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Originally posted by blood0fheroes
reply to post by Light of Night
I think the government needs to step in and.....
Lets stop right there. Im rather fond of the way Einstein put it: " You cannot solve a problem with the thinking that created the problem."
Government intervention not only does not work, it does so poorly. Consistency is only a virtue if youre not a screw-up. Government intervention is what has gotten us into this mess.
Intervention in free trade, in housing, in medicine, and in schooling to start with just a few.
Even if one assumes that they do so with the most honest, and upright intentions. As the old saying goes: "The road to hell is Paved with good intentions"
IMHO, the only reason they are pointing the proverbial finger now, is to divert attention away from their own mistakes.
He said he wants the FSA to start its investigation immediatly and said U.K. authorities will work with the U.S. Securities and Exchange Commission on the probe.
Originally posted by Light of Night
reply to post by oshdra
So, can we say you did get surprised and still think there have been nothing new?? how is that??
Personally, when I read "Goldman Sachs charged with fraud" I though: wuau, the impossible is just happening. I mean, if the bad guys at wall street are enforced to comply the law, is a good thing for the economy... isn't it?
Yea, it surprised me until I read it was a civil case. Then the nostalgia wore off really quickly. Civil case isn't anything.
This move is nothing more than politics.
Eager to increase his bets against subprime mortgages, the investor, John A. Paulson, canvassed firm after firm, looking for new ways to profit from home loans that he was sure would go sour.
Only a few investment banks agreed to help him. One was Deutsche Bank. The other was the mighty Goldman Sachs.
Mr. Paulson struck gold. His prescience made him billions and transformed him from a relative nobody into something of a celebrity on Wall Street and in Washington.
But now his brassy bets have thrust Mr. Paulson into an uncomfortable spotlight. On Friday, the Securities and Exchange Commission filed a civil fraud lawsuit against Goldman for neglecting to tell its customers that mortgage investments they were buying consisted of pools of dubious loans that Mr. Paulson had selected because they were highly likely to fail. ...
... Among those who saw disaster looming were an effusive young Frenchman, Fabrice P. Tourre, and his quiet colleague, Jonathan M. Egol, the mastermind behind a series of mortgage deals known as the Abacus investments.
Their elite mortgage unit is now at the center of allegations that Goldman and Mr. Tourre, 31, defrauded investors with one of those complex deals.
The Securities and Exchange Commission filed a civil fraud suit on Friday that essentially says that Goldman built the financial equivalent of a time bomb and then sold it to unwitting investors. Mr. Egol, 40, was not named in the S.E.C.’s suit.
Goldman has vowed to fight the S.E.C. But the allegations have left many on Wall Street wondering how far the investigation might spread inside Goldman and perhaps beyond. ....
Originally posted by Esoteric Teacher
Sources are from CNN, Fox News, and the Daily Show with Jon Stewart.
Goldman Sachs handed out 5 Billion Dollars for Bonuses so far this year!
16 Billion in Bonuses in 2009.
These people can not police themselves!
AND REPUBLICANS are not even permitting discussion about reform in legislature???
Who has two thumbs and doesn't give a care?
Republicans: "These Guys".
Republicans Favor doing nothing to prevent this in the future?
they probably got bonuses too.
Originally posted by tylermbell
reply to post by Maxmars
can anyone tell me what could even happen to them with this coming out?
Originally posted by Maxmars
Seems that the press is finally catching up to us here on the whole "corrupt" banking vehicles and self-serving financial institution business.
What died today was Goldman Sachs. It has existed for 140 years. But today all that ended, as the head of Goldman Sachs, Lloyd Blankfein, in his prepared remarks before the Senate Governmental Affairs Subcommittee on Investigations, said "We have been a client-centered firm for 140 years and if our clients believe that we don't deserve their trust, we cannot survive."
In late 2001, the collapse of ENRON led to the death of the legendary accounting firm Arthur Andersen. Arthur Anderson's reputation was unmatched in the field; but, in 2002, Arthur Andersen was found guilty of criminal charges related to its auditing of ENRON and gave up its license to practice accounting. Criminal behavior. No trust. Reputation destroyed. No customers. Firm dead.
Welcome to the Arthur Andersen reality, Goldman Sachs. Civil charges of fraud brought, and there may be more coming. No trust. Reputation destroyed. No customers. Firm dead.
Goldman's legal troubles are deepening. Federal prosecutors at the US Attorney's Office in Manhattan have opened a criminal probe into the Wall Street giant's mortgage trading, reports the Wall Street Journal. Prosecutors are looking for evidence of securities fraud but haven't decided whether to bring charges.