Relevant:
- Keiser Report -- Murderers & Martyrs!
- Donald Trump Has a Goldman Sachs Problem: Derivatives
- Even Goldman Sachs Secretly Believes That An Economic Collapse Is Coming
- Market Manipulation, Systemic Risk and Fraud, Pure and Simple, And It Continues Today
- Goldman Sachs's Profit and Revenue Tumble in Quarter
2009-12-14 — market-ticker.org
The Wall Street Journal has put forward an article that adds color to the general view I have always held about securitization, risk-shedding, and what I allege amounts to organized, systemic fraud by our "big banks."
While they focused on Goldman Sachs, it is a serious error to maintain focus there as a "universal" or "sole" villain. Quite to the contrary - the entire financial system became one gigantic fraud machine during the last 20 and especially the last 10 years.
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Comments:
tvsterling at 08:35 2009-12-15 said:
Perhaps this is flogging the obvious but anyway; Credit Default Swaps need to be outlawed. The reason besides the facts in this article is that they are illegal gambling contracts. The government is petrified. Unwilling or too scared to act. Obama is making like Bush's kid brother. Takes the peace prize & makes an acceptance speech about how wonderful war is. Calls a big meeting of bankers to supposedly read them the riot act & then offers them tea & cookies like he was his wife instead of the man of the house. Anyone for side bets about his second term chances if he keeps this up? Permalinkadd a comment | go to forum thread
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