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All About Goldman Sachs
The stories continue to be all about Goldman Sachs. Goldman Sachs getting bad PR, Goldman Sachs pays out billions in bonuses, Goldman Sachs charge with civil fraud by the SEC, Goldman Sachs...Goldman Sachs...Goldman Sachs.
Yes, we all write about GS, many hate GS, some would like to see GS be put out of business and go away. I want to see GS brought to justice. I want to see GS executives, board members and possibly even former CEO's like Hank Paulson brought to justice if there is any indication of wrong doing on their parts.
However, the question of wrong doing - downright illegal activities - seem to be skirted every step of the way. All the Congressional Hearings over the past year pointed fingers, called CEO's out and our President even called them "FAT CATS" but no one is asking the questions, "what part did they play in the original mortgage meltdown that led to the worst financial crisis this country has ever seen (yes, I believe it is worse then the Great Depression).
In the past asking such questions was considered "conspiracy theories" but more and more today, I am not alone in saying there is more to this whole thing then has been reported and GS is more involved then we have been told.
There was a hint during the most recent Congressional Hearings. I think I heard Mr. Glankfein say that at one point they bid so low on mortgage papter (and bonds) that no one would sell. In other words, he answered a question that I have been asking sine March of 2007. How did the market suddenly collapse? How was it possible that the once thriving market for MBS's had suddenly and abruptly come to an end? How, I wondered could investors worldwide - mostly very sophisticated - all stop investing almost overnight? How, I wondered, was the tap turned off thus causing the mortgage meltdown and a financial crisis we will be dealing with for years to come?
Blankfein answered all those questions. He (GS) intentionally bid so low that lenders would not sell loans and other investment houses would not sell their bonds. With secondary market (aftermarket) for loans, lending would have to stop because the money - if not recirculated - ran dry.
A new question now also comes to mind. When GS bid low to discourage sales of laons did they do so knowing the market would crash? An ideal situation for them and Paulson & company (not our former Treasury Secretary and former GS CEO) who were betting that the market would crash. Now this question is more criminal then it is civil and inquiring minds need to know.
This is only one small part of the puzzle.which needs to be fully investigated by our so called regulators and justice system Oh, yeh, the is some talk on the street (web) that Justice is looking into possible criminal charges. I heard that back in 2008 when the FBI said they were investigating 14 banks for possible fraud and complicity in the mortgage meltdown. No names ever were given nor has there ever been a follow up announcement by the FBI. Just another example of what I have always called "feel good" reporting to make us believe something real is being done when in reality there is nothing being done.
It is time for conspiracy theories to be taken seriously - so much more - that perhaps someone will listen and decide to do a real investigation.
Goldman Sachs - I believe - is dirty and so are the other Wall Street firms that were very much involved and complicit in the creation of the bubble and the ultimate bursting of it. The "quick" sales of firms to other banks, the overnight issuance of billions of dollars done before America literally woke up on a Monday morning, the fear tactics used to pay out trillions all remain LARGE QUESTIONS in my mind.
I want to know how we all got destroyed by a handfull of not so qukc talking banking executives who managed to destroy 40% of the worlds's wealth and transfer much of it to themselves.
The more I read and hear about GS PR problems, the SEC lawsuit, stockholder law suits and will Blankfein survive as CEO, the less interested and tolerant I become. GS is the big bad wolf leading the pack of wolves who gather in their hidden dens in plain sight of us all making a mockery of us. The issues are greater then all the reports we are hearing about.
That, to me, is the real story that all the media from around the world is missing or is just affraid to report on. Why?
Of course, these are just my feelings and as always, I could be wrong. What do you think
4 COMMENTS:
Watch this...just perfect analogy. And they will only pay a fine? What a joke we are....
We also check out the headlines on Lloyd ‘I’m Too Mysterious’ Blankfein, Bernie ‘I’m Just a Market Maker’ Madoff and Warren ‘I Love My Goldman Investment’ Buffett
http://tinyurl.com/28dwwwp
Sound like up and comer politicians....
“There’s a self-serving role in this. If what he did is wrong, then what they do is wrong on a daily basis,” Mr. Galinsky told newsweek. “It’s not wrong to them, because it’s the water they swim in.”
http://tinyurl.com/25n4s5d
http://www.deepcapture.com/goldmans-gold-has-lost-its-luster/
Thumbing Down on Blankfein
However, it is time to move on. We have Bill Clinton running trial balloons for the gold standard and saying he was wrong to listen to Rubin and Summers. Clinton is right about one thing - the real economy cannot function productivity with the current system. We have the Administration proposing vastly increased powers for the Fed while it fights mightily in the courts for the AIG situation to stay buried forever. After all, AIG is up to its eyeballs with Goldman on building the mortgage bubble. Now we have a series of events unfolding in Europe (economic hits on Iceland and Greece, with more threatened) that would indicate it is time for the special drawing rights (SDR) system to begin to create a new global meta-currency that can continue to centralize economic control. Indeed the Swiss National Bank has called for a meeting in Zurich with the IMF shortly.
http://solari.com/blog/?p=7187
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