Why are people asking questions on the committee who don't even know what market making is? It is like me trying to tell someone the best way to design a rocket when I don't know anything about it. The SEC settled as their case was weak and they had insufficent evidence to ever prove anything. It was just a stick to get Obama's legislation through...once voted in, they then settled the case the same day...what a conincidence!
@arbitrage you'll never get any such luck. Before you know it wall street will be filled with the rich thieves hung from buildings and beat to death, shot with machine guns. The "peasants" are the only winners possible, they all have way too many guns and no reason to back down. The "fuck heads of the world" like yourself shall be digging your own graves and begging for a painless quick death.
This war shall be millions marching upon you, you shall be destroyed.
1.WALL STREET IIS A CASINO OF PANZE SCHEMERS,WHO TRANSFERS "OPM=OTHER PEOPLE'SW MONEY",BEING THE WEALTH OF AVERAGE AMERIACANS,TO CROOKS DOING GOD'S WORK(haha),,LIKE MADOFF&PANZE SCHEMERS IN GOLDMAN SACHS,MERRY LYNCH,LEHAMN BROTHERS, etal.
Goldman had nothing to gain by misleading it's investors. If they are shorting a security, they don't want people to buy it, they would want them to sell it to drive the value down. Unfortunately, they made a mistake in their initial assessment. Not only do they not have a responsibility to tell its customers when their positions change, but it would be impossible to call all your customers everytime you changed a position. Please, before you comment, understand the situation.
@cardinals07 the truth is they have every incentive to mislead investors: the more who buy in, the more money there is to be made. You can't bet against the investment vehicle if no one's bought it. Someone else needs to own it and to lose. It's a transfer of wealth. That's what Goldman does. Steal. Shoot them all in the face, this is what we must do.
@ytgv3fc7 You obviously don't understand how shorting a security works. They would want people to sell the security to drive the price down. However, their customers came to them wanting risk in the housing market (this was before the housing decline) and they recommended that while informing them of the risk. They have no obligation to inform them of their positions.
You American idiots will continue to take it up the ass until you discover who these people really are. If Americans ever discover who they are watch the crooks run to Israel for safe haven along with half of the Congress and then all hell will break loose.
If the government were to legalize murder, murder would still be wrong. Like wise, if bankers are allowed to create money from thin air and collect interest on it, and the govt. legalizes this process, it is still immoral.
Banks are little more than legalized counterfeit operations so it should come as no surprise that nothing good comes from them.
@dlucas90 Bankers already create money from thin air and collect interest on it. It's called the money multiplier. And no, it's not immoral. It is actually what keeps the economy healthy. If banks stopped expanding the money supply in this way, our economy would collapse. And you think the Great Depression was bad. That would be immoral.
@dlucas90 Well first off, if you took away the bank's ability to create money through the money multiplier you would have rampant deflation. A small amount of inflation is healthy because the economy is growing. To answer your question, it is not stupid to save money. But in saving your money you should retain your purchasing power. Sticking it in a cd or bond will usually let you equal or beat the rate of inflation causing you to keep or gain purchasing power.
@cardinals07 Deflation is the enemy of bankers only. There is nothing wrong with having your money buy more goods and services, unless you are a banker and then it screws up your balance.
You agree that saving money is good but only if you invest it back into the casino, er, uh, I mean stock market. Ask a baby-boomer if that fairy tale panned out for them.
@dlucas90@dlucas90 First off, I didn't say invest it into the stock market. I said bonds and cds. Those are very safe, as safe as depositing it in a bank and probably safer than keeping it in your home. In general, the more money saved hurts the economy if it isn't invested and loses the "saver" purchasing power. But you can invest with very little risk.
@cardinals07 I wonder what the numbers would look like today if one person were to invest $100 dollars a month into gold and silver, since 1971 and compared it to another person who had invested the same $100 dollars a month to fake, man-made money system like bonds and cds?
You should take a look at the amount of oil a ounce of gold can buy, it has been stable for ever, gold is way less risky than bonds.
@dlucas90 Bonds are issued by a lot of other people than banks. The U.S. government issues bonds. If nobody bought bonds there would be no America because we couldn't finance wars and other important spending endeavors. But we love giving the U.S. government so much money and hate banks (as of recent). Government's the problem, not banks.
@cardinals07 guess what ... people are stopping buying the bonds to fund your debt, and China stopped buying them 3 or 4 months in a row, and there will indeed be no America very soon. Banks and government are the same problem right now, equal in guilt and source of cause. Blaming only government is like eating cyanide and saying "look out for that arsenic over there, don't touch it!"
@ytgv3fc7 I know. It's because the American government has a spending problem. Banks only contributed to the federal debt when the government decided to bailout banks who were either victims of the financial crisis in 2008 or caused it. Government , however, caused and allowed the anks to make risky moves and the knew it. Look at Fannie Mae and Freddie Mac as well as the repeal of Glass-Steagall.
@dlucas90 You got that right. If inflation didn't happen you'd still see the gold & silver vs oil ratios be relatively similar (not quite: production costs are not the same and that's a real serious curve-ball). Then of course we coupled in off-shoring / out-sourcing and this forced wages to deflate while prices inflated with the money supply. Insanity. A recipe for killing an economy later for the greed of a few slave-masters starting in the mid 80's and even now.
@ytgv3fc7 I don't know where you get the idea that wages fell since the mid 80' to now. Companies have been forced to outsource because of the American government's policies and regulations and that has hurt our economy. You're are right about that.
@ytgv3fc7 Deflation would hurt our ability to import goods. In our globalized economy, that would be catastrophic. America would no longer be the economic superpower that it is. Costs would rise since we could not buy as many foreign goods. With the rise of costs, companies would have to scale back and unemployment would rise and wages would fall. Ultimately, I think we are just going to have to agree to disagree about all this.
@cardinals07 hurting the economy is not important when it comes to your savings. Your savings should be in your pocket, your safe, kept away from anyone's fraudulent fingers and plans. OUT of the economy. The economy should only depend on your CHOOSING to use some PORTION of your income or savings, NOT on your ENTIRE SAVINGS being risked in the markets of any sort. Investing in gold MAINTAINS saver-purchasing power, you need to study more.
@ytgv3fc7 I believe I said that gold was a good investement. However, there is a gold market just like a bond or stock market. Gold rises and falls in price. Investing in gold really contradicts what you just said.
@cardinals07 bonds are in the market, their yields and prices are determined by the market. It's not a "stock" equities market in the same way as shares but they are manipulated markets. The Goldman Sachs manipulation is what's caused the bailouts in the USA and the Greek debt defaults right now. Or did you imagine there was another reason?
@ytgv3fc7 Goldman Sachs did not cause the American financial crisis. Your a fool if you think so. The government helped it along with the repeal of Glass-Steagall. Fannie Mae, Freddie Mac, Lehman Brothers and others were instrumental in the industry's collapse. Goldman Sachs obviously did not cause the Greek debt problem as they never sold any of the toxic securities to them.
@cardinals07 from what I've been seeing in Max Keiser videos, Goldman definitely helped Greece with fraud, knowing the final outcome, as Goldman always does. This is causing a debt problem by magnifying a previous one. Goldman definitely caused the American crisis and only a fool would conclude otherwise. Without their action, only a simmering rot would appear and perhaps meander around the ill nation rather than transform into pure cancer.
