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reply to post by mishigas
This is just nonsense. The SEC is doing this because the democrats want to push sweeping financial reform.
What they are saying is Paulson picked these securities and then he shorted them.
People need to look at Goldman Sachs for what it is. Not just GS, but ALL of their "kind", that is, Mega Corporations WITHOUT a country! They have NO allegiances, other than POWER. In fact, they live to BANKRUPT countries.
Well, one thing I am a little PEEVED about is that there has only been a CIVIL case forwarded.
The New York Democrat is a member of both the Senate Committee on Finance and the Senate Committee on Banking, Housing, and Urban Affairs, and he's received so much money from Wall Street over the years—more than $14 million—that he actually shut down his personal fundraising efforts between 2005 and 2008. Since then he's raised a staggering $284 million for the Democratic Senatorial Campaign Committee, which he headed until recently, and much of it has come from Wall Street. In June 2007 alone, when lobbying for the carried interest rule reached a fever pitch, employees of private equity firms contributed nearly $800,000 to the DSCC.
The defense lobby? Pikers. They contributed $24 million to individuals and PACs during the last election cycle. The farm lobby? $65 million. Health care? We're getting warmer. Health care was the No. 2 industry, at $167 million. And the finance lobby? They're No. 1, with a very, very big bullet. They contributed an astonishing $475 million during the 2008 election cycle. That's up from $60 million almost two decades ago.
Greenspan had a big hand in the Social Security brouhaha. Back in 1981 Reagan appointed Greenspan head of a Social Security Commission that was supposed to fix the system. How did he fix it? By recommending the most regressive tax we have ever had in U.S.: the payroll tax, which applies only to workers at the bottom and the middle class. His recommendations became law in 1983. He tried later to reduce worker benefit increases without success. In 2001 he was in favor of Bush's tax cuts and recently for Social Security privatization, even though they both would increase the deficit. He says he is for low taxes. But he recommends tax cuts to take care of the rich and a payroll tax to take care of the poor. After being for tax cuts for the rich he asked Congress to follow their pay-go approach when legislating for the poor. Then he had the gall to complain about the huge deficit when he had previously recommended the huge tax cuts.
However, there was an outfit called Long Term Capital Management (LTCM), a highly risky hedge fund for super-wealthy investors. It had "only" $3.5 billion, but borrowed $100 billion to invest. The borrowed money and the $3.5 billion equity disappeared. What do you think Greenspan did? He bailed out LTCM. Yes, we must have de-regulation. However, we cannot allow such a big, rich, influential company to die.
Edmund L. Andrews reports in today's NYTimes (12-18-07) that Greenspan ignored repeated warnings on the dangers of subprime mortgages from Federal Reserve governor Edward M. Gramlich nearly seven years ago, in 2001 from senior Treasury Department official, Sheila C. Bair, and from leaders of a housing advocacy group in California, John C. Gamboa and Robert L. Gnaizda who warned that deception was increasing and unscrupulous practices were spreading. "He never gave us a good reason, but he didn't want to do it (press lenders to adopt a voluntary code of conduct). He just wasn't interested."
In the article, Burry said he began seeing problems in the housing market as far back as 2004 with the reappearance of interest-only mortgages. “Increasingly, lenders concerned themselves more with the quantity of mortgages they sold than with their quality,” Burry wrote. At the same time, the Federal Bureau of Investigation reported cases in mortgage fraud increased fivefold between 2001 and 2004, Burry said.
GS didn't make anyone lose their house. It was your elected reps most of you cherish so much that allowed the bank to give you those loans based on your phantom job or paltry 50k and under salary.
Barter, using silver and gold will eliminate the DEBT vehicles that they use to control us.