....Read the rest here
New-fangled Fed currency swaps with central banks will run into the trillions, means America is bailing out foreigners. But America is very simply once again through backdoor tactics (never let a crisis go to waste) bailing out its own big banks.
Over the weekend, Obama was on the phone with Merkel and Sarkozy, calling for strong measures, and they said: "Sure, we got "strong" down, but we’re not bailing out your guys, boyo. So show us the money."
And so he did. Europe's central banks are buying up PIIGS sovereign debt as we speak -partly with Fed (US taxpayer) money-, and who do you think are the sellers? SocGen, Deutsche, Goldman, JPMorgan. Want to bet? No need to thank me, Mr. Grayson, glad to be of service.
Moreover, and this would be the topic of the day if we hadn't gotten immune to the immoral hazard of it all,
.....
US regulators are still searching for the cause of last Thursday's market plunge, or so they'd like us to believe. And whether the 1000 point drop was caused by either Goldman, software malfunction, fat elbows, trained dolphins, your "kind" of waitress, or Chinese hackers, one thing is certain: the US government inability to either figure out what went on, or, alternatively, to spin a good lying tale around the whole "event", will keep a lot of people out of the stock market.
For all they know, it may happen again tomorrow morning, wiping out all they have. Then again, the lower the trading volumes, the easier -and cheaper- it gets to make the stock markets look good. Still, lots of investors will have moved into gold, but much of that is just paper. And yes, gold will be fine down the line, but not in the immediate future. Think: getting a haircut administered by a lawnmower.
.....
GoldmanSachs666 Message Board
Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia
Thursday, May 13, 2010
Goldman Sachs Overview
In a post that really needs to be read in its' entirety, The Automatic Earth takes a big picture look at all the happenings around the world, forming a giant ball of toxic sludge ready to make landfall on the world's economies.
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2 COMMENTS:
Are Big Banks Dead in the Water? by Paul LaMonica:
http://money.cnn.com/2010/05/12/markets/thebuzz/
Goldman Sachs Dirty Laundry by William Burton:
http://www.stumpreport.com/665555-goldman-sachs-cleans-its-dirty-laundry-in-dc
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