@ytgv3fc7 Goldman received approx 1% of bailout monies and also make up approx 1% of the CDO market...anyone remember Freddie Mac and Fannie Mae/GM etc??? What caused the crisis to be honest was cheap credit from the residential mortgage market (the asset behind many of the product traded by all financial institutions including AIG). People with 100%+ loans is just plain irresponsible and I really can't believe the government allowed this knowing it would all fall over at some point.
@billyelliot1975 you definitely got that right. I am still shocked idiots would sign up for 100% mortgages but maybe they planned on defaulting anyways, some of them. It's an attempt at voluntary slavery that people should have known better would end badly. So long as people really calculate properly the amount a borrower can repay, for real, then you can get a stable income-source. Lots of people seemed honest enough to try to repay those.
@dlucas90 Second, if you understood macroeconomics, you would understand that deflation is worse than inflation. Deflation loses jobs, lots of jobs. Companies can't sell their goods for as much so they have cut back. That means laying off workers and cutting pay. Obviously, with less money or no job, your money buying more doesn't look so good anymore.
@cardinals07 if YOU understood math, and not the propaganda taught in schools that poses as "economics" (or psychology for that matter) you'd know you just swallowed a load of feces and expected us all to do the same. Deflation means the gaining of jobs, wage-power and riches for all. Deflation is the best possible economic outcome. Companies can't sell their goods with INFLATION because they cost too much. Companies sell MORE with deflation because it's higher purchasing power for all. MOREJOBS
@ytgv3fc7 Rather than making this about math (since I discussed the "math" below), let's make it about history. Point to one time in American history where a prolonged period of deflation occurred and people prospered.
@cardinals07 the entire time we've had computers, they have been in market-deflation, and this has been prosperous for the entire planet. Without this, the world economy could not even exist at all as it has. No internet, no 3-D video games, no skype, no youtube. None. This prolonged 30+year deflation is critically good for humanity.
@ytgv3fc7 I can point to prolonged periods of inlation where people prospered. Let's see, the 1990's, the 1980's, the 1940's (after WWII) and the 1950's, the 1920's, the 1880's, and I could argue the 1820's and 30's as well as the 1790's. Your turn. Deflation is linked with most recessions as well as the Great Depression so good luck.
@cardinals07 90's: not prospering in reality ; 80's, lots of fraud coke-head economics BUT also the creation of NAFTA; the 40's : pretty unfair to claim any part before WWII and even so, WWII was a major twist in which no normal factors compare. You can compare it to other war and post-war periods to be valid. That's it.
Deflation & recessions are good for everyone who's not the top few % of moneyed elite. That's how it went down and what will continue to happen.
@ytgv3fc7 In the 90's the unemplyoment rate steadily fell until it reached the lowest level ever in the U.S. In 1982, America came out of a deep recession (caused by too much inflation) and inflation lowered to a mild level. Tax cuts and spending increases led to more money in people's pocket, causing prolonged economic prosperity.
@ytgv3fc7 WWII brought us out of the Great Depression and brought a moderate level of inflation. The baby boom along with the Military-Inustrial Complex created led to the rise in inflation as well as the economic prosperity. Many women and minorities were able to work for the first time. Labor unions and corporation, both large and small grew immensely. This occured alongside inflation not deflation.
@cardinals07 Fail. 1990's the "prospering" was stealing for many, many were ripped off and are poor today because of it. 1940's: fail again, wages went up much faster than prices and this makes all the difference. Now that wages can not, will not, rise to match prices, as over-all inflation happens, we're looking at a horrifying global nightmare. Deflation is prosperity for the masses. It is the one sign of increased production & quality.
@cardinals07 rampant deflation is a sign of powerful riches. When every day the work you do is worth more so the things you need costs you less this is a sign of high efficiency, high ability, high value, a powerful economy. It's "great for business" when their profits are up because their costs are down and this is the same deflation you speak of! Deflation for us all, riches, as every second of work and wages buys more. It's a myth that wages must drop with prices.
@ytgv3fc7 Let's think this through. If a car sells for a thousand dollars less. I am not going to buy an extra car. Same with a house. Same with a computer. Same with a tv. I only need one. This drives profits down. But costs are also down, so it's a wash, right? Wrong. Profits fall more than costs because deflation does not promote spending while inflation does.
@cardinals07 Your way of thinking is not like many others. If a computer cost goes down I will buy another. I will either replace the one I have or combine them together. If a car price goes down I will consider the cheaper cost of having it in good condition than the maintenance on the older car, perhaps make the buy. Deflation promotes spending, inflation promotes non-spending. The more inflation, the less I spend.
@ytgv3fc7 To expand, if that car you want is dropping in value by 3 or 4 percent anually. Why would anybody buy it now? It will be cheaper next month and a lot cheaper next year. This is why profits decrease. If the car is going to increase in value by 3 or 4 percent annually, I want to buy it right now so that I don't pay more later. This drives profits higher, higher than costs. That's why a small amount of inflation is healthy.
@cardinals07 if the car I want is dropping in price so I can get it sooner, I'll buy it sooner so that I have it, otherwise there won't be a car to buy. The price curve isn't infinite, the supply quantity vs people who will buy is a factor. Then it's all gone and too bad for me. This is unrelated to profits - the drop in price vs the drop in supply dictates what people will get and when it's too late. Your concept of deflation vs inflation is the brainwashing carbon-copy mistake. It works my way
@ytgv3fc7 I'm sorry, but once again, history does not support your claim. In periods of deflation, spending falls. It is a historical fact. Economists attribute this to people not wanting to buy items because they will be cheaper the next month, even the next day. Whether or not they are right, spending still fell.
@cardinals07 to clarify: there's no reason to assume a deflation "now" will "keep happening" so if I want a good price & wait for a better one, that day will never come and my chance is over. This is why people buy on sales & save money and do it as soon as possible. If a car is going to keep going up in price I'm going to buy no car at all. This is why inflation is unhealthy: it promotes non-spending until deflation returns, if ever.
@cardinals07 CD's and bonds don't beat inflation, not ever. Real inflation is always something like 100% more than stated inflation / core CPI. Saving requires gold, silver, platinum, to protect against inflation. Saving in CD's or bonds means losing against inflation every single time.
@ytgv3fc7 This comment makes no sense. Are you talking about real inflation vs. nominal inflation? In general, bonds beat inflation. However, because the government has been going on a spending spree for the past three years, bonds are less likely to beat inflation right now (because it is so high). You can thank the government for our inflation problem. I-Bonds, however, are designed to beat inflation. Gold is a good hedge against inflation though. It's all about weighing your options.
@cardinals07 a small amount of relative inflation is unhealthy and is robbing us all. HOWEVER, a reasonable amount of ACTUAL, ABSOLUTE money supply inflation t match production levels is sensible enough. While not permitting deflation it does permit the trading units to maintain vs the units of products being traded for. It ignores the real cyclic problems of real trade (dollars linearize utility which is not linear). Gold's a better investment than a bond.
