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You can read the same pages from Chapter 8 of the FCIC here
Thursday, January 27, 2011
Goldman Sachs and the Financial Crisis Inquiry Commission Report
In the chapter on CDOs there is a section reserved for the actions of Goldman Sachs during the financial meltdown which you may want to read starting at page 142 here
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HURRY!
New York Prosecutor Vance Seeks Mandatory Prison Terms in Securities Fraud
The Martin Act, enacted in 1921, grants authority to investigate and prosecute, as the state’s Court of Appeals stated in 1926, “all deceitful practices contrary to the plain rules of common decency.” To violate the law, no sale or purchase is necessary if there are lies or deception in the offering of securities. Intent to defraud also is not required.
Vance said he isn’t the first Manhattan District Attorney to complain about the Martin Act, which in its original form lacked criminal provisions.
“It is said the Martin Act has teeth,” he quoted then- Manhattan District Attorney Joab Banton as saying in 1925. “It has, but they are an ill-fitting set of false teeth.”
http://www.bloomberg.com/news/2011-01-25/new-york-prosecutor-seeks-mandatory-prison-sentence-in-securities-frauds.html
Wall Street's Collapse to Be Mystery Forever: Jonathan Weil
And here I had thought the purpose of the commission’s inquiry was to uncover new facts that the public didn’t already know. Such as: The identity of the mystery investor that single- handedly kneecapped Bank of America’s Columbia Strategic Cash Portfolio, once the largest cash fund of its kind in the U.S. The commission had subpoena power. It should have been able to get this information. It didn’t, though.
This, in journalistic parlance, is what we call a clip job. And that’s the trouble with much of the commission’s 545-page report. There’s lots of breezy, magazine-style, narrative prose. But there’s not much new information.
You can tell the writers knew they were sprinkling MSG on a bunch of recycled material, too, by the way they described their sources. The text and accompanying notes often seem deliberately unclear about whether the commission had dug up its own facts, or was rehashing information already disclosed in court records, news articles or other congressional inquiries.
http://www.bloomberg.com/news/2011-01-28/wall-street-s-collapse-to-be-mystery-forever-commentary-by-jonathan-weil.html
stop removing posts...
Jonathan Weill has a bizarrely headlined column titled “Wall Street’s Collapse to Be Mystery Forever.”
http://www.ritholtz.com/blog/2011/01/no-mystery-at-all/
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