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Author Topic: Max Keiser, Goldman Sachs, Strong Opinions of Economic Crimes, Conflicts...  (Read 1539 times)
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WhiskeyGirl
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« on: July 20, 2009, 03:20:37 PM »

Quote
Max Keiser: "Goldman Sachs Are Scum"
 
Posted by Tyler Durden at 3:41 PM

"They are literally stealing a hundred million dollars a day. Goldman Sachs is stealing every day on the floor of the exchange. They should be in the Hague, they should be taken on financial terrorism charges. They should all be thrown in jail"

from - http://zerohedge.blogspot.com/2009/07/max-keiser-goldman-sachs-are-scum.html

two part youtube -

http://www.youtube.com/watch?v=VSwWy4E6I04
http://www.youtube.com/watch?v=ZoQrYa_NKQQ

The person giving the opposing view promotes integrity in a global financial model.  Global government needs to rule everyone.

scary stuff

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WhiskeyGirl
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« Reply #1 on: July 20, 2009, 03:32:58 PM »

Quote
The Greatest Non-Apology of All Time

“While we regret that we participated in the market euphoria and failed to raise a responsible voice, we are proud of the way our firm managed the risk it assumed on behalf of our client before and during the financial crisis,” he said. (via Goldman Regrets ‘Market Euphoria’ That Led to Crisis - DealBook Blog - NYTimes.com.)

Quote
This isn’t really commerce, but much more like organized crime: it was a gigantic fraud perpetrated on the economy that wouldn’t have been possible without accomplices in the ratings agencies and regulators willing to turn a blind eye. Imagine a meat company that bred ten billion rats, fattened them on trash and sewage, ground their bodies into chuck, and then sold it all as grade-A ground beef to McDonald’s and Burger King, right under the noses of the USDA: this is exactly the same thing, only with debt instead of food. We’re eating it, they’re counting the money.

Any way you slice it, Goldman was responsible for putting tens of billions of toxic mortgages on the market, resulting in mass foreclosures, mass depletion of retirement funds, and a monstrously over-leveraged financial system that we will now all be bailing out for the next half-century or so. All of this so that Goldman could make a few billion bucks acting as the middleman in all of these deadly transactions.

Quote
Beyond that, Goldman’s “risk management” also involved buying massive hedges on its mortgage exposure from…drum roll please… AIG. In fact Goldman was AIGFP’s single largest customer; while the bank was busy flooding the world financial system with doomed mortgages, it was also busy piling bets on the back of the insurance behemoth — $20 billion worth, to be exact. And AIG’s death spiral was triggered not so much by its bets going sour, but by companies like Goldman that demanded that AIG put up cash to show its ability to pay. These collateral calls were what killed AIG last September, and Goldman was one of those creditors pulling the trigger: what makes this fact even more obnoxious is that ex-Goldmanite Henry Paulson then stepped in and green-lighted an $80 billion taxpayer bailout. Ultimately another ex-Goldmanite named Ed Liddy was put in charge of AIG, and Goldman ended up getting paid 100 cents on the dollar for its AIG debt.

read more here - http://www.thepeoplesvoice.org/TPV3/Voices.php/2009/07/02/is-goldman-sachs-the-root-of-all-evil

Audit the Federal Reserve, the past and present TARP recipients, those that are to big to fail, the FDIC recipients of large loans, and make it robust, and in the light of day, industrial, bright lights please.  Tax and document all the DARK POOLS.  Something is wrong when people conduct all this business in secret and with out documentation.  Why have a public exchange at all? 

If Goldman has no consumer exposure, why does the FDIC give it money?  Back the loans?  Not real sure why the FDIC or other government program would back up Goldman's business. 
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WhiskeyGirl
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« Reply #2 on: July 28, 2009, 11:25:50 PM »

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The state has received bids from Center Point Properties Trust, The Carlyle Group, and a partnership of Carrix Inc. and Goldman Sachs that offered to take over operations of the Port Authority's terminals. Details won't be released about the latter two bids, submitted Monday, for as long as 30 days. The port authority likely won't make a decision on the bids until next year.

