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- XPpro, on 11/01/2009, -6/+131Epic evil. It's like a restaurant serving its customers poison and then taking out life insurance policies in their name.
- InactiveUser, on 11/02/2009, -5/+971. Place Goldman insiders in government.
2. Remove protections and glass ceiling.
3. Encourage bad loans.
4. Package loans into golden gift boxes full of dog *****.
5. bet against the market
6.
7.profit.
Too big to fall - too big to trust. - Robodoon, on 11/01/2009, -17/+66And guess who President Obama has all around him, Men from Goldman Sachs.
Goldman "Sacks" Hey that name fits - bjornski, on 11/01/2009, -28/+75Short-selling the country. Gutting it for profit. Mitt Romney would be proud!
This type of ***** needs to be banned.
/in before the Randroids saying that it was caused by too much regulation and fiat currency. - BIGOTHER1, on 11/01/2009, -10/+56The regime of corporate control of American money has had only one aim: looting.
CEOs loot the companies they've used leverage dollars to buy.
Just remember what Kenny Boy Lay of Enron infamy asked for from G W Bush in return for his campaign contributions: he asked to be named Secretary of the Treasury. A really big pot of money to suck out of us.
Republicans are the biggest shills for these guys, though Democrats have hardly been immune to the joys of looting. But Republicans don't even want us to get a penny of our money back in government services: that would be a waste, and cut into the booty.
Weber didn't think capitalism could survive this kind of piracy and neither should we. - angusm, on 11/02/2009, -7/+45I guess now we find out whether Goldman executives are too big to jail.
- vroom101, on 11/02/2009, -4/+38Read...
#1. "The Great American Bubble Machine: From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again" by Matt Taibbi: http://www.rollingstone.com/politics/story/2912731 ... (article on one page) via http://www.rollingstone.com/politics/story/2912731 ... (www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine)
#2. "Wall Street's Naked Swindle: A scheme to flood the market with counterfeit stocks helped kill Bear Stearns and Lehman Brothers -- and the feds have yet to bust the culprits" by Matt Taibbi: http://www.rollingstone.com/politics/story/3048151 ... (article on one page) via http://www.rollingstone.com/politics/story/3048151 ... (www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle)
#3. "How Deregulation Eviscerated the Banking Sector Safety Net and Spawned the U.S. Financial Crisis" by Shah Gilani: http://www.moneymorning.com/2009/01/13/deregulatio ... (www.moneymorning.com/2009/01/13/deregulation-financial-crisis/) - bjornski, on 11/02/2009, -6/+39He's just another corporatist.
He's just owned by the banks, instead of by the military.
Either way, this administration represents corporations, not citizens. - 08soso, on 11/01/2009, -7/+36The "vampire squid" strikes again.
- acknotSW, on 11/02/2009, -1/+26All these companies knew this was coming, the game was making sure your company wasn't the one holding the bad debt when it all came crashing down.
- ChuckDees, on 11/02/2009, -4/+25Both political parties are very much the same.
No matter the differences the noise machine in the media tries to point out.
Its almost like they do not want you to see just how much alike they are.
George Carlin used to say the GOP cared about property and the Democrats pretended to care about people. - acknotSW, on 11/02/2009, -0/+18JayTee44, I didn't know much about the economy at the time either, but even I knew some very bad stuff was coming when I kept seeing 20 to 50 ditec adds per day offering interest only home loans to people with bad credit.
I almost bought a house 2 years ago. Now I'm really glad I spent that time paying off my student loans and credit card debt. - ChuckDees, on 11/02/2009, -5/+23Things like this will never change. These people honestly control the rigged system set up for them. If the government ever gets any kind of nerve to place limits on their reckless gambling.
They just find a scam to over ride that rule, then find some politician to pass a law making it legal.
Look at health care reform. The "public option' will only be ALLOWED to cover 2% of the people.
Why? Because if everyone had the choice it would cut into the profits of wall street the share holders and the bonuses the CEOs of the health care companies get. - nuketrap, on 11/02/2009, -3/+20That's ***** up, I feel really bad for the retirees who lose their retirement money because of the ***** in the company. Whats worse is the PR people will cover the companies ass and people in the company don't care about anyone else but themselves.
- yurbud, on 11/01/2009, -13/+29If there was ever something to write the president, your congressman, and senators about, this is it: Here are the links to do so:
Obama
http://www.whitehouse.gov/contact
Senate
http://senate.gov/general/contact_information/sena ...
