Goldman-Sachs - Robber Barons - charged with fraud by SEC - Finally !

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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.
 
capitalism, unchecked is a problem

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

moderation in all things
 
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).
 
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.
 
I will give Goldman one thing though. They really know how to look after their staff.
 
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
 
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,
 
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...
 
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.
 
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.
 
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.
 
Judd Gregg R-New Hampshire is in C-Span now,
to me it seems he is just doing interference for the 'too big, too fail' guys.




He is railing against something that he says is terrible. It got 10 of 22 votes in committee. It did not make it into the bill.
He is using something that is not in the bill (that he says is bad) , to argue that people should not support the bill.:huh:
 
scrawl on bottom of screen says all 41 GOP said they would vote no.

roll call - still going on

so I guess hoping for 60 votes may have been in vain. :shrug:
 
Where were you in Sept 2008?

When the financial melt down began?

What did you think? Many thought everything was going to collapse.

Hank Paulson, Bush's treasury secretary and a man with a personal fortune estimated at $700m, got down on his knees before Nancy Pelosi, and begged her to save his plan to rescue Wall Street


Calendar No. 349

111th CONGRESS

2d Session

S. 3217

To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail’, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.


and now this legislation can't get 60 votes?
 
The impasse may be short-lived because behind-the-scenes negotiations among Democrats and Republicans are aiming to craft a compromise that could win back Nelson and some GOP converts — perhaps by the end of the week.

Monday's vote was largely a piece of political theater. Democrats believe the GOP will end up looking like obstructionist friends of Wall Street. Republicans welcomed the chance to present themselves as preventing hasty action and holding out for better protection of taxpayers against the excesses of high-flying financiers.

"A party that stands with Wall Street is a party that stands against families and fairness," said Senate Majority Leader Harry Reid (D-Nev.), who switched his vote to "no" at the last minute to have the parliamentary right to ask for Monday's vote to be revisited.

And Senate Republican leader Mitch McConnell (R-Ky.) said his party was opposing the bill because it did not do enough to ensure that the government would not again foot the bill for bailing out institutions deemed "too big to fail."


Finance reform: Senate debate delayed - latimes.com
 
Obama said in a statement,

"Some of these Senators may believe that this obstruction is a good political strategy, and others may see delay as an opportunity to take this debate behind closed doors, where financial industry lobbyists can water down reform or kill it altogether, But the American people can't afford that."
 
Reid Move Forces Real Filibuster, Traps GOP »

BY MICHAEL MCAULIFF

Harry Reid may have voted with Republicans this evening against taking up the financial reform bill. But he wasn’t doing them any favors.

Reid voted “No” in a procedural move that, under Senate rules, lets him bring the issue back up at any time — likely tomorrow. And, he engineered a vote — on a simple majority just a bit ago that is forcing senators to come back to the floor, with the sergeant at arms requesting the presence of absent senators.

It’s almost like a real, old-fashioned filibuster, except it’s Democrats streaming to the floor and railing against the GOP for blocking financial regulatory reform and defending Wall Street.

This, in theory, could go on all night, but is expected to end around 9 p.m. And, if Reid wants to keep voting with his friends on the other side of the aisle, he could continue this tactic pretty much as long as he wants.

You can expect repeated blasts at the GOP. They surely knew Democrats intended to hammer them, but we don’t think they saw this coming.

This could be interesting, Reid could bring it up for a vote again tomorrow and if the GOP votes lock step again, he can vote no himself and then call it up the next day and do it all over again.
 
Looks like the Dems will hold a 2nd vote at 4:30 pm (one hour from now)

to proceed to the Bill

at which time any Senator can offer up amendments to change or correct any real problems in the legislation

The news cycle tonight will be the Senate Hearings with Goldman Sachs complicit in the sub-prime melt down

and GOP trying to water down any meaningful legislation to deal with these problems.
 
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