In other words, Goldman Sachs fraudulently committed accounting control fraud and sold rotten CDOs to investors under the guise of highly rated securities. Goldman Sachs perjured itself by denying betting against the mortgage market. Goldman Sachs does not have much to brag about when taking into account its foolish past behavior.
The protesters are doing a fine job pointing out how the banks of Wall Street, including Goldman Sachs, through their fraudulent actions have brought the economy to the brink of another recession.
Evan Newmark has picked out the wrong buffoons and missed Goldman Sachs's tomfoolery.
The WSJ's Evan Newmark, A Former Goldman Sachs Executive, Thinks Wall Street Protesters are BuffoonsRead the original article and comments here
By The Daily Bail
Listen to this nonsense. Newmark, a former Goldman Sachs executive, thinks Wall Street protesters are buffoons. Surprise, surprise. We think someone needs to slap the smug grin from Newmark's face. In the above video, Marketwatch columnist David Weidner says that bankers, not protesters, are the ones who should have been arrested during Wall Street protests. Newmark chuckles as he disagrees, making no effort to hide his contempt for 'Occupy Wall Street', now in its 14th day.
This is not our first run-in with the former Goldman Sachs mangaing director, Hank-Paulson loving WSJ editorial writer.
Last year Matt Taibbi called Newmark a 'craven, bumlicking ass-goblin.'
Newmark is wrong on several counts in the above clip, the most egregious example being his assertion that Wall Street bears no responsibility for the massive increase in the national debt, in stark opposition to accepted fact as Simon Johnson discusses below.
The realized downside risks, as handed to the taxpayer, should be measured not merely as the cost of the Troubled Asset Relief Program (TARP) or Federal Reserve rescue plans, but in terms of the increase in the national debt the financial crisis caused. According to the Congressional Budget Office, the financial crisis will end up increasing government debt by at least 40 percent of gross domestic product. (I’ve covered the details of this calculation elsewhere; this point is not controversial among fiscal experts.)
So, to turn Dimon’s question around, we know that previously low capital requirements led to social losses (those borne by taxpayers) in the trillions of dollars, as well as millions of jobs and homes lost, while the private gains were in the low billions.