@ytgv3fc7 I never said gold wasn't. But it isn't always a better investment. You must analyze the markets at the time you want to save. If you think gold will rise 5% in the next two years, but an I-bond will give you 8% over the next two years, obviously I-bonds are the better option. Both bonds and gold are generally considered safe investments.
@cardinals07 the money multiplier is highly immoral - it is theft and wealth transfer using debts - and it's the most unhealthy possible condition for all economies around the world. You failed math in school, obviously. If banks stopped expanding the money supply all economies would flourish and be rich and we stopped using inflation to make people poor without purpose but with 100% intention. Money printing = evil. Goods-trading = economy. You Epic Fail
@ytgv3fc7 Holy jesus. Take an econ class or something, please. Expanding the money supply increases the velocity of money which also increases the nominal national and demostic product. If you don't understand. Expanding money supply = flourishing economy. Acing Calculus does not equal failing math btw.
@cardinals07 econ course?! Your level if ignorance is somewhere between vicious and heinous.
Any econ course run the way you say would be like eating LSD sandwiches all day with a special daily treat of eating a bowl of razor blades while proclaiming at the top of your lungs that it's the most delicious cotton-candy in the universe.
@ytgv3fc7 Well you obviously took a creative writing course. Pardon me for suspecting you to not know better than almost 3 centuries of influtential economists. My mistake. You have so much credibility that you must know all the answers.
@cardinals07 3 centuries of highly influential, highly dishonest economists, whose purpose was to create slavery for us through brain-washing. I will admit they are highly influential but this is a bad thing. Their time is over, or OUR time is over, it's one or the other.
I certainly do know all the answers. You're lucky I waste any time on you at all, you are so misled, so mentally dim, but you deserve a small chance at not choosing the suicide madness you claim is sound money policy. Insane.
@cardinals07 the work I'm doing is too important to waste much time on you. Your idiocy has been put into the to-do list to respond to. But briefly: the velocity of money does not work in any way that you described. NEVER. Expanding the money supply increases the STORAGE of that money to where the money first goes and the VELOCITY is only LATER FELT when there is impetus to spend rather than keep storing, gaining interest on it, etc. The DESTRUCTION of the economy is GUARANTEED at that time
@ytgv3fc7 Haha. You're priceless. Put me on hold because you can't respond truthfully? How is loaning out money going to make people want to hold on to money? People don't get loans to hold on to them. They spend them. What happens when people spend money. Gasp. Profits rise. Jobs are created. People get raises. Destruction it is not.
@cardinals07 But I really want you to show me one instance of prologned deflation where people prospered in American history. But maybe you "put me on hold" because you can't. Cause it never happened. Deflation occured alongside most economic panics, recessions, and the Great Depression.
@cardinals07 every single second of every single day across this planet that people bought and used computers is a deflationary economic benefit. Computers have had deflation in their pricing at a rate of 0.5 x price for every 18 months for the same equipment and frequently the equipment is so slow at that time, there's no need to use it, so for the same price the actual utility has doubled (processing speed, memory capacity for chips and for disks).
@cardinals07 people?! Your fundamental misunderstanding is truly mental. People are not being loaned money. Banks are being GIVEN printed money at free rates and earn interest by holding it with the US Fed. They have every incentive to hold it until reserves are larger than they like, then it's lending time. That lending time FINALLY much later will cause the money velocity to go up so fast it will cause hyper inflation.
@cardinals07 people?! Your fundamental misunderstanding is truly mental. People are not being loaned money. Banks are being GIVEN printed money at free rates and earn interest by holding it with the US Fed. They have every incentive to hold it until reserves are larger than they like, then it's lending time. That lending time FINALLY much later will cause the money velocity to go up so fast it will cause hyper inflation.
@ytgv3fc7 Hyper inflation in our country is very unlikely because of the Federal Reserve. The Federal Funds rate will be risen to unprecendented levels and cause a massive decline in lending (hurting the economy, but not as bad as hyperinflation) before the Fed lets hyperinflation occur. It just won't happen.
@cardinals07 hyper inflation must happen because of the federal reserve. Its purpose is to cause inflation and its actions now must cause hyperinflation. The funds rate will NOT GO UP because Bernanke is SHIT SCARED he'll be fired right off the bat immediately, or even shot, if he does it. It's already got really bad before and Bernanke is no Volcker and America 2010 is NOT America 1980. Less factories, poorer education, higher unemployment, about to keel over.
@cardinals07 I already responded truthfully and highly accurately and you know it.
People aren't getting loaned money. If you deny this, you are crazy.
The US Fed is printing money and GIVING IT FREE to their favoured banks. If you deny this, you are crazy. The money is being stored so they have massive capital reserves to deal with derivatives first, lending later. The final lending phase will then spike PRICE INFLATION with money supply expansion and kill us all.
@ytgv3fc7 On the contrary, I think you are crazy or thinking people are getting money for free. Nothing is free in life. Nothing. The bailouts. Not free. There are always costs involved. Once again, your doom and gloom scenario does not agree with the facts of history.
@cardinals07 you have so much lying shit here it's on a "pending" list to be replied to. More than 15 replies.
The bailouts are free. The thieving is free. Those receiving the money will NEVER, NOT IN ALL HISTORY EVER, HAVE TO REPAY IT, EVER. It's called tyranny and theft.
Banks right now are getting FREEEEEEEE MONEY.
There is one solution. Execution of them all. Firing squads. Without that, the cost IS ZERO - to THEM.
WE who produce are to be enslaved, on the other hand
@ytgv3fc7 The FED sells securities to the banks. That is how hey get their "free" money. They don't just get it free. You'r dead wrong and until you supply any evidence at all to your claims, I'm not going to buy that the FED's printed money is just handed out free to banks. That, to me, is a conspiracy theory. The massive inflation is due to the government's spending problem.
@cardinals07 when RICH PEOPLE who got money from the US FED and their banker buddies their raises (banker bonuses) go up (we saw that) and then the rest of us who get none of that money (that's a fact) all see prices go up, wages go down, and destruction of all savings, retirement, residence (homes & rents), jobs are lost (they are still being lost faster now than before). No more raises for the next 20 years vs real inflation. Death to the economy. It's almost a done deal now. Wake UP
@ytgv3fc7 And furthermore, there is a time and place for printing money. Banks don't print money (which I think you were suggesting). The U.S treasury department does, and they have been doing it very irresponsibly. The fed trys to control inflation, but the government can't handle not being able to spend and drives it back up. Your right the government is evil and they are making people poorer.
Financial reforms are a joke! This is just a PR stunt to appease the public. All GS do later on is pour billions onto the campaign coffers of the next presidential election candidate.
I believe the senators' are intentionally trying to confuse the two to gain more support for their financial reform bill. The senators asked Goldman if what they did was appropriate, not lawful. If we agree that Goldman's actions were inappropriate, but also lawful, what does that say about the politicians whose job it was to make the laws?
The senators are accusing Goldman of acting unethically. It is not against the law for a firm to insure itself against the failure of a security it has created and sold, or to sell securities based on assets it is currently shorting. The SEC accused Goldman of lying about how the security was created. That is misleading and is illegal. It is important to distinguish between the senators' accusations and the SEC's accusations.