House
https://writerep.house.gov/writerep/welcome.shtml
Dept. of Justice: askdoj@usdoj.gov
SEC
https://tts.sec.gov/acts-ics/do/question
Treasury's page is a #@*&ing mess. If you figure out which link within this page is appropriate, let me know.
http://www.ustreas.gov/contacts.shtml
I went to their FAQ and tried to find an answer and couldn't but they had a link to suggest new FAQs, so I suggested CRIMES BY FINANCIAL INSTITUTIONS. - firesphotons, on 11/02/2009, -0/+16Well stated, I'm sure I will be gone from Earth and the situation will still be unchanged. The adult children our society churns out are more easily misled than ever.
None are more hopelessly enslaved than those who falsely believe they are free
JW Goethe - insanebrain, on 11/02/2009, -3/+17Goldman Sucks.
- Mariokartfever, on 11/02/2009, -4/+18If you think this is the capitalism Rand was defending then you should try reading one of her books.
- kaelyiesta, on 11/02/2009, -0/+13'Again' is very fitting. This isn't the first time bankers and the fed have worked with government to create an unsustainable market and short it when they saw it getting ready to burst.
http://www.amazon.com/Creature-Jekyll-Island-Feder ...
That book shows just how little of this conspiracy theory is theory and how much of it is simply documented conspiracy fact. - phpld, on 11/02/2009, -6/+19If a firm the size of Goldman were to go bankrupt it would bring down our economy. It is time to break this firm up into smaller pieces. And then firms like this should not be protected like a bank. They are not a bank, yet they are risking our money.
Also, if you are fed up with big banks, join a credit union! They have better rates than banks anyway, and they are what banks secretly fear. ANYONE can join some credit union including Melrose Credit Union and Alliant Credit Union.
(and don't bother with Ally which is GMAC which is about to ask for their 3rd bailout) - mwilhelm, on 11/02/2009, -0/+116. Reincorporate as a bank so you can get risk-free taxpayer capital to invest against your customers. Make sure the Treasury secretary is your ex CEO and his lackies will force all your competitors to go out of business.
6.a encourage use of proprietary trading desk to combine insider info with customer sentiment to find the best position.
6.b write software which allows you primary access to exchange computers and enter trades microseconds before your customers. when said software is stolen, imply that the thief could use it to rig markets, but you would never do such a thing.
6.c buy the few politicians that don't already work for you. Strong arm the rest.
8. Brag about it every chance you get.
If you'll notice - after the New England Patriots got caught cheating, they stopped winning! - bizzywho, on 11/02/2009, -0/+11Oh please! Washington D.C. sold out the whole nation to Goldman Sachs.
Washington D.C. is Goldman Sach's whore. - UKLooney, on 11/02/2009, -1/+11Isn't this fraud? i.e. selling something that you know is worthless under the guise of it being profitable...
I'd be in jail if I did that. They get government handouts and multi million dollar bonuses!!
Could someone tell me what chloroform smells like. - sciencelovesyou, on 11/02/2009, -0/+10Say what you will about GS, but, please, do not besmirch the fine name of the noble vampire squid.
- ChuckDees, on 11/02/2009, -2/+11Not when mortgage companies lie and tell their customer they are getting fixed rate. Then have them sign a ARM mortgage.
There was a lot of scamming and taking advantage of people.
It is always the easy way out to blame the poor. - jpete71chevmal, on 11/03/2009, -0/+9Where does the government get the money to fund the military? The banks of course.
The money changers own everything. - TsuruchiBrian, on 11/02/2009, -0/+9No it's called gambling. Gambling is what our whole economy is based on.
Corporations will keep getting government bailouts and bonuses, as long as we keep electing leaders who are in the pockets of corporations (i.e. like George W. Bush and Barack Obama). The Republican and Democrat party are 2 sides of the same coin.
I feel much safer when they are bickering. It's when they are working together (like after 9/11 and the financial crisis) that I know we are really going to get screwed. - Skankingmike, on 11/02/2009, -1/+10why would anybody in the white house care? They're all in bed with lobbyist. you like your change yet? Idiots.