Quote
"The fundamental operating principles of the port remain strong and intact," said Jerry A. Bridges, the authority's executive director. "As the economy recovers, we are well-positioned to take advantage of our growth potential."

http://hamptonroads.com/2009/07/port-authoritys-revenue-drops-20-percent-amid-recession

Goldman in the shipping business?  Expecting imports to improve?

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WhiskeyGirl
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« Reply #3 on: July 28, 2009, 11:35:08 PM »

I wonder if the real 'high end' health insurance plans are excluded by some language in the healthcare reform bills?

Quote
SCHIEFFER: But just tell me, give me some specifics of how the president wants to pay for this. We heard him say at the news conference the other night, he is now ready to consider a surtax on people in the very upper income brackets those who make over half a million dollars. Is he ready as Mike Allen, “Politico’s” crack reporter reports today ready to tax some of the most expensive, what he calls gold plated Cadillac insurance policies? Is he ready to do that?

AXELROD: Well, Mike is a crack reporter but the president actually was asked this the other day by Jim Lehrer and what he said was that this was, you know, that this was an intriguing idea to put an excise tax on high end health care policies like the ones that the executives at Goldman Sachs have the $40,000 policies. His big interest is in keeping the yoke of this, the burden of this off of the middle class who are struggling in this the economy. If it meets that test, then he will certainly give it consideration. So I think that is certainly a possibility. There are other possibilities out there as well.

Quote

I wonder does anyone know what is included in the $40,000 health insurance plan?
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WhiskeyGirl
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« Reply #4 on: July 28, 2009, 11:38:45 PM »

Does Big Government step in again...and lend a helping hand to the unsecured?  Kick the secured to the curb?

Quote
July 28 (Bloomberg) -- Station Casinos Inc., taken private by Colony Capital LLC and management in 2007, filed for Chapter 11 bankruptcy after failing to reach agreement with unsecured creditors on a plan for a prepackaged court restructuring.


Quote
Law Debenture Trust Co., Fidelity Management & Research Co. Oaktree Capital Management, Western Asset Management, Goldman Sachs Asset Management and Franklin Templeton Investments are the top 10 largest unsecured creditors, today’s filing said.


http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo
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« Reply #5 on: July 28, 2009, 11:46:52 PM »

Quote
Government weighs limiting speculation on energy prices

WASHINGTON -- The chairman of the Commodity Futures Trading Commission signaled Tuesday that his agency is likely to limit financial speculators' ability to drive up prices for oil and other fuels.

Excessive speculation, suggested CFTC chief Gary Gensler, drove the price of oil to a record $147 a barrel a year ago, making it unnecessarily more expensive for Americans to heat their homes and fuel their cars.

Quote
The CFTC is also weighing whether to take back exceptions granted over decades to big Wall Street powers such as Goldman Sachs and Morgan Stanley that allow their investments in energy contracts to be regulated as if they were airlines or refineries, free from limits on the number they can buy.

Commercial fuel users are exempt from position limits because they actually take delivery of the product. Wall Street firms, which don't take delivery, received the same exemptions...

These private bets are called swaps. The swaps market dwarfs the regulated futures markets. Lack of transparency in these markets, and uncertainty about who actually owes what to whom, has amplified the global financial crisis.

"It became more apparent to me today than it ever has before that the agency should be the one to grant hedge exemptions," Chilton said in an interview. He noted that exchanges have incentives to grant exemptions to big players who bring more trading volume, and thus profits, to the exchanges. "Our job is to protect consumers and ensure these markets are working effectively and efficiently."

http://www.miamiherald.com/business/nation/story/1161414.html

I wonder how that would work with Cap & Trade?  Healthcare Exchanges?  Dark Trading?  Software trading?  Flashes?

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« Reply #6 on: July 28, 2009, 11:54:43 PM »

Where do hedge funds come from?

Quote
Commodity 'Investors' Redux
By: The Mess that Greenspan Made

...

J. Aron applied for exemption, arguing that the firm should not be treated as a speculator but as a "bona fide hedger" -- a classification usually reserved for farmers, processors or food producers that enter the futures market to hedge their risks in physical commodities trading.

The CFTC, in a letter to J. Aron dated on Oct. 18, 1991, granted J. Aron the exemption. A copy of the letter was obtained by MarketWatch. See the CFTC letter.

Similar exemptions were granted to other swap dealers, most of them big investment companies.

