Posts Tagged 'Goldman Sachs'

SEC Is Charging Goldman Sachs With Fraud

Wow, never thought I’d see the day that the SEC would charge the great vampire squid with fraud. Will it be successful? I don’t know, Goldman Sachs is pretty powerful and I wonder how much the US wants them guilty. It will probably be plea-bargained out. What a shame. Goldman Sachs stock is already down 12% 13.2%. This happened in about two hours started happening at 10:36AM EST. The stock is already slightly back up. Total loss is at 13.11%

A lot of banks and financial institutions are down 5% due to this. I wish the US would actually charge the people as well as the company with federal crimes.

The NYT has a further in depth article about this situation. For the moment, I am tracking GS’ stock. It’s back up and losses are at 11.86%. The more negative publicity GS gets, the more it’s stock will plummet. Do you think that they will short their own stock?

Goldman Sachs: America’s Vampire Squid

A great thorough article on the investment bank Goldman Sachs, which Matt Taibbi calls a vampire squid, meaning that it feeds upon our society to live and has got its tentacles all over the place.

By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and excons carrying five bucks and a Snickers bar.

The way that these large banks are behaving is inherent to capitalism run amok. Instead of trying to regulate these banks, the US government has been pushing to deregulate them. There’s just so much that is wrong with this picture that I’m almost speechless.

It’s the prime example of why these banks are the epitome of capitalism gone wrong, a perfect example of overwhelming greed. These types of institutions will just continue doing what they’re doing until someone stops them.

Collapse And Seizure Of International Banks

It’s not just the US govt that steps in to help during the credit crisis, foreign govts in Europe are doing this as well in order to halt the crisis. Meanwhile, Morgan Stanley and Goldman Sachs have both become bank holding companies, operating under stricter federal guidelines and supervision, but having access to Fed credit loans.


subscribe to feed

About

ranjitwithkinginbehand.jpgI'm Range, your host. On the menu, photos, art, stories, entertainment and reviews. Links, maths, education and social issues. I'm in Quebec (Canada) or Taiwan (R.O.C.). Follow me on Twitter.

click to subscribe to The Memoirs & receive updates by email.

Join 1,459 other followers

@djrange: my tweets

channels

archives

del.icio.us

translate the memoirs

copyright notice & disclaimer

Please view the full disclaimer and copyright notice here
free web tracker

© 2006-2012 Range all rights reserved


Follow

Get every new post delivered to your Inbox.

Join 1,459 other followers

%d bloggers like this: