Today Goldman Sachs are under the magnifying glass at a United States Senate hearing - April 27,
Whose Side Are You On?
By Dave Ross
wcbs news radio 880.
Aired on Thursday April 22, 2010
Have you been reading up on this Goldman Sachs law-suite and how all these deals
worked? Do any of you understand any of it? Do any of us in the normal world
understand the concept of selling short, or selling investments you don't actually own?
No we don't.
For most of us, a short sale is when Walmart announces DVD players with 50% off for
the next 30 minutes.
We used to assume that while we might not understand this stuff, Surly the
sophisticated investors did. We used to assume that when one guy could earn 500
million dollars on a single transaction, it must be a good thing.
Then we learned it wasn't necessarily a good thing, but then that guy got to keep his
500 million. And now lobbyists for that guy warn us that regulating a guy like him would
be a job killer, killing the jobs of people who create incomprehensible deals with
potential to tank the economy.
It makes you want to cry, so I imagine more government regulation is out of the
question, no matter what the President says.
I was hoping we could require at least a disclaimer. You know, something like:
The investment you are about to buy was carefully designed by a guy who will make
500 million dollars if it fails. But no, instead we will keep the system where the people
who make money through deception get to live in mansions and hire lobbyists, while
those of us who miss a $2,000 mortgage payment get to live with relatives and search
for temp jobs.
And the founders said that life and liberty in the pursuit of happiness. Its the system
they probably had in mind.
|The Injustice - The Fraud? The Crime?
Goldman Sachs and the Money Markets.
April 29, 2010.
United States starts criminal probe into Goldman Sachs
Untold suffering as thousands of families loose their homes and pensions.
I have said from the
beginning of this fiasco that
in any other sector the
actions taken by these banks
and financial institutions
would be considered a crime.
The little guy gets put in jail
and the big guys get bonuses.
A criminal probe has now
started and let us hope the
true extent of what appears
to be a crime of humongous
scale will be brought fully into
the public view and those
responsible pay for their
actions - better still the
enormous amount of money
seemingly stolen should be
If it becomes necessary to
liquidate the company to do
so, so be it.