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Author Topic: 2008 Financial Collapse, TARP, and the Statute of Limitation...  (Read 3341 times)
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WhiskeyGirl
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« on: June 01, 2011, 09:01:23 PM »

I keep wondering why no one has gone to jail for the financial collapse of 2008.  Why?  What are they waiting for?  Two political parties and no one in jail?  No serious investigation?  Just more debt and slavery for Main Street?

"Goldman Accused of Withholding Lehman Emails"

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Lehman Brothers is accusing Goldman Sachs of intentionally delaying turning over emails in a bankruptcy probe of whether a secret Wall Street campaign helped short sellers profit at Lehman’s expense from the investment bank’s implosion.

How could Libya lose billions?  If Libya lost billions, who made them?  Who was on the other side of the trades?

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“Goldman Sachs is moving at a glacial pace in an effort to run out the statute of limitations without producing the requested documents,” Lehman said in its filing. Lehman is asking Judge James Peck to force Goldman to search the other 26 custodians’ inboxes within two weeks.

Quote
In its Tuesday court filing, Lehman said Goldman was also slow in providing organizational charts that would help Lehman in identifying the custodians that were most relevant. Lehman said its request is limited to a very specific set of terms used in emails over a four-month period.

“Given its enormous wealth and resources, Goldman Sachs clearly is not burdened by undertaking this modest production,” Lehman said in its filing. A hearing on the matter is set for June 15.

read more here - http://blogs.wsj.com/deals/2011/06/01/goldman-accused-of-withholding-lehman-emails/

Is Goldman above the law?  Anyone search that mighty email database regarding AIG?  The AIG pass through?  GM?  Chrysler?  Federal Reserve?

Are Goldman, and perhaps other big banks above the law?
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It doesn't do any good to hate anyone,
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WhiskeyGirl
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« Reply #1 on: June 01, 2011, 09:03:21 PM »

Goldman Sachs Too Big to Face Criminal Prosecution, Bernstein’s Hintz Says

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Goldman Sachs Group Inc. (GS) won’t face criminal prosecution related to sales of mortgage-linked securities because such a move could threaten the U.S. financial system, according to Brad Hintz, an analyst at Sanford C. Bernstein & Co.

The U.S. Department of Justice, which is reviewing a Senate subcommittee report that alleged Goldman Sachs misled clients before the financial crisis, will avoid jeopardizing the fifth- largest U.S. bank by assets because it’s viewed as “too big to fail,” Hintz wrote in note to clients today.

“If an alleged violation is identified during a Goldman investigation, we expect a reasoned response from the Justice Department,” Hintz wrote. “In a worst case environment, we would expect a ‘too big to fail’ bank such as Goldman to be offered a deferred-prosecution agreement, pay a significant fine and submit to a federal monitor in lieu of a criminal charge.”

read more here - http://www.bloomberg.com/news/2011-06-01/goldman-too-big-to-face-prosecution-over-mortgage-securities-hintz-says.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #2 on: June 02, 2011, 08:39:06 AM »

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Goldman traders defence found on discarded laptop: Lawyers for Fabrice Tourre, the Goldman Sachs employee facing Securities and Exchange Commission allegations of fraud, are questioning why their client has been singled out as the only individual on Wall Street to face charges over the sale of mortgage-backed securities, according to The New York Times. The newspaper claims to have obtained the information from a discarded laptop found among rubbish.

read more here - http://www.proactiveinvestors.co.uk/columns/guardian-cfd-s-newspaper-briefing/5499/newspaper-briefing-including-recovery-in-us-hits-another-soft-patch-independent-5499.html

Only one?  How can they prosecute just one?  Maybe this one guy caused the collapse?

What's on that laptop?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #3 on: June 02, 2011, 09:49:26 PM »

"Prosecutors 'ask Goldman Sachs to explain behaviour'"

Quote
An April Senate report said Goldman had encouraged investors to buy mortgage-based products it knew would fail.

The report said that Goldman had shifted risk from its own balance sheet onto investors, while deceiving them about the bank's own positions.

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Goldman did not admit to breaking the law, although it conceded that some information had been left out of the information provided to buyers.

read more here - http://www.bbc.co.uk/news/business-13637004

In the real world, folks that make and sell ladders, a product used for thousands of years, on many continents, and my every imaginable race and ethnic group, must apply labels warning users of every conceivable tragedy that might happen through misuse of the product.  Ever see the stickers on a new ladder? 

If GS had provided the information to buyers, would they have walked away?

If Americans had known AIG would be used as a $$$ conduit to Goldman and other big banks, would Congress have walked away from the bailout? 

How much information does the Treasury, big global banks, and the Federal Reserve leave out?  All these things seem to be hugh money pits, taking out of taxpayer pockets, creating generation debt for the nation, and giving nothing in return.

Just my humble opinions.
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #4 on: June 02, 2011, 09:54:10 PM »

Quote
...The Senate Permanent Sub-committee on Investigations said the bank had sold mortgage derivatives to its clients while at the same time betting that the mortgage market was about to tank, and it also said Goldman executives may have lied under oath at Senate hearings on the subject.

Martha Stewart went to jail...iirc.

Quote
Last year, Goldman paid $550m to settle fraud charges from the Securities and Exchange Commission relating to one particular mortgage derivative, in what the bank hoped would draw a line under the controversy over its actions....

How much did TARP cost Americans?  $1 trillion?  How much after all the interest payments on the borrowed money?

read more here - http://www.independent.co.uk/news/business/news/goldman-sachs-faces-new-credit-crisis-inquiry-2292427.html

Why does it seem that taxpayers have to keep making good on bankers losses?  Anyone ever see the big global banks balance sheets before the TARP and other bailout funds started flowing?

Does money disappear overnight?  If Libya lost, who gained during all the currency and other losses in 2008?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #5 on: June 02, 2011, 10:04:27 PM »

"Libya bet $1bn on SocGen shares"

Quote
The LIA entered into the transaction in early March 2008, barely a month after Mr Kerviel’s €50bn of rogue trades left the bank with losses of €5bn. At the time SocGen was struggling to reassure investors and plug a hole in its balance sheet.

The case is just one example of how leading global financial groups did big business with Col Muammer Gaddafi’s Libya in deals that rarely benefited the North African state’s lumbering $65bn sovereign wealth fund, but generated lucrative fees for the banks.

Goldman Sachs also engaged in large transactions with the LIA. The US bank structured a $1.2bn equity and currency derivatives portfolio that lost 98.5 per cent of its value as of the end of June 2010.

read more here - http://www.ft.com/cms/s/0/c3d675bc-8d4b-11e0-bf23-00144feab49a.html#ixzz1OAr0vqwT

Did the US go to war with Libya to protect big global bankers?  That's what comes to mind when I read articles like this.

Alternatively, were global banks and others taking advantage of nations like Libya knowing that agitators would stir up unrest and topple the ruling parties?  Easy money?  Take their money yesterday, knowing the rulers would soon be out of power?

Doesn't that money really belong to the people of Libya?  Poof...gone forever into the pockets of global bankers?  Hedge funds?
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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