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."-Thomas Jefferson
i sell you a used car with faculty brake, then i buy an insurance policy on you to crash your car. as long as i am making a profit, i don't think i am wrong?
"Unethical?", Try criminal Mr. McCain!! Put these crooks in jail, and pay back the legitimate tax payers. Or, bury them to their shoulders and stone them to death.
The BigBank CEOs, Executive Officers, Board of Directors, Managers, etc are criminals, using fraud to steal Trillions of dollars from Americans. Arrest these crooks, stripped them of their ill gotten wealth, & imprison them. Break up the BigBanks, that's right break up the Big Banks. Put these anti American, financial terrorists in prison. These thieves have robbed the American people long enough. Game up Big Banker thieves, Go to Jail.
@BertGriffin88 The government has been robbing the American people longer. People for some reason think they are entitled to do whatever they want with our money without consequence. But that's besides the point. You can't arrest people when they haven't committed a crime. What crime has Goldman committed? The media labling you a criminal does not a criminal make.
@cardinals07 wrong. The bankers have been robbing people before there was any government. We ARE ENTITLED WITHOUT CONSEQUENCE TO DO WHAT WE WANT WITH OUR MONEY. We ARE and you BETTER LEARN IT NOW. RIGHT NOW.
Bankers are not entitled to steal our money just because they find out it does exist somewhere other than their pockets. This is a fraud crime and all of Goldman should be jailed or shot for it. SHOT IN THE FACE for Blankfein. IN THE FACE.
nothing will be dealt. the guy won't say anything with a legitimate point to stand by it. and he won't drag any other parties into this, when asked about,
Not trader but traitors. The should be punished and made an example of. This shit would stop NOW! Why do they always get a free pass and we get the book! Wake up congress and do what is American. Treat and judge people on their misdeeds not their wealth of dirty money!
I hope the truth doesn't upset you but these sociopaths would do well in prison. They are use to screwing clients in the ass and now it's their turn! We must be as fair as possible.
@billeybop I have bad news for you. You know how in zombie movies if they don't turn to using fire, somehow the contagion always spreads and you get a sequel? If you don't kill them, more will come. It's just how it is. A contagion. Life-destroying, viral contagion. Burn it all. Cleanse the world. It's for OUR SAKE, not to give them mercy in the face of angry people.
@ytgv3fc7 I would like to see some drama. How 'bout we send them and all their loot to the moon where it has no buying power and a limited oxygen supply, while we watch the new reality show called ' No Survivors".
@billeybop have you seen Ultimate Survivor at the killfrog site ? You ought to check it out. "you hear that? They're talking about you behind your back. You know what you gotta DO" (part 5 or the last part or something)
this is bogus, the ass-reaming the politicians are giving them is just grandstanding, goldman owns all of those sell outs and will only get a slap on the hand. Anything less than the equivelant of both bailouts as their punishment is a slap on the hand. goldman is purposefully murdering the economies of most of the G20 countries. They did it to Greece, they did it to Iceland and they should all burn in hell.
Personally, I think the DOJ would have more success and certainly more public support with launching a criminal investigation into the workings of it's boss the US Gov't.
Goldman sold clients exactly what they asked for. The "clients" were other banks as well that should have been able to analyze the product and due their own due diligence. These products were not "guaranteed to fail.
They were high risk high return. And of course as in all derivatives, someone wins and someone loses.
You can legally sell a lemon car to someone, you can sell a house with a bad foundation....of course you have to disclose this knowledge first. And that is what GS is guilty of not doing. If the the car dealer or property seller fails I can return the product or sue for my damages. We all know GS is not going to suffer that
And while I am no fan of the "free market solves itself," GS just aquired an expiration date from a customer POV
Why are people asking questions on the committee who don't even know what market making is? It is like me trying to tell someone the best way to design a rocket when I don't know anything about it. The SEC settled as their case was weak and they had insufficent evidence to ever prove anything. It was just a stick to get Obama's legislation through...once voted in, they then settled the case the same day...what a conincidence!
billyelliot1975 1 year ago
Fabrice Tourre...."I deny categorically the SEC's allegations."
And, since I work for Goldman Sachs, I can lie like hell
and at night sleep well, cause I ain't going to jail.
Yoetah 1 year ago
why would someone buy something they don't understand ???
YTfcuk 1 year ago
@arbitrage liars love each other. arbitrage and stx5m, losers born to rape each other in the bum. Good on you.
ytgv3fc7 1 year ago
@arbitrage you'll never get any such luck. Before you know it wall street will be filled with the rich thieves hung from buildings and beat to death, shot with machine guns. The "peasants" are the only winners possible, they all have way too many guns and no reason to back down. The "fuck heads of the world" like yourself shall be digging your own graves and begging for a painless quick death.
This war shall be millions marching upon you, you shall be destroyed.
ytgv3fc7 1 year ago
1.WALL STREET IIS A CASINO OF PANZE SCHEMERS,WHO TRANSFERS "OPM=OTHER PEOPLE'SW MONEY",BEING THE WEALTH OF AVERAGE AMERIACANS,TO CROOKS DOING GOD'S WORK(haha),,LIKE MADOFF&PANZE SCHEMERS IN GOLDMAN SACHS,MERRY LYNCH,LEHAMN BROTHERS, etal.
1.OPM=PENSION FUNDS,SAVINGS, RETIREMENT FUNDS,401Ks, CHARITABLE&EDUCATIONAL TRUSTS ETC".
3.CRASH OF BLOATED&OVER VALUED CURRENCIES OF" US DOLLAR,EURO,BRITISH POUND,etal",WILL CLOSE DOWN THESE CASINOS.
WhiteRaceIsEvil 1 year ago
Goldman had nothing to gain by misleading it's investors. If they are shorting a security, they don't want people to buy it, they would want them to sell it to drive the value down. Unfortunately, they made a mistake in their initial assessment. Not only do they not have a responsibility to tell its customers when their positions change, but it would be impossible to call all your customers everytime you changed a position. Please, before you comment, understand the situation.
cardinals07 1 year ago
@cardinals07 the truth is they have every incentive to mislead investors: the more who buy in, the more money there is to be made. You can't bet against the investment vehicle if no one's bought it. Someone else needs to own it and to lose. It's a transfer of wealth. That's what Goldman does. Steal. Shoot them all in the face, this is what we must do.
ytgv3fc7 1 year ago
@ytgv3fc7 You obviously don't understand how shorting a security works. They would want people to sell the security to drive the price down. However, their customers came to them wanting risk in the housing market (this was before the housing decline) and they recommended that while informing them of the risk. They have no obligation to inform them of their positions.
cardinals07 1 year ago
they are just doing God's work!
SuperTravisZ 1 year ago
Comment removed
ch1aka2 1 year ago
You American idiots will continue to take it up the ass until you discover who these people really are. If Americans ever discover who they are watch the crooks run to Israel for safe haven along with half of the Congress and then all hell will break loose.
stophypocrisy 1 year ago
If the government were to legalize murder, murder would still be wrong. Like wise, if bankers are allowed to create money from thin air and collect interest on it, and the govt. legalizes this process, it is still immoral.
