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Author Topic: "Heungkuk Life Suit Against Goldman Sachs Over Timberwolf CDO Is Withdrawn"  (Read 2511 times)
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WhiskeyGirl
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« on: December 21, 2011, 07:24:14 PM »

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Heungkuk sued New York-based Goldman Sachs in federal court in Manhattan in March over a $1 billion collateralized debt obligation known as Timberwolf, accusing the company of fraud and seeking more than $47.3 million in damages. The Seoul-based insurer filed a similar state-court suit in April.

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Timberwolf was called “one shi**y deal” by a bank executive in a 2007 internal e-mail written eight days after the Heungkuk investment, according to the lawsuits. The e-mail was released publicly by U.S. Senate lawmakers last year.

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Heungkuk Life and Heungkuk Fire & Marine Insurance Co. filed a complaint with the Seoul Central District Prosecutors’ office on June 28 against nine Goldman Sachs executives and employees, accusing them of fraud, Lee Yun No, an official at Heungkuk Life, said on July 5.

http://www.bloomberg.com/news/2011-12-21/heungkuk-life-insurance-lawsuit-against-goldman-sachs-withdrawn.html

Why didn't AIG's partners take a haircut?  Anyone think maybe there was fraud involved in the 'investments' that went sour at AIG?  Anyone looking to file criminal complaints against anyone that was so QUICK to take taxpayer money?  Anyone wonder why Washington was to QUICK to pay off all those bad debts?  Take over AIG?

What is wrong with this picture?  Why are taxpayers always on the losing end?

just my humble opinions
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WhiskeyGirl
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« Reply #1 on: December 21, 2011, 07:36:09 PM »

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Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging.

...

"Goldman knew these types of securities were, to use Goldman's own words, ... 'junk,' 'dogs,' 'crap' and 'lemons,'" according to the complaint.

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"In fact, Goldman knew that lenders had systematically abandoned the stated underwriting guidelines, producing loans without regard to the likelihood of repayment," the complaint says.

read more here - http://abcnews.go.com/Business/wireStory?id=14317518#.TvJ5eNWrHQI

I wonder how much of the housing market collapse has a Goldman fingerprint somewhere?

Why was Treasury, Federal Reserve, Congress, and White House so quick to pay off all these 'gambling' debts?  Leave the debt heaped on the backs of Main Street?

If someone robbed you at gunpoint, would you call the police, file a report, and expect some kind of justice?  Criminal complaint?  Jail time?

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 #2 on: December 21, 2011, 07:37:00 PM »

Where does the money from the Federal Reserve go? 
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WhiskeyGirl
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« Reply #3 on: December 21, 2011, 07:49:14 PM »

"Goldman Sachs e-mails"
   
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In one Jan. 27, 2007, e-mail, Tourre suggests he knew he was creating risky securities that were likely to not succeed. "Not feeling too guilty about this, the real purpose of my job is to make capital markets more efficient . . . amazing how good I am in convincing myself!!!"

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In March 7, 2007, e-mail, Tourre refers to Dan Sparks, head of Goldman's mortgage business: The "US subprime business situation is that it is not too brilliant. . . . According to Sparks, that business is totally dead, and the poor little subprime borrowers will not last so long!"

read more here - http://www.washingtonpost.com/wp-dyn/content/article/2010/04/23/AR2010042305079.html?sid=ST2010042400948

I wonder where those e-mails are today?  I wonder if any of those poor little subprime borrowers ever read those communications?


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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,
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WhiskeyGirl
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« Reply #4 on: December 21, 2011, 08:02:30 PM »

"The SEC chose not to release the other notes, which portrayed him as more dubious about his job."

Hmmm...why not?  What other gems lurk in the Goldman Sachs emails?

