Goldman Sachs executives come under fire at hearing

Goldman Sachs executives come under fire at hearing

news.bbc.co.uk

Mr Levin said it was not his committee's role to judge the legality of the SEC's claims, adding that the hearing was concerned with "ethics and policy".
But he said that Goldman's actions reverberated around America. The firm's "misuse of exotic and complex financial structures helped spread toxic mortgages throughout the financial system," he said.
"And when the system finally collapsed under the weight of those toxic mortgages, Goldman profited from the collapse," he added.

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[edit on 27/4/2010 by Mirthful Me]

About time these bastards are being exposed and prosecuted, hopefully the prosecution will get somewhere! But it's good to know that there are 'some' honorable people out there looking out for the people! They made HUGE profit in very short time while everyone else were loosing jobs and economy collapsing, it is more then obvious that there is something very shady going on with these companies, I wonder how many other companies that took bailout money is able to payback their debt and become amazingly profitable (I'm referring to GM), they paid their bailout money within 1 year (4 years earlier then they predicted) while loosing sales, and confidence in people, how could they have profited so much?

www.youtube.com...

Follow the money and you'll find the pure evil!

news.bbc.co.uk
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[edit on 27/4/2010 by Mirthful Me]

You can watch the proceedings live here


www.msnbc.msn.com...

I very interesting watch!!!

reply to post by sueloujo

Thanks for the link...

Very Interesting indeed...but currently there seems to be nothing but a bunch of milling about...will check back later...

Sadly, these hearings are being held so the politicians can look like they are doing something. Goldman will, eventually, agree to pay a fine without admitting any guilt or wrongdoing. The fine will seem like a big one, say $10 billion but that is a drop in the bucket for goldman.

The only way to put a stop to their unethical behavior is to expose it, repeatedly. Show the public that these guys are using their clients as a means of making themselves rich. Show the world that when Goldman wants you to buy investments it is only so they can profit from your losses. If they can manage to expose them enough, perhaps the clients will leave.

Without clients, Goldman will be punished.

Ah... I thought it was real fire... like gunfire... DAMN..

OP, you just blew up my expectations that some people had enough of this crap...and acted likewise...

[edit on 27-4-2010 by Vitchilo]

Mr. Levin should ask for volunteers from across the country . . to attend
these hearings . . and get these wise-ass executives to understand that this
is some serious business !

They think and act like it's a big joke !

"We did nothing wrong, and we deny acting improperly !" YEAH . . .RIGHT !

Let's take them out behind the barn and beat their damn asses !

Reckless greed . . . . reckless greed . . indeed !

reply to post by Crakeur


Well it's good news the BBC are carrying this news story..maybe it will reach a worldwide audience.

Yep. Give those suckers to an angry mob for 10 minutes and they'll get justice.

The only true justice is the justice given by the people in those cases. And by people, I don't mean ``bought and paid for judges``.

And you send one of those people to Greece, after all the greek people also needs to give them some people's justice for what they have done.



[edit on 27-4-2010 by Vitchilo]

reply to post by MemoryShock


They were just on a 10min recess...back now!

reply to post by Crakeur

I'm pretty sure that you are right. I checked out the oral arguements and it sounded like a mission statement...something that they would print in a pamphlet from the PR department.

I wonder if they get a bonus for keeping the fine under a specific number...

Well, I'll wait to see how they treat Lloyd Blankfein before I applaud this investigation. My bet is he is "too big to be seen to fail"...

reply to post by Crakeur


I totally agree. I was watching the Senate question those G-S guys and it looked to me like the Senate knew they weren't going to get any admissions of wrong doing from them.
Just a big song and dance to make it look like the TPTB care that G-S created SCDO's to purposely fail so they could short them and profit on their clients loses.
It's a rigged market. Always was, always will be.

Pay a fine and continue on, nothing to see here.

(edited to add) Fine=Tax on doing that sort of business.




[edit on 27-4-2010 by hangdiver]

Originally posted by sueloujo
You can watch the proceedings live here


www.msnbc.msn.com...

I very interesting watch!!!

lol, that's awesome, the judge is just drilling him... thanks for the link! WATCH NOW FOLKS it's LIVE!

reply to post by Crakeur


That is true, but I do hope having it on MSM "others" that are in denial and ignorance of the true fraud and abuse we the people are going through. I hope people become more caution and do research before supporting these bastards, the best way to punish these people are to simply NOT to support them financially... they will just vanish!

reply to post by sueloujo Yeah, well the BBC need to cover this because the whole debacle had a massive impact on the UK. A few years ago, Royal Bank of Scotland was the world's biggest single financial institution. They got hammered by the American mortgage collapse &, oh look, who's biggest now? It was a plain straightforward rip off! Hopefully, GS will get prosecuted here too.
Btw, I think the real crux of this rip off was that the bundled sub-prime mortgages were given a fantastic credit score. That was the basis of the fraud. I knew this disaster was imminent (see my bottom siggy link), so I dont believe that trained economists couldn't. Without that credit rating, the rip off couldn't have happened.

[edit on 27/4/10 by Bunken Drum]

reply to post by freighttrain


About GM, I heard that GM sent his reps to china at the end of January to look at internal financial statements and how to invest the profits as they made profits of 56 Trillion dollars (not billions). I am wondering if Congress and Obama Administration is in bed with them. How can GM screw their retirees in USA cutting their benefits and pension. Can anybody stand up to it. GM and GE are known Bilderberg members.

Thanks for the link

These guys are getting grilled!!! It is so good to see them squirm and lie right in front of us and not just hear about it in the papers!!!

It just re-enforces what I already believed!!!

Justice must be done!!

reply to post by sueloujo


is this live or am I watching a re run, it's interesting stuff, although there needs to be harder interogation going on.

Originally posted by Bunken Drum
Well, I'll wait to see how they treat Lloyd Blankfein before I applaud this investigation.

Goldman Sachs Execs Blame Anti-Semitism For Backlash: Charlie Gasparino


Dr. Doom chimes-in....

Goldman Sachs: Politically Motivated Ordeal

Faber does not think the SEC charges against Goldman Sachs will have a very significant impact on the markets since the accusations are “purely politically motivated.”

“Obama has lost the trust of the people; his approval rating is worse than Bush at this stage in the presidency. When people are dissatisfied in a democracy - you go after a minority to target – in the case of America you go after Goldman Sachs because it is the symbol of Wall Street and excessive money creation and there is also a tone of anti-Semitism there.” - Text

ADL antennae must be twitching.

I am so hoping this aspect doesn't grow legs.