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As Goldman Sachs executives deny all wrongdoing in hearings before Congress, politicians use the opportunity to grand stand and act as if they are cracking down on banking corruption. The whole scene would be comical if it were not so pathetic. By putting on a show that Congress is taking Goldman exec's to the woodshed, they are trying in vain to convince their constituents that they are working on their behalf. The truth which is becoming common place knowledge among the voters, is that all of Washington, Congress included is in Goldman’s pocket, bought and paid for. With the upcoming elections the Goldman management would prefer to keep their assets in place in Congress and know they have nothing to fear as long as the two major parties control government. What the country needs now is to reject both the Democratic and Republican parties which have sold the people out. If we continue to vote for the corruption that has bankrupted our country and betrayed our people, then we deserve what we get.
I think the government did a dis service by filing the SEC complaint, and then calling them to Congress to testify. This caused GS to be much more careful with their wording, and not allowing an open, honest discussion as to the problems, and solutions..
When someone (like today with the 31 year old GS employee) said he "doesn't recall" or "doesn't remember"
That's lawyer speak for "I know what I was doing but I really don't want to say anything to incriminate myself"
These guys are all crooks. As long as the law permits them to "legally" throw away other people's money without anything besides a job loss, they will continue making these risky bets.
Personally I'd prefer something along the line, make risky bets, keep profits (but only 50% of them). Keep the other 50% in escrow for at least 5 years. If no wrong doing/business collapse was done, the other 50% belongs to the guy that makes the risky bets.
Personally I'd prefer something along the line, make risky bets, keep profits (but only 50% of them). Keep the other 50% in escrow for at least 5 years. If no wrong doing/business collapse was done, the other 50% belongs to the guy that makes the risky bets.
Pretty fair isn't it?
Thanks for the laugh.. This would mean that investing in the stock market would collapse in exactly 2 days because all day traders would have their funds locked up and not able to reinvest..
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