(side note: both parties are corrupt) - LokitheComplex, on 11/02/2009, -0/+8Glass ceiling?
http://en.wikipedia.org/wiki/Glass_ceiling
You mean Glass–Steagall? - altgeeky1, on 11/02/2009, -7/+15I look at them as monarchists, really. They long for the old days of nobles on the hilltop, injustice, and small insurrections by the poor which gave them the excuse they needed to 'thin the herd'.
America's decline began when the GOP went to China - from that point on, we had a fifth column inside our borders.. - Locastus, on 11/02/2009, -0/+8Sounds like a really fun game...
- edstate, on 11/02/2009, -6/+13Secretly? Really? Everyone with even a wisp of economic understanding KNEW that ride was going to be over, and it was going to be a slaughter. The only secret, maybe, was the timing.
- JayTee44, on 11/02/2009, -0/+7A fair number of regular people knew it as well. It was reported, I read it, although I didn't really understand it.
- ChuckDees, on 11/02/2009, -4/+11Like i stated apologists for crooks and criminals.
Whatever........... - pintomp3, on 11/02/2009, -3/+9It's the result of unchecked capitalism. As long as money can buy elections and corporations can keep the revolving door between political office and the boardroom spinning, big business and government will collude against the people.
- homercles337, on 11/03/2009, -0/+6This is one of my primary problems with Obama. The banking oligarchy needs to be broken up. I have objected to continued financial mismanagement by this administration. Its disgusting really...
- LokitheComplex, on 11/02/2009, -2/+8God forbid anyone to talk about the causes of he greatest economic mess in history that most "experts" missed.
- BullBearMS, on 11/03/2009, -0/+6If the people who made these fraudulent loans actually had to keep them (instead of selling them off to some poor sucker via Wall Street) do you think quite so many fraudulent loans would have been made?
- pinchduck, on 11/02/2009, -2/+8So glad that they have an inside track to Treasury Secretary. There would never be a conflict of interest.
- jpete71chevmal, on 11/03/2009, -0/+6Clean? If Geithner is your idea of clean, you'd apparently go down on a whore. He worked for Henry Kissinger, the IMF and the World Bank, and the New York Fed.
And a tax cheat to top it all off. - ChuckDees, on 11/02/2009, -11/+16Dugg for Randriod. Really though they are just right wing anarchists or anarcho capitalists.
- tgc1, on 11/03/2009, -0/+5Isn't this one from JP Morgans play book from back in the 1800's?
- crocodilexp, on 11/02/2009, -0/+5Short answer: yes.
- joe573, on 11/02/2009, -1/+6I mean looking back all these banks seemed to be actively trying to crash the market. Why else would they have made so many loans to people who obviously would not be able to pay them back? This doesn't really surprise me at all but the question now is how do we punish them and how do we prevent it from happening again?
- HornyAngel, on 11/02/2009, -1/+6The point is that you believe the market is free. I will explain to you that it is a rigged game.
1) you have Dealers in every stock - companies that manipulate the stock to maximize profits.
2) you have insider information being traded upon (management, brokerage houses). No one can prevent that.
3) you have government intervention that affects interest rates, money flows, etc.
and more.
Now, if GS would have played according to the rules the average Joe plays, I would say that indeed, they timed the market, made their profit.
But what GS did was intentionally sell junk. Do you think any employee of any pension fund or insurance co. would recommend such a purchase, fully knowing that their employer is paying for AAA rating? I think there is none. All were deceived, duped, call it whatever you will.
To add insult to injury, GS turns around and shorts the same securities it sold. How can they go wrong? They probably used the profits from the long sale to short it to the hilt. That's what makes it evil. - TsuruchiBrian, on 11/02/2009, -0/+5Who's supposed to hang them? We keep voting for leaders that are in their pockets. This country could not even manage to allow these people to lose money. We were COMPELLED to give them our tax money by fear spread by our government.
How many of these Republicans and Democrats that signed the law that gave our money to these corporations still have a job? Almost all of them.
They keep robbing us because they can. - JayTee44, on 11/02/2009, -0/+5It's called the baby boomer generation. The first 'Me' generation is now old enough to be running things.
- LokitheComplex, on 11/02/2009, -0/+4Ah but were there trading hidden and public statements contrary? if you don't have a problem with this then you don't have a problem with insider trading.
- InactiveUser, on 11/02/2009, -0/+4Mayfair or Kent street?
- eryximachus, on 11/02/2009, -0/+4hanged. The word is hanged.
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