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The truth of all this is nothing gets done for real, because the big players (brokerage houses and humongous banks) have corrupted BOTH parties in congress with donations that NEITHER PARTY is willing to lose.
As a private citizen and voter one must remind onesself that a corporation is merely a legal protective shell for a business to limit it's liability and establish a status basis for taxation..., NOTHING MORE. It has no "personal" responsibility, no social consciense, no morality and no ethics other than that imposed upoj it by law and exacted by efficient enforcement of such law. So..., it should come as no surprise that all the rats escape any retribution as we may observe right now.
The result will be this re-shuffling of the chairs in the Dodd "reform bill" room with NO REAL reform like breaking up the humongo banks and saving the neighborhood banking system. That would eliminate all TOO BIG TO FAIL entities, but also means that BOTH parties relinquish the do-re-mi and influence of power that they get from the big corruptors. t sort of like the musical chairs you palyed when you were a kid with one major adjustment, The poor slob who always gets left standing without a chair is JOHN Q> PUBLIC...the taxpayer. Believe it!
What is now ongoing with the Obama administration AND congress is a black comedy in three parts. A corporate slapping on the wrists for public consumption effect. Fool the average 'voter' into believing that some meaningful reform is being accomplished when NONE IS. The net result = the politicians sink their cruddy, slimey grip even tighter around Wall Streets bulging pockets.
Even the SEC is putting on a show worthing of the center ring in a Barnum and Bailey Circus. They're all angry and exorcized and making more "for public consumption statements of anger and outrage. BULL! It's all part of the big act. They weren't EVER doing their job, because their too tight with those whom they are supposed to monitor. Wall Street truly is a good olde boys club. An amalgam of disenchanted dems, repubs, conservatives, libertarians and others outraged and what they see transpiring right under their noses will, this November, determine if this nation deserves to continue or not.
The one guy sitting back in the privacy of his own room and smiling, privately only of course, is Bennie Bernanke, the globalist's shill on the job, overseer of the Decline and Fall of The Unholy American Empire. Where there's a will there's a way and when the temptation is an unsatiable quest for power and money is the way there are always those lined up willing to show the will.
i agree about bernanke, and also would suggest geithner. the link i had to mish in post 119 also had a lot of links to bernanke and geithner shenanigans.
the federal reserve has used our money to backstop crooked gambling operations which endanger our entire economy and all pension systems.
It must be difficult for those that have to live in that locked room of despair and futility. That notwithstanding, let's wish for practical solutions to the Financial System, solutions that are jointly developed by Dems and Repubs. Get to Financial Reform 1, from there Reform 2 and so on. We absolutely need Congressmen from both Parties, to work on this effort. As yet, we don't see that.
i agree about bernanke, and also would suggest geithner. the link i had to mish in post 119 also had a lot of links to bernanke and geithner shenanigans.
the federal reserve has used our money to backstop crooked gambling operations which endanger our entire economy and all pension systems.
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This is an excerpt from the source I've noted, but read it from the top remembering that he who demanded the "collateral" was Bennie B., THE FED! The book he references is great and many articles on this site are also:
Quote:
So the story thus far is that AIG is a great big mess that will bring everyone down if it goes. Got that. Geithner accepts that picture, persuades Bernanke. AIG is on the verge of bankruptcy, according to Sorkin, mere “minutes away” (p. 399). The Fed agrees to extend a $14 billion loan to get it through the trading day but it wants collateral. Collateral? From a broke company? How is that going to happen?
Then we get this bit:
Wilmustad understandably wondered how they were supposed to come up with $14 billion in the next several minutes. Then it dawned on them: the unofficial vaults. The bankers ran downstairs and found a room with a lock and a cluster of cabinets containing bonds – tens of billions of dollars’ worth, dating mostly from the Greenberg era. They began rifling through the cabinets, picking through fistfuls of securities that they guessed had gone untouched for years. In an electronic age, the idea of keeping bonds on hand was a disconcerting but welcome throwback. (p. 400)
WTF? This is a company about to go out of business, then it suddenly remembers it has a secret stash….worth at least 1/6 of the initial government rescue commitment? $14 billion was only what they coughed up to satisfy the Fed. How much more was left in those cabinets?
Everything here is right on by my estimation except this suggestion that... "Geithner accepts that picture, persuades Bernanke." Bernanke already knew what was going to happen. He's the guy who switches the automatic pilot off and on , so he can tweak things just right! Bennie now had these clowns painted into a corner and IN HIS BACK POCKET. He OWNS them.
If you think of the Mafia muscling in on a business to gain control you'll understand this easily. It's no different. 'Nuthin' poisonal, jist business.'
It must be difficult for those that have to live in that locked room of despair and futility. That notwithstanding, let's wish for practical solutions to the Financial System, solutions that are jointly developed by Dems and Repubs. Get to Financial Reform 1, from there Reform 2 and so on. We absolutely need Congressmen from both Parties, to work on this effort. As yet, we don't see that.
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Although the left and this admin work overtime to try to demonize them.., that's what the Tea Party is all about. If you TRULY want this country straightened out you'd best hope that a NEW congress is installed this November. The current players on BOTH sides are too corrupted to change anything. With that should come real term limits as finally the public GETS IT!