Banks are little more than legalized counterfeit operations so it should come as no surprise that nothing good comes from them.
dlucas90 1 year ago
@dlucas90 Bankers already create money from thin air and collect interest on it. It's called the money multiplier. And no, it's not immoral. It is actually what keeps the economy healthy. If banks stopped expanding the money supply in this way, our economy would collapse. And you think the Great Depression was bad. That would be immoral.
cardinals07 1 year ago
@cardinals07 If inflation is healthy, as you suggest, I guess you think saving money is stupid as saved money would just continually loose value?
dlucas90 1 year ago 2
@dlucas90 Well first off, if you took away the bank's ability to create money through the money multiplier you would have rampant deflation. A small amount of inflation is healthy because the economy is growing. To answer your question, it is not stupid to save money. But in saving your money you should retain your purchasing power. Sticking it in a cd or bond will usually let you equal or beat the rate of inflation causing you to keep or gain purchasing power.
cardinals07 1 year ago
@cardinals07 Deflation is the enemy of bankers only. There is nothing wrong with having your money buy more goods and services, unless you are a banker and then it screws up your balance.
You agree that saving money is good but only if you invest it back into the casino, er, uh, I mean stock market. Ask a baby-boomer if that fairy tale panned out for them.
dlucas90 1 year ago 2
@dlucas90 @dlucas90 First off, I didn't say invest it into the stock market. I said bonds and cds. Those are very safe, as safe as depositing it in a bank and probably safer than keeping it in your home. In general, the more money saved hurts the economy if it isn't invested and loses the "saver" purchasing power. But you can invest with very little risk.
cardinals07 1 year ago
@cardinals07 I wonder what the numbers would look like today if one person were to invest $100 dollars a month into gold and silver, since 1971 and compared it to another person who had invested the same $100 dollars a month to fake, man-made money system like bonds and cds?
You should take a look at the amount of oil a ounce of gold can buy, it has been stable for ever, gold is way less risky than bonds.
dlucas90 1 year ago 2
@dlucas90 Bonds are issued by a lot of other people than banks. The U.S. government issues bonds. If nobody bought bonds there would be no America because we couldn't finance wars and other important spending endeavors. But we love giving the U.S. government so much money and hate banks (as of recent). Government's the problem, not banks.
cardinals07 1 year ago
@cardinals07 guess what ... people are stopping buying the bonds to fund your debt, and China stopped buying them 3 or 4 months in a row, and there will indeed be no America very soon. Banks and government are the same problem right now, equal in guilt and source of cause. Blaming only government is like eating cyanide and saying "look out for that arsenic over there, don't touch it!"
ytgv3fc7 1 year ago
@ytgv3fc7 I know. It's because the American government has a spending problem. Banks only contributed to the federal debt when the government decided to bailout banks who were either victims of the financial crisis in 2008 or caused it. Government , however, caused and allowed the anks to make risky moves and the knew it. Look at Fannie Mae and Freddie Mac as well as the repeal of Glass-Steagall.
cardinals07 1 year ago
@dlucas90 You got that right. If inflation didn't happen you'd still see the gold & silver vs oil ratios be relatively similar (not quite: production costs are not the same and that's a real serious curve-ball). Then of course we coupled in off-shoring / out-sourcing and this forced wages to deflate while prices inflated with the money supply. Insanity. A recipe for killing an economy later for the greed of a few slave-masters starting in the mid 80's and even now.
ytgv3fc7 1 year ago
@ytgv3fc7 I don't know where you get the idea that wages fell since the mid 80' to now. Companies have been forced to outsource because of the American government's policies and regulations and that has hurt our economy. You're are right about that.
cardinals07 1 year ago
@ytgv3fc7 Deflation would hurt our ability to import goods. In our globalized economy, that would be catastrophic. America would no longer be the economic superpower that it is. Costs would rise since we could not buy as many foreign goods. With the rise of costs, companies would have to scale back and unemployment would rise and wages would fall. Ultimately, I think we are just going to have to agree to disagree about all this.
cardinals07 1 year ago
@cardinals07 hurting the economy is not important when it comes to your savings. Your savings should be in your pocket, your safe, kept away from anyone's fraudulent fingers and plans. OUT of the economy. The economy should only depend on your CHOOSING to use some PORTION of your income or savings, NOT on your ENTIRE SAVINGS being risked in the markets of any sort. Investing in gold MAINTAINS saver-purchasing power, you need to study more.
ytgv3fc7 1 year ago
@ytgv3fc7 I believe I said that gold was a good investement. However, there is a gold market just like a bond or stock market. Gold rises and falls in price. Investing in gold really contradicts what you just said.
cardinals07 1 year ago
@cardinals07 bonds are in the market, their yields and prices are determined by the market. It's not a "stock" equities market in the same way as shares but they are manipulated markets. The Goldman Sachs manipulation is what's caused the bailouts in the USA and the Greek debt defaults right now. Or did you imagine there was another reason?
ytgv3fc7 1 year ago
@ytgv3fc7 Goldman Sachs did not cause the American financial crisis. Your a fool if you think so. The government helped it along with the repeal of Glass-Steagall. Fannie Mae, Freddie Mac, Lehman Brothers and others were instrumental in the industry's collapse. Goldman Sachs obviously did not cause the Greek debt problem as they never sold any of the toxic securities to them.
cardinals07 1 year ago
@cardinals07 from what I've been seeing in Max Keiser videos, Goldman definitely helped Greece with fraud, knowing the final outcome, as Goldman always does. This is causing a debt problem by magnifying a previous one. Goldman definitely caused the American crisis and only a fool would conclude otherwise. Without their action, only a simmering rot would appear and perhaps meander around the ill nation rather than transform into pure cancer.
ytgv3fc7 1 year ago
@ytgv3fc7 Goldman received approx 1% of bailout monies and also make up approx 1% of the CDO market...anyone remember Freddie Mac and Fannie Mae/GM etc??? What caused the crisis to be honest was cheap credit from the residential mortgage market (the asset behind many of the product traded by all financial institutions including AIG). People with 100%+ loans is just plain irresponsible and I really can't believe the government allowed this knowing it would all fall over at some point.
billyelliot1975 1 year ago
@billyelliot1975 you definitely got that right. I am still shocked idiots would sign up for 100% mortgages but maybe they planned on defaulting anyways, some of them. It's an attempt at voluntary slavery that people should have known better would end badly. So long as people really calculate properly the amount a borrower can repay, for real, then you can get a stable income-source. Lots of people seemed honest enough to try to repay those.
ytgv3fc7 1 year ago
@dlucas90 Second, if you understood macroeconomics, you would understand that deflation is worse than inflation. Deflation loses jobs, lots of jobs. Companies can't sell their goods for as much so they have cut back. That means laying off workers and cutting pay. Obviously, with less money or no job, your money buying more doesn't look so good anymore.
cardinals07 1 year ago
@cardinals07 if YOU understood math, and not the propaganda taught in schools that poses as "economics" (or psychology for that matter) you'd know you just swallowed a load of feces and expected us all to do the same. Deflation means the gaining of jobs, wage-power and riches for all. Deflation is the best possible economic outcome. Companies can't sell their goods with INFLATION because they cost too much. Companies sell MORE with deflation because it's higher purchasing power for all. MOREJOBS
ytgv3fc7 1 year ago 2
@ytgv3fc7 Rather than making this about math (since I discussed the "math" below), let's make it about history. Point to one time in American history where a prolonged period of deflation occurred and people prospered.
