Wall Street Sold 'Tragically Deficient' Product, Angelides SaysRead the article here
Wall Street firms such as Goldman Sachs Group Inc. and Citigroup Inc. created products that were “tragically deficient,” in the view of the chairman of the panel charged by Congress with identifying the causes of the financial crisis.
“The notion that Wall Street was non-culpable is just ridiculous,” Phil Angelides, the chairman of the Financial Crisis Inquiry Commission, said in an interview aired yesterday on C-SPAN’s “Newsmakers” show. “Either people knew and didn’t care, or they didn’t know and they didn’t care to know.”
He cited Goldman Sachs, Citigroup and Merrill Lynch as parts of a “Wall Street mortgage-security machine” that, he said, never slowed even after the housing market peaked in 2005 or 2006.
“They in fact were creating products that they were selling into the marketplace,” Angelides said. “They clearly turned out to be tragically deficient products.”
Legislative leaders of both parties appointed the 10-member commission in 2009 to investigate the causes of the worst financial crisis since the Great Depression. The panel has until December to report its findings to Congress.
Angelides, the former treasurer of California and a Democrat, estimated the commission and its staff have interviewed 600 to 700 people.
“We’re now putting together the findings of our investigation, we’re working furiously, we’re deliberating as commissioners and we hope to have a report delivered to the American people that helps explain how this calamity came to be,” Angelides said.
GoldmanSachs666 Message Board
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". 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
Monday, October 25, 2010
It will be interesting to read the December report of the Financial Crisis Inquiry Commission on the causes of the present Great Recession. Angelides' saying that Goldman Sachs was "tragically deficient" is an understatement. "Deficient" is more descriptive of GS!