Banks and Their Crimes

Please see my latest post in TheForeclsoureDetonator -
Larry

“It’s massive, it’s criminal, it’s wrong…” says Ticktin Law Group

Note:  I apologize for my visible absence from this blog.  Due to the turn of events in the banking and foreclosure crisis and the massive amount of information out there, I have been spending my time absorbing all of it.

The exposure of bank fraud is what I have been fighting for these past three and a half years.  While this is just the beginning and the tip of the iceberg, it has opened Pandora's box which no longer can be closed and hidden by anyone in our government as they have been doing.

With all 50 state Attorney Generals joining forces to investigate this fraud, we may be seeing the beginning of JUSTICE FOR ALL.  As the investigation continues, and hopefully our Congress will initiate as well, we will see the Too Big To Fail gang, including our friends Goldman Sachs, exposed for the criminals they are and for the blight they brought to our country.

It is unfortunate however that our lawmakers are still willing to make "cash deals" like in the case of former Countrywide CEO Mozillo who is paying a 67.5 million dollar fine in lieu of facing criminal charges for his criminal actions which netted him billions of dollars.  The fine, like the one issued to Goldman Sachs makes a mockery of our criminal justice system.  In fact, it makes a mockery of our entire justice system.

The fraud and crimes committed by our banks in this foreclosure crisis is also unjust and mocks the entire system.  But, our judges - with the exception of a very few - have been going along with the scam and refuse to see the fraud on the court.

I will be reporting soon on the events of the day as to "the greatest scam in the history of the world".  It should bring out more of how Goldman Sachs participated and perhaps was the major driving forece behind it.  After all, they were the biggest bond traders in the world and with out the securitized bonds the mortgage mess and the economic crisis that followed leading to this current foreclosure crisis would never have happened.  Was it their ability to sell bonds worldwide that created the bubble that was built to fail and implode?  I believe so.  What do you think.

I want to again thank our volunteer, Joyce, for doing an outstanding job with her daily posts.  You can also join Joyce and voice your opinions by being a guest author.  Just email me for more information.  

Larry

More on Refurbishing Goldman Sachs's Damaged Image

No kidding! Lloyd Blankfein of Goldman Sachs thinks that "there is a disconnect between how we view the firm and how the broader public perceives our roles and activities." How could it be otherwise when their employees and executives make gargantuan bonuses even when the firm is found culpable in a civil suit for fraud which, by the way, Goldman refers to as a "mistake." The funny thing is, GS wouldn't need to hire expensive PR firms to recuperate its image: all it would have to do is follow ethical standards, make full disclosures of its business practices and play fair. Betting against the solvency of the mortgage market while bundling sub-prime mortgages and making a profit from both is not the way to achieve an endearing image. In order to create a good image, Goldman just needs to have sound and honorable business behaviors. It might also consider not creating so many millionaires and billionaires who leech treasure from the wider economy.

Finally, Goldman Sachs should realize that CDOs have no relationship to the real economy and they should acknowledge that they profited directly from government bailout of AIG when otherwise they would have suffered enormous losses without that help. They should even consider giving back the $12.9 billion that they took from the taxpayer via AIG.

Goldman Pushes Its Image Rehab

LIZ RAPPAPORT - The Wall Steet Journal

Goldman Sachs Group Inc. is taking its first steps to change the way it does business after it weathered harsh criticism and paid a $550 million fine tied to its actions before and during the financial crisis.

The Wall Street firm, which is trying to rehabilitate its public reputation with an ad campaign that, among other things, tries to show how it helps create jobs, is planning to make changes in the way it reports its finances and how it relates to clients, investors and analysts, people involved in the planning say. It has also gone outside the company and hired an executive who has been a vocal critic of Wall Street pay practices and weak corporate governance.

Reuters

Protestors held up signs as Goldman Sachs CEO Lloyd Blankfein prepared to testify before a Senate panel in April.

You can read the rest of the article here