cardinals07 1 year ago
@cardinals07 the entire time we've had computers, they have been in market-deflation, and this has been prosperous for the entire planet. Without this, the world economy could not even exist at all as it has. No internet, no 3-D video games, no skype, no youtube. None. This prolonged 30+year deflation is critically good for humanity.
ytgv3fc7 1 year ago
@ytgv3fc7 I can point to prolonged periods of inlation where people prospered. Let's see, the 1990's, the 1980's, the 1940's (after WWII) and the 1950's, the 1920's, the 1880's, and I could argue the 1820's and 30's as well as the 1790's. Your turn. Deflation is linked with most recessions as well as the Great Depression so good luck.
cardinals07 1 year ago
@cardinals07 90's: not prospering in reality ; 80's, lots of fraud coke-head economics BUT also the creation of NAFTA; the 40's : pretty unfair to claim any part before WWII and even so, WWII was a major twist in which no normal factors compare. You can compare it to other war and post-war periods to be valid. That's it.
Deflation & recessions are good for everyone who's not the top few % of moneyed elite. That's how it went down and what will continue to happen.
ytgv3fc7 1 year ago
@ytgv3fc7 In the 90's the unemplyoment rate steadily fell until it reached the lowest level ever in the U.S. In 1982, America came out of a deep recession (caused by too much inflation) and inflation lowered to a mild level. Tax cuts and spending increases led to more money in people's pocket, causing prolonged economic prosperity.
cardinals07 1 year ago
@ytgv3fc7 WWII brought us out of the Great Depression and brought a moderate level of inflation. The baby boom along with the Military-Inustrial Complex created led to the rise in inflation as well as the economic prosperity. Many women and minorities were able to work for the first time. Labor unions and corporation, both large and small grew immensely. This occured alongside inflation not deflation.
cardinals07 1 year ago
@cardinals07 Fail. 1990's the "prospering" was stealing for many, many were ripped off and are poor today because of it. 1940's: fail again, wages went up much faster than prices and this makes all the difference. Now that wages can not, will not, rise to match prices, as over-all inflation happens, we're looking at a horrifying global nightmare. Deflation is prosperity for the masses. It is the one sign of increased production & quality.
ytgv3fc7 1 year ago
@cardinals07 rampant deflation is a sign of powerful riches. When every day the work you do is worth more so the things you need costs you less this is a sign of high efficiency, high ability, high value, a powerful economy. It's "great for business" when their profits are up because their costs are down and this is the same deflation you speak of! Deflation for us all, riches, as every second of work and wages buys more. It's a myth that wages must drop with prices.
ytgv3fc7 1 year ago
@ytgv3fc7 Let's think this through. If a car sells for a thousand dollars less. I am not going to buy an extra car. Same with a house. Same with a computer. Same with a tv. I only need one. This drives profits down. But costs are also down, so it's a wash, right? Wrong. Profits fall more than costs because deflation does not promote spending while inflation does.
cardinals07 1 year ago
@cardinals07 Your way of thinking is not like many others. If a computer cost goes down I will buy another. I will either replace the one I have or combine them together. If a car price goes down I will consider the cheaper cost of having it in good condition than the maintenance on the older car, perhaps make the buy. Deflation promotes spending, inflation promotes non-spending. The more inflation, the less I spend.
ytgv3fc7 1 year ago
@ytgv3fc7 To expand, if that car you want is dropping in value by 3 or 4 percent anually. Why would anybody buy it now? It will be cheaper next month and a lot cheaper next year. This is why profits decrease. If the car is going to increase in value by 3 or 4 percent annually, I want to buy it right now so that I don't pay more later. This drives profits higher, higher than costs. That's why a small amount of inflation is healthy.
cardinals07 1 year ago
@cardinals07 if the car I want is dropping in price so I can get it sooner, I'll buy it sooner so that I have it, otherwise there won't be a car to buy. The price curve isn't infinite, the supply quantity vs people who will buy is a factor. Then it's all gone and too bad for me. This is unrelated to profits - the drop in price vs the drop in supply dictates what people will get and when it's too late. Your concept of deflation vs inflation is the brainwashing carbon-copy mistake. It works my way
ytgv3fc7 1 year ago
@ytgv3fc7 I'm sorry, but once again, history does not support your claim. In periods of deflation, spending falls. It is a historical fact. Economists attribute this to people not wanting to buy items because they will be cheaper the next month, even the next day. Whether or not they are right, spending still fell.
cardinals07 1 year ago
@cardinals07 to clarify: there's no reason to assume a deflation "now" will "keep happening" so if I want a good price & wait for a better one, that day will never come and my chance is over. This is why people buy on sales & save money and do it as soon as possible. If a car is going to keep going up in price I'm going to buy no car at all. This is why inflation is unhealthy: it promotes non-spending until deflation returns, if ever.
ytgv3fc7 1 year ago
@cardinals07 CD's and bonds don't beat inflation, not ever. Real inflation is always something like 100% more than stated inflation / core CPI. Saving requires gold, silver, platinum, to protect against inflation. Saving in CD's or bonds means losing against inflation every single time.
ytgv3fc7 1 year ago
@ytgv3fc7 This comment makes no sense. Are you talking about real inflation vs. nominal inflation? In general, bonds beat inflation. However, because the government has been going on a spending spree for the past three years, bonds are less likely to beat inflation right now (because it is so high). You can thank the government for our inflation problem. I-Bonds, however, are designed to beat inflation. Gold is a good hedge against inflation though. It's all about weighing your options.
cardinals07 1 year ago
@cardinals07 a small amount of relative inflation is unhealthy and is robbing us all. HOWEVER, a reasonable amount of ACTUAL, ABSOLUTE money supply inflation t match production levels is sensible enough. While not permitting deflation it does permit the trading units to maintain vs the units of products being traded for. It ignores the real cyclic problems of real trade (dollars linearize utility which is not linear). Gold's a better investment than a bond.
ytgv3fc7 1 year ago
@ytgv3fc7 I never said gold wasn't. But it isn't always a better investment. You must analyze the markets at the time you want to save. If you think gold will rise 5% in the next two years, but an I-bond will give you 8% over the next two years, obviously I-bonds are the better option. Both bonds and gold are generally considered safe investments.
cardinals07 1 year ago
@cardinals07 gold will rise 20% from 1200-ish to 1450-ish in less than 6 months.
ytgv3fc7 1 year ago
@cardinals07 the money multiplier is highly immoral - it is theft and wealth transfer using debts - and it's the most unhealthy possible condition for all economies around the world. You failed math in school, obviously. If banks stopped expanding the money supply all economies would flourish and be rich and we stopped using inflation to make people poor without purpose but with 100% intention. Money printing = evil. Goods-trading = economy. You Epic Fail
ytgv3fc7 1 year ago 2
@ytgv3fc7 Holy jesus. Take an econ class or something, please. Expanding the money supply increases the velocity of money which also increases the nominal national and demostic product. If you don't understand. Expanding money supply = flourishing economy. Acing Calculus does not equal failing math btw.
cardinals07 1 year ago
@cardinals07 econ course?! Your level if ignorance is somewhere between vicious and heinous.