Remember folks , the Banking Industry provides more overall financial support to the Politicians than any other....This is a big deal , the bailouts are now being under investigation, for the first time. GS is only the tip of the iceberg....AIG is the next think to talk about. All we here are doing is table talk , what plays out, may set a precedent for how business will done in the future...more transparency , and that's a good thing.
GS selling a new car Serrano thing where they do not tell you that there are no brakes working on the new car....is what the civil suit is all about...I find it hard to see where this is not criminal action. When its all over , Wall Street will not look the same, will not make so much money on the backs of the average citizen by raiding their pension funds, and the big guys at these banks will all resign and or go to jail..it's coming.
No - it's not. Not much will happen. There may be a fine.
The goal is to use this Goldman BS to get the public on board for the financial reform bill.
All we really need to do is reinstate Glass-Stegall and enforce the laws that are already in place. But that won't happen.
The financial reform bill is directed at the public more than the fat-cats.
The list of former Goldman executives who have held key posts in the US administration and vital global institutions in New York and Washington alone is mind-boggling. It includes:
the treasury secretary under Bill Clinton (Robert Rubin) - Rubin spent 26 years at Goldman before joining the Clinton administration as an economic adviser. He served as treasury secretary for four years from 1995, and remains an adviser to President Barack Obama;
the treasury secretary under George Bush (Hank Paulson) - Paulson was CEO of Goldman before becoming the US treasury secretary. At the height of the credit crunch, when Paulson was working on the AIG bail-out, Blankfein’s name appeared on Paulson’s call sheet 24 times in six days;
the current president and former chairman of the New York Federal Reserve (William Dudley and Stephen Friedman);
the chief of staff to the treasury secretary Timothy Geithner (Mark Patterson);
the chief of staff under President Bush (Joshua Bolten);
the economic adviser to the secretary of state, Hillary Clinton (Robert Hormats);
the chairman of the US Commodity Futures Trading Commission (Gary Gensler);
the under-secretary of state for economic, business, and agricultural affairs under President Bush (Reuben Jeffery);
the past and current heads of the New York Stock Exchange (John Thain and Duncan Niederauer);
the chief operating officer of the Securities and Exchange Commission’s enforcement division (Adam Storch).
Goldman’s new top lobbyist in Washington, Michael Paese, used to work for Barney Frank, the congressman who chairs the House Financial Services Committee.
Obama’s economic adviser Larry Summers never worked directly for Goldman, but served in Clinton’s government under his mentor, Robert Rubin. Goldman paid Summers $135,000 to appear at a one-day speaking event in 2008 before Barack Obama came to power
Gordon Brown’s special adviser, Susan Nye is married to Goldman’s former chief economist and partner Gavyn Davies. Under Tony Blair, Davies became chairman of the BBC. He resigned in 2004 after the Hutton Report
The list of former Goldman executives who have held key posts in the US administration and vital global institutions in New York and Washington alone is mind-boggling. It includes:
the treasury secretary under Bill Clinton (Robert Rubin) - Rubin spent 26 years at Goldman before joining the Clinton administration as an economic adviser. He served as treasury secretary for four years from 1995, and remains an adviser to President Barack Obama;
the treasury secretary under George Bush (Hank Paulson) - Paulson was CEO of Goldman before becoming the US treasury secretary. At the height of the credit crunch, when Paulson was working on the AIG bail-out, Blankfein’s name appeared on Paulson’s call sheet 24 times in six days;
the current president and former chairman of the New York Federal Reserve (William Dudley and Stephen Friedman);
the chief of staff to the treasury secretary Timothy Geithner (Mark Patterson);
the chief of staff under President Bush (Joshua Bolten);
the economic adviser to the secretary of state, Hillary Clinton (Robert Hormats);
the chairman of the US Commodity Futures Trading Commission (Gary Gensler);
the under-secretary of state for economic, business, and agricultural affairs under President Bush (Reuben Jeffery);
the past and current heads of the New York Stock Exchange (John Thain and Duncan Niederauer);
the chief operating officer of the Securities and Exchange Commission’s enforcement division (Adam Storch).
Goldman’s new top lobbyist in Washington, Michael Paese, used to work for Barney Frank, the congressman who chairs the House Financial Services Committee.
Obama’s economic adviser Larry Summers never worked directly for Goldman, but served in Clinton’s government under his mentor, Robert Rubin. Goldman paid Summers $135,000 to appear at a one-day speaking event in 2008 before Barack Obama came to power
Gordon Brown’s special adviser, Susan Nye is married to Goldman’s former chief economist and partner Gavyn Davies. Under Tony Blair, Davies became chairman of the BBC. He resigned in 2004 after the Hutton Report
everything this administration has done has benefited goldman sachs. i think that could be why we are not seeing any criminal prosecution and that this is being set up as a civil matter with just a fine settlement. look at goldman's profits this quarter alone:
Goldman revealed a leap in quarterly profits from $1.8 billion to $3.5 billion and disclosed that it was setting aside $5.49 billion to pay its employees.
There are a lot of Financials down on this story. Citi for one, is probably a very good buy today, actually, I think I will.
GS has been a FABULOUS holding for me today.. Keep up the fear so I can profit more..
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