Janet Tavakoli & Dave Fry on Financial Reform & Goldman Sachs Lawsuit from David Fry on Vimeo.
Wednesday, October 20, 2010
Goldman Sachs: A Reminder
It is worth a look back at Goldman Sachs and its business practices as exposed by the present financial crisis. Janet Tavakoli reminds us about Goldman Sachs's risky business practices which nearly bankrupted the company and helped bring about the Great Recession. Janet also discusses what should be done to change the financial system. Will there ever be a fraud audit or will anyone be indicted for fraud because of the mortgage meltdown and the resultant foreclosures?
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The comments in this post say it all...it's the reason we can't get to go when it comes to accountability and punishment.
Judge: CFTC Corrupt, Wendy Gramm Criminal
http://www.ritholtz.com/blog/2010/10/judge-cftc-corrupt-wendy-gramm-criminal/
Retiring CFTC judge says colleague biased against complainants
Gramm was head of the CFTC just before president Bill Clinton took office. She has been criticized by Democrats for helping firms such as Goldman Sachs and Enron gain influence over the commodity markets. After leaving the CFTC, she joined Enron's board.
http://gata.org/node/9188
The CFTC doesn't seem to have a very good reputation based on the above links and on events that have taken place since then. Be that as it may, the financial reform bill gives CFTC "oversight of the estimated $615 trillion OTC derivatives market blamed in part for accelerating the recent financial crisis when taxpayers had to bail out some players who took risks they couldn't afford." Gensler, a former Goldman Sachs guy, is Chairman. What a slick way for GS to affect every single solitary aspect of the financial system!
http://www.reuters.com/article/idUSTRE66D54I20100714
MULTIPLE TRANCHE ASSIGNMENTS; PARTIAL CROSS-COLLATERALIZATIONS; FRACTIONALIZED INSURANCE: THE WEB BECOMES THICKER AND THICKER, AND WE ARE ONLY SCRATCHING THE SURFACE
Anyone who read through the SEC v. Goldman Sachs lawsuit knows this.
We will make a predition here: that very soon, there are going to be a series of cases where it is revealed, in discovery, that mortgage loans were paid 2, 3, 4, or more times on default and that the foreclosing party is simply trying to get paid a 5th or more time by stealing the borrower’s house under false pretenses and with material omissions and improper objections as to discovery related to setoffs (which objections we predict will be overruled once the judiciary is educated as to these matters). Once that happens, we see a literal tsunami of fraud upon the court claims and damage claims against the current foreclosure perpetrators.
http://foreclosuredefensenationwide.com/?p=299
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