Any econ course run the way you say would be like eating LSD sandwiches all day with a special daily treat of eating a bowl of razor blades while proclaiming at the top of your lungs that it's the most delicious cotton-candy in the universe.
ytgv3fc7 1 year ago 2
@ytgv3fc7 Well you obviously took a creative writing course. Pardon me for suspecting you to not know better than almost 3 centuries of influtential economists. My mistake. You have so much credibility that you must know all the answers.
cardinals07 1 year ago
@cardinals07 3 centuries of highly influential, highly dishonest economists, whose purpose was to create slavery for us through brain-washing. I will admit they are highly influential but this is a bad thing. Their time is over, or OUR time is over, it's one or the other.
I certainly do know all the answers. You're lucky I waste any time on you at all, you are so misled, so mentally dim, but you deserve a small chance at not choosing the suicide madness you claim is sound money policy. Insane.
ytgv3fc7 1 year ago
@cardinals07 the work I'm doing is too important to waste much time on you. Your idiocy has been put into the to-do list to respond to. But briefly: the velocity of money does not work in any way that you described. NEVER. Expanding the money supply increases the STORAGE of that money to where the money first goes and the VELOCITY is only LATER FELT when there is impetus to spend rather than keep storing, gaining interest on it, etc. The DESTRUCTION of the economy is GUARANTEED at that time
ytgv3fc7 1 year ago 2
@ytgv3fc7 Haha. You're priceless. Put me on hold because you can't respond truthfully? How is loaning out money going to make people want to hold on to money? People don't get loans to hold on to them. They spend them. What happens when people spend money. Gasp. Profits rise. Jobs are created. People get raises. Destruction it is not.
cardinals07 1 year ago
@cardinals07 But I really want you to show me one instance of prologned deflation where people prospered in American history. But maybe you "put me on hold" because you can't. Cause it never happened. Deflation occured alongside most economic panics, recessions, and the Great Depression.
cardinals07 1 year ago
@cardinals07 every single second of every single day across this planet that people bought and used computers is a deflationary economic benefit. Computers have had deflation in their pricing at a rate of 0.5 x price for every 18 months for the same equipment and frequently the equipment is so slow at that time, there's no need to use it, so for the same price the actual utility has doubled (processing speed, memory capacity for chips and for disks).
This is the single MOST IMPORTANT in HISTORY
ytgv3fc7 1 year ago
@cardinals07 people?! Your fundamental misunderstanding is truly mental. People are not being loaned money. Banks are being GIVEN printed money at free rates and earn interest by holding it with the US Fed. They have every incentive to hold it until reserves are larger than they like, then it's lending time. That lending time FINALLY much later will cause the money velocity to go up so fast it will cause hyper inflation.
ytgv3fc7 1 year ago
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@cardinals07 people?! Your fundamental misunderstanding is truly mental. People are not being loaned money. Banks are being GIVEN printed money at free rates and earn interest by holding it with the US Fed. They have every incentive to hold it until reserves are larger than they like, then it's lending time. That lending time FINALLY much later will cause the money velocity to go up so fast it will cause hyper inflation.
ytgv3fc7 1 year ago
@ytgv3fc7 Hyper inflation in our country is very unlikely because of the Federal Reserve. The Federal Funds rate will be risen to unprecendented levels and cause a massive decline in lending (hurting the economy, but not as bad as hyperinflation) before the Fed lets hyperinflation occur. It just won't happen.
cardinals07 1 year ago
@cardinals07 hyper inflation must happen because of the federal reserve. Its purpose is to cause inflation and its actions now must cause hyperinflation. The funds rate will NOT GO UP because Bernanke is SHIT SCARED he'll be fired right off the bat immediately, or even shot, if he does it. It's already got really bad before and Bernanke is no Volcker and America 2010 is NOT America 1980. Less factories, poorer education, higher unemployment, about to keel over.
Hyperinflation MUST HAPPEN.
ytgv3fc7 1 year ago
@cardinals07 I already responded truthfully and highly accurately and you know it.
People aren't getting loaned money. If you deny this, you are crazy.
The US Fed is printing money and GIVING IT FREE to their favoured banks. If you deny this, you are crazy. The money is being stored so they have massive capital reserves to deal with derivatives first, lending later. The final lending phase will then spike PRICE INFLATION with money supply expansion and kill us all.
ytgv3fc7 1 year ago
@ytgv3fc7 On the contrary, I think you are crazy or thinking people are getting money for free. Nothing is free in life. Nothing. The bailouts. Not free. There are always costs involved. Once again, your doom and gloom scenario does not agree with the facts of history.
cardinals07 1 year ago
@cardinals07 you have so much lying shit here it's on a "pending" list to be replied to. More than 15 replies.
The bailouts are free. The thieving is free. Those receiving the money will NEVER, NOT IN ALL HISTORY EVER, HAVE TO REPAY IT, EVER. It's called tyranny and theft.
Banks right now are getting FREEEEEEEE MONEY.
There is one solution. Execution of them all. Firing squads. Without that, the cost IS ZERO - to THEM.
WE who produce are to be enslaved, on the other hand
ytgv3fc7 1 year ago
@cardinals07 There shall be no raises, only 25 to 35% unemployment.
The money supply expansion from the lending shall cause price hyperinflation.
The lending to people you speak of is fiction. Pure fiction on LSD.
The favored banks get FREEMONEY from the US FED right now.
That is being held, and that's a fact, and the reason for LOW VELOCITY of money with MASSIVE INFLATION of the money supply.
ytgv3fc7 1 year ago
@cardinals07 There shall be no raises, only 25 to 35% unemployment.
The money supply expansion from the lending shall cause price hyperinflation.
The lending to people you speak of is fiction. Pure fiction on LSD.
The favored banks get FREEMONEY from the US FED right now.
That is being held, and that's a fact, and the reason for LOW VELOCITY of money with MASSIVE INFLATION of the money supply.
ytgv3fc7 1 year ago
@ytgv3fc7 The FED sells securities to the banks. That is how hey get their "free" money. They don't just get it free. You'r dead wrong and until you supply any evidence at all to your claims, I'm not going to buy that the FED's printed money is just handed out free to banks. That, to me, is a conspiracy theory. The massive inflation is due to the government's spending problem.
cardinals07 1 year ago
@cardinals07 when RICH PEOPLE who got money from the US FED and their banker buddies their raises (banker bonuses) go up (we saw that) and then the rest of us who get none of that money (that's a fact) all see prices go up, wages go down, and destruction of all savings, retirement, residence (homes & rents), jobs are lost (they are still being lost faster now than before). No more raises for the next 20 years vs real inflation. Death to the economy. It's almost a done deal now. Wake UP
ytgv3fc7 1 year ago
@ytgv3fc7 And furthermore, there is a time and place for printing money. Banks don't print money (which I think you were suggesting). The U.S treasury department does, and they have been doing it very irresponsibly. The fed trys to control inflation, but the government can't handle not being able to spend and drives it back up. Your right the government is evil and they are making people poorer.
cardinals07 1 year ago
Those Goldman guys are PURE EVIL, narcissist vermin.
