The Goldman Sack's Mafia

[rb336]

Actually, rb, I took the day off and watched the entire hearing gavel to gavel. I have a dog in the hunt.

GS is accused by the SEC of FAILING .

i was talking about what the subcommittee was charging, or, rather, the line of questioning they [[reps and dems) were taking towards the GS crew

when a corporation acts as a if it has an antisocial personality disorder, then like individuals, it doesn't care if it is doing wrong [[and yes, GS displays most of the traits of APD)

[mjs]

Perhaps I'm stating the obvious, but if we're looking for one general cause, would it not be over-deregulation? That seems to be the conspicuous elephant in the room that many people would like to ignore. And it's not just the financial meltdown that was caused by over-deregulation. What about all the poisoned imports and food safety problems we had around the same time the financial meltdown was brewing? The pattern is there right out in the open.

Amen, Amen, Amen!!! Still waiting for Congress to reinstate Glass-Steagall by repealing their well celebrated Gramm-Leach-Bliley. If I were in Congress, I would have refused the banker welfare bill unless a GLBA repeal was a part of it.
http://en.wikipedia.org/wiki/Gramm%E...0%93Bliley_Act

You lose money to Goldman Sacks personally? How much?

Alot! As Brian Dickerson explains, "Levin's theory about the nexus between what banks like Goldman did and what happened to housing values in your neighborhood is becoming conventional wisdom among economists."
http://www.freep.com/article/2010042...r-neighborhood

It really isn't so partisan. Both parties are being amply provided for by Golman Sachs and its peers.

They gave to both parties, but money to Dems outnumbered money to Repubs by 2 to 1 and sometimes 4 to 1 depending on branch and year. In 2008, Dems share rose up to $4.5 million while Repubs tapered down to $1.5 million. Click on Goldman's 2008 recipient tab. The really frustrating part is how many of the biggest 2008 beneficiaries now work in the White House, how many used to work for GS, and how many will after they leave the White House.
http://www.opensecrets.org/orgs/topr...t=A&cycle=2008

Sounds like Paulson will take one for the team.

"Neither Mr. Paulson nor his firm has been accused of wrongdoing in the SEC's case against Goldman, which alleges that the bank and an employee failed to tell participants in a complex mortgage deal that the bearish hedge fund helped picked assets in the deal. "
http://online.wsj.com/article/SB1000...328352588.html



Finally, according to the SEC website itself, "The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter."
http://www.sec.gov/news/press/2010/2010-59.htm


3WC and Retroit, all informative and very well said.