again, is will those more honest politicians have the guts to expose them, whoever they may be.
In the meantime, stay tuned. My daily links and news will continue as will my commentary. I will follow this story as it continues to unfold offering information from many different view points. I will also be looking for how this GS case opens he doors to those other institutions that some one dubbed Too Big Too Fail offering billions of our dollars to...maybe keep the truth from coming out. This is just the very beginning. When the tip of the iceberg blows off we may have an even bigger volcanic eruption then the one in Iceland.
Oh, didn't Iceland go broke due to their investments in these real estate related securities? It will be interesting to see what they do about the man made disaster they had after they deal with the natural one.
By Hugh Son April 20 (Bloomberg)
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