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Finally! Goldman Sachs and rating agencies blamed for the economic crisis!

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posted on Apr, 14 2011 @ 11:14 AM
Goldman Sachs, Rating Agencies Blamed in Crisis Probe

Conflicts of interest, excessive risk-taking and failures of government oversight triggered the financial crisis and helped push the country into the deepest recession since the Great Depression, concludes a new report by the U.S. Senate.

The two-year, bipartisan probe by the Senate Investigations Subcommittee examined the economic crisis and the role played by Wall Street in creating it.

The Republican and Democrat co-chairs of the committee agree on its findings.

"The report tells an inside story of economic assault that cost millions of Americans their jobs and their homes while wiping out investors, good business and [the] market," said Sen. Carl Levin (D-Mich).

"It shows without a doubt that lack of ethics in some of our financial institutions who embraced known conflicts of interest to accomplish wealth for themselves, not caring about the outcome for their customers," said Sen. Tom Coburn (R-Okla).

Much of the 635-page report focuses on the investment banking giant Goldman Sachs and its mortgage-related investments.

But Congress is also forgetting someone... THEMSELVES... for abolishing the laws that were passed just after the Depression in the 30s, not to mention leaving the FED alive and clouded in secrecy.

posted on Apr, 14 2011 @ 11:23 AM
reply to post by Vitchilo

This is no big deal. Of course they misled Congress. Now most of us understand that there is a very fine line between misleading and lying. It is hard to read what these folks said under testimony, knowing the facts and not come to the conclusion that they were lying to Congress. That is a crime and its a crime that folks have been convicted of.

Having lawyers give you precise talking points which allow you to dance on the head of a pin and not technically be guilty of lying suggests they were questioned in a manner that was meant to keep the truth at bay. Until one of these banks gets sanctioned or one of these executives gets tossed into the slam it is not going to change. And it is not going to change because they need the gents out of Goldman to run the treasury and having that blemish on thier records makes that problematic.

Everyone knows these low lifes lied and everyone also knows that there will be no meaningful ramifications for it.

posted on Apr, 14 2011 @ 11:50 AM
This is a 635-page excuse note stating essentially:

"Yes, we are the representatives of the United States citizenry, and yes, we are oath-bound as public servants to protect them and keep vigilant oversight of all matters, including fiscal, that might threaten their well-being.

But it's not our fault we let this happen. Yes, we were warned before, during, and after, and yes, we were told in secret congressional meetings that the financial poop had hit the fan, but we just don't get all that high-finance stuff."

"We've asked the industry to explain itself, and they sent us 500 pages of charts and crap which seems to say that we Representatives knew all along this was policy and accepted practice, but that can't be right because if that were the case it would be our fault, and since it isn't our fault - they're wrong for doing the things we said it was OK for them to do...."

PS - We hate the bankers as much as you do... vote for us!

PPS - except you, Phil, Sam, Neil, Patty, Tom, Stu, and everyone down at Chase, or JP or GS,.... and all the folks that help the party come campaign time, and anyone who the Prez says is kosher, and also .......... well you get the idea.


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