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"It's bizarre I have the sensation of coming each day to work and re-living the same agony -- a little like a bad dream that repeats itself," Tourre wrote earlier in 2007. "In sum, I'm trading a product which a month ago was worth $100 and which today is only worth $93 and which on average is losing 25 cents a day ...That doesn't seem like a lot but when you take into account that we buy and sell these things that have nominal amounts that are worth billions, well it adds up to a lot of money."

read more here - http://www.cbsnews.com/8301-503983_162-20003402-503983.html

I wonder how many emails folks like this send today?  How often have you heard about government going to 'check the emails'?  Anyone think folks send emails with these kind of details?

Stuff just fails and nobody knows why?  No email trail?

Your company fails, billions disappear, and there is no paper trail?

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 #5 on: December 21, 2011, 08:20:35 PM »

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One $300m package, named Anderson, was created in March 2007 from mortgages written by a defunct sub-prime specialist, New Century, and the financial product was downgraded from a triple-A rating to junk within seven months.

How many months before US debt is downgraded to junk?

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Another, a $1bn package called Timberwolf, was branded as a "shitty deal" in an internal email by Thomas Montag, then Goldman's head of sales and trading for the Americas. The chairman of the Senate committee, Carl Levin, repeated the phrase more than a dozen times, repeatedly demanding whether Goldman should be selling mortgages that it privately looked upon so poorly.

Today, they argue about a two month, $160 tax cut.  Isn't that tax cut raiding Social Security?  Where is the money going to come from to pay Grandma?  Will Obama be wanting to raise that debt ceiling again?  Blow another $10 TRILLION?


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It emerged that as many as 90% of the loans in certain mortgage packages securitised by Goldman had been written on a so-called "stated income" basis, meaning that homeowners were not required to offer any proof of their salaries on mortgage applications.

The liar loans?  The fraud loans?  The loans to homeless people?

Why doesn't Congress/Treasury/Fed/SEC pass those loans back to Goldman and ask them to collect?  They sold those frankenstein products...didn't they believe in what they're selling?  If they passed bad loans back to banks, why not pass them back to Goldman? 

Who takes back the loans from fly-by-night mortgage brokers?

read more here - http://www.guardian.co.uk/business/2010/apr/27/goldman-sachs-senate-committee-hearing

How many months before the US is downgraded to junk status?  Two?  Three?



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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...
TnMuse
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« Reply #6 on: December 21, 2011, 09:24:18 PM »

Today, they argue about a two month, $160 tax cut.  Isn't that tax cut raiding Social Security?  Where is the money going to come from to pay Grandma?  Will Obama be wanting to raise that debt ceiling again?  Blow another $10 TRILLION?

I've been wondering about that too, WhiskeyGirl.  Weren't they talking not so long ago that social security was heading for trouble?  It sure doesn't make sense to me to cut that tax and then try to pay for it out of the general fund.   Will they turn around down the road and say oh my goodness, social security is broke sooner than we thought?  I don't understand what they are up to, but I sure don't trust them.
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TnMuse
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« Reply #7 on: December 21, 2011, 09:33:03 PM »

Where does the money from the Federal Reserve go? 

http://www.ronpaul.com/2011-04-05/ron-paul-the-fed-is-stealing-the-peoples-money/
Excerpts:

"In one week at the height of the crisis, about 70% of the money doled out went to foreign banks.

"In light of recent world events, perhaps the most staggering revelation is that quite a bit of money went to the Arab Banking Corp., in which the Libyan Central Bank owned about a third of its stock."

"People are beginning to realize that when the fed in effect doubles the worldwide supply of US dollars in a relatively short time, it has the effect of stealing half your money through reduced purchasing power."
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TnMuse
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« Reply #8 on: December 21, 2011, 09:42:31 PM »

Why was Treasury, Federal Reserve, Congress, and White House so quick to pay off all these 'gambling' debts?  Leave the debt heaped on the backs of Main Street?

Exactly, WhiskeyGirl!  I think we all need to pay closer attention to our representatives not only in the White House, but also in Congress and the Senate.  There is something funny going on that they all stick together and let these things happen.  Time to clean house
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