TsarSamuil 1 year ago
Financial reforms are a joke! This is just a PR stunt to appease the public. All GS do later on is pour billions onto the campaign coffers of the next presidential election candidate.
lancerhammer 1 year ago
I believe the senators' are intentionally trying to confuse the two to gain more support for their financial reform bill. The senators asked Goldman if what they did was appropriate, not lawful. If we agree that Goldman's actions were inappropriate, but also lawful, what does that say about the politicians whose job it was to make the laws?
cardinals07 1 year ago
The senators are accusing Goldman of acting unethically. It is not against the law for a firm to insure itself against the failure of a security it has created and sold, or to sell securities based on assets it is currently shorting. The SEC accused Goldman of lying about how the security was created. That is misleading and is illegal. It is important to distinguish between the senators' accusations and the SEC's accusations.
cardinals07 1 year ago
i sell you an used car with faculty brake,then i buy an insurance policy on you to crash to make a big profit. is it wrong?
tienshou 1 year ago
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."-Thomas Jefferson
cigars777 1 year ago
i sell you a used car with faculty brake, then i buy an insurance policy on you to crash your car. as long as i am making a profit, i don't think i am wrong?
tienshou 1 year ago
NEVER trust the word of a jew. They lie and cheat all for the sake of profit.
thesightbeyondsight 1 year ago
A woman with 3 kids doing welfare fraud will do more time than any of these guys. The politicians know who butters their bread.
MrKurious09 1 year ago
censored shitty? boo even bbc showed it
thelixir715 1 year ago
"Unethical?", Try criminal Mr. McCain!! Put these crooks in jail, and pay back the legitimate tax payers. Or, bury them to their shoulders and stone them to death.
Leonnidik 1 year ago
this is all theatre
solimiansky 1 year ago
The BigBank CEOs, Executive Officers, Board of Directors, Managers, etc are criminals, using fraud to steal Trillions of dollars from Americans. Arrest these crooks, stripped them of their ill gotten wealth, & imprison them. Break up the BigBanks, that's right break up the Big Banks. Put these anti American, financial terrorists in prison. These thieves have robbed the American people long enough. Game up Big Banker thieves, Go to Jail.
BertGriffin88 1 year ago 10
@BertGriffin88 The government has been robbing the American people longer. People for some reason think they are entitled to do whatever they want with our money without consequence. But that's besides the point. You can't arrest people when they haven't committed a crime. What crime has Goldman committed? The media labling you a criminal does not a criminal make.
cardinals07 1 year ago
@cardinals07 wrong. The bankers have been robbing people before there was any government. We ARE ENTITLED WITHOUT CONSEQUENCE TO DO WHAT WE WANT WITH OUR MONEY. We ARE and you BETTER LEARN IT NOW. RIGHT NOW.
Bankers are not entitled to steal our money just because they find out it does exist somewhere other than their pockets. This is a fraud crime and all of Goldman should be jailed or shot for it. SHOT IN THE FACE for Blankfein. IN THE FACE.
ytgv3fc7 1 year ago
Is he gay? The whole time I kept thinking he was gay.
Jeffieboi 1 year ago
just evil mother fuckers who i wish i could run into....to do them great distress
betsall 1 year ago
nothing will be dealt. the guy won't say anything with a legitimate point to stand by it. and he won't drag any other parties into this, when asked about,
LeeRyan2930 1 year ago
Not trader but traitors. The should be punished and made an example of. This shit would stop NOW! Why do they always get a free pass and we get the book! Wake up congress and do what is American. Treat and judge people on their misdeeds not their wealth of dirty money!
billeybop 1 year ago 4
@billeybop indeed, all the assets must be confiscated, all the guilty must be shot in the head.
ytgv3fc7 1 year ago
@ytgv3fc7
I hope the truth doesn't upset you but these sociopaths would do well in prison. They are use to screwing clients in the ass and now it's their turn! We must be as fair as possible.
billeybop 1 year ago
@billeybop the truth can't upset me, it's all I deal with. Execution, not prison, will work best for these sociopaths.
ytgv3fc7 1 year ago
@ytgv3fc7
It seems too easy to let them off so easy. They should have to face everyone they decieved and every persons pention they destroyed!
billeybop 1 year ago
@billeybop I have bad news for you. You know how in zombie movies if they don't turn to using fire, somehow the contagion always spreads and you get a sequel? If you don't kill them, more will come. It's just how it is. A contagion. Life-destroying, viral contagion. Burn it all. Cleanse the world. It's for OUR SAKE, not to give them mercy in the face of angry people.
ytgv3fc7 1 year ago
@ytgv3fc7 I would like to see some drama. How 'bout we send them and all their loot to the moon where it has no buying power and a limited oxygen supply, while we watch the new reality show called ' No Survivors".
billeybop 1 year ago
@billeybop gee, how about we just make our own edition of Saw - the Financial Terrorists See The Light edition
ytgv3fc7 1 year ago
@billeybop have you seen Ultimate Survivor at the killfrog site ? You ought to check it out. "you hear that? They're talking about you behind your back. You know what you gotta DO" (part 5 or the last part or something)
ytgv3fc7 1 year ago
fukin crooks put them muther fukers in prison for life
342157 1 year ago
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xs1ner 1 year ago
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TheTravisChannel 1 year ago
this is bogus, the ass-reaming the politicians are giving them is just grandstanding, goldman owns all of those sell outs and will only get a slap on the hand. Anything less than the equivelant of both bailouts as their punishment is a slap on the hand. goldman is purposefully murdering the economies of most of the G20 countries. They did it to Greece, they did it to Iceland and they should all burn in hell.
Kharmatos13 1 year ago
Personally, I think the DOJ would have more success and certainly more public support with launching a criminal investigation into the workings of it's boss the US Gov't.
Nomolos2010 1 year ago
not at all correct.
Goldman sold clients exactly what they asked for. The "clients" were other banks as well that should have been able to analyze the product and due their own due diligence. These products were not "guaranteed to fail.
They were high risk high return. And of course as in all derivatives, someone wins and someone loses.
stx5m 1 year ago
You can legally sell a lemon car to someone, you can sell a house with a bad foundation....of course you have to disclose this knowledge first. And that is what GS is guilty of not doing. If the the car dealer or property seller fails I can return the product or sue for my damages. We all know GS is not going to suffer that
And while I am no fan of the "free market solves itself," GS just aquired an expiration date from a customer POV
Hopeful71 1 year ago 2
absolutely no conscience!
BeantownJim 1 year ago
He's as innocent as the Federal Reserve who, after the financial "reform" will get more authority or "responsibility" over the economic system.
This problem is only going to get worse.
These people are taking the fall and will get paid good for it.
midevalcheese 1 year ago
GS is the government - they are in bed together - this is all for show...
itsthecurrencystupid 1 year ago 2
You might have to hold a gun to these guys head, to get the truth out of them!
ForceOfWizardry 1 year ago
@ForceOfWizardry and you have to pull the trigger to keep the markets honest.
ytgv3fc7 1 year ago