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Old 04-16-2010, 01:32 PM   #1
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Goldman-Sachs - Robber Barons - charged with fraud by SEC - Finally !

SEC's Goldman Charges Send Shocks Through Financial Markets - WSJ.com


Too connected and powerful to be held accountable?


or


these charges are baseless?
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Old 04-16-2010, 01:39 PM   #2
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SEC's Goldman Charges Send Shocks Through Financial Markets - WSJ.com


Too connected and powerful to be held accountable?


or


these charges are baseless?
Considering how many former Goldman employees now work for the Fed or are in the cabinet or host CNBC yak shows - this is probably just the tip of the iceberg and will end up being a small concession compared to the real crimes we'll never know about.

I've mentioned this before - the problem isn't capitalism - it is the government-capitalistic-hydra that is the problem.
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Old 04-16-2010, 01:55 PM   #3
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capitalism, unchecked is a problem

the lack (or relaxation) of regulation is the primary cause for most of these problems

moderation in all things
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Old 04-16-2010, 02:04 PM   #4
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the lack of regulation is the primary cause for most of these problems
It could be argued that many regulations are put in place by lawmakers backed by companies with the intention thwarting completion.

I agree that unchecked capitalism is harmful. However, the government’s sole purpose should be to “monitor and protect” – not to become an actual player or to rain down favors upon the people that put them in office.

The current financial crises has several root causes, and many of them start with government backed entities (such as Fannie Mae and Freddie Mac) and government placed policies (interest rate decisions, dollar devaluation).
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Old 04-16-2010, 05:36 PM   #5
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Considering how many former Goldman employees now work for the Fed or are in the cabinet or host CNBC yak shows - this is probably just the tip of the iceberg and will end up being a small concession compared to the real crimes we'll never know about.

I've mentioned this before - the problem isn't capitalism - it is the government-capitalistic-hydra that is the problem.
Spot on. Agree completely.
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Old 04-16-2010, 07:56 PM   #6
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I will give Goldman one thing though. They really know how to look after their staff.
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Old 04-16-2010, 08:12 PM   #7
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Old 04-17-2010, 01:33 AM   #8
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Simon Johnson, on Real Time, really explained well what Goldman Sachs is alleged to have done. Wow. Selling securities designed to fail then buying insurance to profit on it? Un-fucking-believable. I pray they get hammered for this.
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Old 04-17-2010, 01:52 AM   #9
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In my ideal world, these guys would all be arrested, put on trial, charged with all their fraudulent crimes, and hauled off to jail-and it'd all be televised.

But that's not likely to happen. Just so long as I know they are actually getting the proper punishment for their crimes, so long as I know they actually will go to jail for this crap, I'd be satisfied. They definitely deserve to go down, and I hope they do. I'm personally with deep, too, we need common sense regulation on these businesses. AEON is right, capitalism in and of itself is not inherently a bad system, but unfortunately, some abuse the system and we need proper means to stop them from doing so.

Angela
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Old 04-17-2010, 03:01 AM   #10
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Another article to make you sick.Fabrice Tourre, Goldman Sachs VP, at center of SEC complaint - Apr. 16, 2010

Quote from article: "More and more leverage in the system, The whole building is about to collapse anytime now ... Only potential survivor, the fabulous Fab[rice Tourre] ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those moustruosities[sic]!!!" wrote Fabrice Tourre (Goldman Sachs) on Jan. 23, 2007,
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Old 04-17-2010, 03:03 AM   #11
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Simon Johnson, on Real Time, really explained well what Goldman Sachs is alleged to have done. Wow. Selling securities designed to fail then buying insurance to profit on it? Un-fucking-believable. I pray they get hammered for this.
Hey - one of my good friends lives up in Los Feliz, home of "Swingers" - naturally he's a budding director...
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Old 04-25-2010, 07:41 PM   #12
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Dodd Accepts Ban on Bank Derivatives Business - ABC News

can they pass some meaningful legislation?
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Old 04-25-2010, 08:57 PM   #13
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Hmm, I'm still not convinced Goldman are the bad guys in the whole escapade.

One is thing I would say in their defense is that they do seem to operate on the basis of being a genuine meritocracy. Other firms preach it, they are genuinely like that.
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Old 04-26-2010, 10:03 AM   #14
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One is thing I would say in their defense is that they do seem to operate on the basis of being a genuine meritocracy. Other firms preach it, they are genuinely like that.
Actually this isn't quite true. My wife's family has some people working for Goldman - they are all about family and good ol boy connections like most other state sponsored companies - according to them.

The game is rigged in their favor - that isn't merit. That's theft.
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Old 04-26-2010, 03:42 PM   #15
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Republicans poised to block debate on finance reform

The most comprehensive changes in financial regulation since the 1930's are unlikely to clear their first obstacle in the Senate tonight as Republicans try to hold out for a bill more favorable to Wall Street.

They were attempting to carve out a better deal for the banks even as news broke today of additional outrages in the government fraud case against Goldman Sachs and as the latest Washington Post-AP poll showed support for strict new curbs on Wall Street by more than two thirds of the American public.

President Obama and Democrats are seen as having seized the political initiative on the issue despite being short by one Republican vote they need to side with them in their attempt to begin debate in the Senate this afternoon.

Doing the bidding of the banks, Senator Richard Shelby, the chief GOP negotiator on finance reform, said his party will stand firm in blocking debate. "If we hang together on the floor, we can create critical mass," he told a gathering of bankers this morning.

I am watching C-Span 2 now.

I hope the Dems make the GOP vote on this again and again.


Whatever advantage the GOP may think it has in Nov with HCR.

This should negate it, with them doing the bidding of the Wall Street Insiders.
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