tag:blogger.com,1999:blog-5724181159639068489.post2672232712987454245..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: Maybe All Those Toxic Assets That Goldman Sachs Sold are Coming Home to Roost!RobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5724181159639068489.post-15862123270846358692011-03-24T13:22:50.415-04:002011-03-24T13:22:50.415-04:00I see your point. The government should be lookin...I see your point. The government should be looking out for the small person, not the big banks. But money has perverted and tainted the elected representatives of the people and they have come to represent the interests of the wealthy. We need to reinvent government "of the people, by the people and for the people" instead of the present "government of the lobbied, by the wealthy for the corporate interests."<br /><br />How do we get back to the fundamentals?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-19469990050425294582011-03-24T11:43:42.698-04:002011-03-24T11:43:42.698-04:00Not fair..
"So long as government-run entitie...Not fair..<br />"So long as government-run entities like the Federal Home Loan Banks and the NCUA look out only for their own self-interest here, both they and Goldman have every incentive to settle these suits out of court. But the government is meant to have a broader interest than that. Let’s say I bought one of these bonds but don’t have access to the government’s expensive lawyers. Why is it fair that the government should get Goldman’s money in an out-of-court settlement while I get nothing?"<br /><br />But is this fair?....<br />"<br />It’s pretty ridiculous that Sergey Aleynikov, the thief who stole Goldman’s high frequency code, got 8 years and a month in jail, when his counterpart at SocGen, Samarth Agrawal, got only 3 years for doing essentially the same thing"<br /><br />http://tinyurl.com/4unpu48<br /><br /><br />Lot's of questions.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-19711641268415390882011-03-23T19:29:44.409-04:002011-03-23T19:29:44.409-04:00So this is what corruption looks like in a democra...So this is what corruption looks like in a democracy: banks commit "errors" and make "mistakes;" they are fined a piddling amount which they happily pay as it is just petty cash; when they resort to accounting fraud to cover up their mistakes, the rules are changed in their favor; when prosecutions are demanded, no one responds and everyone in the government from the Fed Reserve, to Treasury, to the President, to the DOJ looks the other way as if nothing criminal or fraudulent has happened; the banks continue with their huge pay checks and bonuses sucking up the wealth of the nation; the poor taxpayer pays with his/her 401k, pensions, foreclosed homes and savings.<br /><br />Corruption begins to look like the way things are going to be from now on.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-73698136194060302832011-03-23T17:40:00.090-04:002011-03-23T17:40:00.090-04:00Fed Stress Test a Farce
Funny, I thought the ban...Fed Stress Test a Farce<br /><br /><br />Funny, I thought the bank bailout was supposed to encourage more<br />lending. The dividend increases will fatten the paychecks of bank<br />executives, but I don’t see lending taking off anytime soon. There<br />was plenty of information about what went into the Fed assessment of<br />the financial health of the banks, but “mark to market accounting” was<br />not mentioned one single time in any release or report I read from the<br />Fed. “Mark to market accounting” is simply valuing an asset for what<br />you can get for it today. It has been a standard method of accounting<br />much of the 20th century, and it is how the IRS values assets.<br /><br />Many of the 19 largest banks are sitting on possibly trillions of<br />dollars of mortgage-backed securities (MBS) and underwater real<br />estate. Because of an accounting rule change in April 2009 by the<br />Financial Accounting Standards Board (FASB), “mark to market<br />accounting” is largely ignored. Banks can hold diminished assets on<br />their books at whatever value they think they can get for them in the<br />future.<br /><br /><br />http://usawatchdog.com/fed-stress-test-is-a-farce/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-77353314364709522782011-03-23T17:34:50.242-04:002011-03-23T17:34:50.242-04:00Why don't you remove the spam instead of this ...Why don't you remove the spam instead of this article.<br /><br /><br />Fed Stress Test a Farce<br /><br /><br />Funny, I thought the bank bailout was supposed to encourage more<br />lending. The dividend increases will fatten the paychecks of bank<br />executives, but I don’t see lending taking off anytime soon. There<br />was plenty of information about what went into the Fed assessment of<br />the financial health of the banks, but “mark to market accounting” was<br />not mentioned one single time in any release or report I read from the<br />Fed. “Mark to market accounting” is simply valuing an asset for what<br />you can get for it today. It has been a standard method of accounting<br />much of the 20th century, and it is how the IRS values assets.<br /><br />Many of the 19 largest banks are sitting on possibly trillions of<br />dollars of mortgage-backed securities (MBS) and underwater real<br />estate. Because of an accounting rule change in April 2009 by the<br />Financial Accounting Standards Board (FASB), “mark to market<br />accounting” is largely ignored. Banks can hold diminished assets on<br />their books at whatever value they think they can get for them in the<br />future.<br /><br /><br />http://usawatchdog.com/fed-stress-test-is-a-farce/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-21939574920782417022011-03-23T16:38:14.241-04:002011-03-23T16:38:14.241-04:00Fed Stress Test a Farce
Funny, I thought the ban...Fed Stress Test a Farce<br /><br /><br />Funny, I thought the bank bailout was supposed to encourage more<br />lending. The dividend increases will fatten the paychecks of bank<br />executives, but I don’t see lending taking off anytime soon. There<br />was plenty of information about what went into the Fed assessment of<br />the financial health of the banks, but “mark to market accounting” was<br />not mentioned one single time in any release or report I read from the<br />Fed. “Mark to market accounting” is simply valuing an asset for what<br />you can get for it today. It has been a standard method of accounting<br />much of the 20th century, and it is how the IRS values assets.<br /><br />Many of the 19 largest banks are sitting on possibly trillions of<br />dollars of mortgage-backed securities (MBS) and underwater real<br />estate. Because of an accounting rule change in April 2009 by the<br />Financial Accounting Standards Board (FASB), “mark to market<br />accounting” is largely ignored. Banks can hold diminished assets on<br />their books at whatever value they think they can get for them in the<br />future.<br /><br /><br />http://usawatchdog.com/fed-stress-test-is-a-farce/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-38053572786353392102011-03-23T14:01:29.183-04:002011-03-23T14:01:29.183-04:00Do any of these guys take oaths when in office?
...Do any of these guys take oaths when in office?<br /><br /><br />Fed Stress Test a Farce<br /><br />Funny, I thought the bank bailout was supposed to encourage more lending. The dividend increases will fatten the paychecks of bank executives, but I don’t see lending taking off anytime soon. There was plenty of information about what went into the Fed assessment of the financial health of the banks, but “mark to market accounting” was not mentioned one single time in any release or report I read from the Fed. “Mark to market accounting” is simply valuing an asset for what you can get for it today. It has been a standard method of accounting much of the 20th century, and it is how the IRS values assets.<br /><br /><br /><br />Economics professor and former bank regulator William Black thinks some institutions are insolvent now, like Bank of America. He wants B of A taken to receivership. B of A just announced 2 weeks ago that half of its 13.9 million mortgages are “bad.” Black also says the FASB rules are a “farce.” Late last year, he co-wrote an Op-Ed piece in the Huffington Post that said, “This accounting scam produces enormous fictional “income” and “capital” at the banks. The fictional income produces real bonuses to the CEOs that make them even wealthier. The fictional bank capital allows the regulators to evade their statutory duties under the Prompt Corrective Action (PCA) law to close the insolvent and failing banks. . . . We have made the CEOs of the largest financial firms — typically already among the 500 wealthiest Americans — even wealthier. We have rewarded fraud, incompetence, and venality by our most powerful elites.”<br /><br />http://usawatchdog.com/fed-stress-test-is-a-farce/Anonymousnoreply@blogger.com