With the help of swap dealers, more institutional investors have diversified their portfolios into commodities to hedge against inflation and a weaker dollar. Their positions have grown so large that legislators and analysts said the trend was pushing commodity prices to levels that couldn't be justified by fundamentals. See earlier story on passive investment.

http://www.istockanalyst.com/article/viewarticle/articleid/3376229

Double speak?  Not 'speculators' but hedgers?  Helping to drive the cost of food grains up?  Ensure the world cannot afford the grain necessary for minimal existence?  No heating oil?  Gas for the car? 
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It doesn't do any good to hate anyone,
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« Reply #7 on: July 28, 2009, 11:59:48 PM »

Quote
Congress members urge CFTC to set energy position limits

Nick Snow
OGJ Washington Editor

WASHINGTON, DC, July 28 -- Two members of Congress urged the US Commodity Futures Trading Commission to establish and enforce position limits for all energy commodities as opening witnesses at the first of three CFTC hearings on the matter.

US Sen. Bernard Sanders (I-Vt.), who questioned CFTC Chairman Gary G. Gensler’s commitment to regulate aggressively as the Senate considered Gensler’s nomination, began by conceding that Gensler’s actions since taking the CFTC’s helm have been impressive. “But they will all be for naught unless they are followed by aggressive actions by the CFTC to prevent excessive speculation in oil and gas trading,” Sanders warned.


Quote
Stupak noted that since 1991, when the CFTC authorized the first bona fide hedging exemption to a swap dealer (J. Aron & Co., which is owned by Goldman Sachs), “15 different investment banks have taken advantage of this exemption, even though they do not have a legitimate anticipated business need.” NYMEX has granted 117 hedging exemptions for West Texas Intermediate crude contracts since 2006, many of which are for swap dealers without physical hedging positions, Stupak continued. “Swaps are currently excluded from requirements for position limits designed to prevent excessive speculation. An estimated 85% of futures purchases tied to commodity index speculation come through swap dealers,” he said.


Quote
Sanders said his bill contains a similar provision, as well as a conflict of interests section that would bar investment firms from issuing commodity price forecasts from one division while holding a significant position in another unit. “Frankly, the American people are tired of record-breaking Wall Street profits and excessive compensation packages while Americans are losing their jobs. They’re tried of hedge funds betting that the subprime market will get worse. And they’re sick of Wall Street betting that the price of oil will go up while Americans pay millions at the gas pump,” he declared.

Amen.  Someone in Congress looking out for Main Street.

http://www.pennenergy.com/index/articles/display/0281549697/s-articles/s-oil-gas-journal/s-general-interest/s-government/s-articles/s-congress-members_urge.html

Isn't there a right to heat and food somewhere? 

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WhiskeyGirl
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« Reply #8 on: July 29, 2009, 10:09:00 PM »

"Obama Ambassador Sussman: Appointing Fundraiser Raises Questions of Public Service Paybacks "

"Chicago investment banker, 'Ambassador' Sussman raised a bundle for Obama."

Quote
A prominent example is Louis Susman, named as Obama’s ambassador to the Court of St. James. Susman was John Kerry’s campaign fundraising chair in 2004, heading an effort that yielded $247 million for Democratic coffers; he was among the earliest fundraisers for Obama, and his zeal continued after the election, when he pulled together $300,000 for the inaugural festivities. (Susman thus dwarfs the fundraising power of Bush’s ambassador in London, California auto dealer Robert Tuttle, who raised a measly $100,000 for the 2004 campaign and $100,000 for the inauguration.) When queried on Susman’s qualifications for the post, a White House spokesman quipped that “he speaks the local language.”

Another is Phil Murphy, a Goldman Sachs executive who served as the Democratic Party’s national finance chairman, tapped to represent the United States in Berlin. The Murphy appointment so troubled German leaders that they held up agrément–the diplomatic process under which the receiving nation agrees to accept the ambassadorial designee–so that Chancellor Angela Merkel could press the case for a career diplomat or serious political figure. Merkel made her appeal at the G-8 meeting at L’Aquila, but Obama was unswayed. The Germans finally relented and grudgingly accepted the appointment.

Quote
...Political nominees need to be grilled about their campaign funding activities and discussions they have had with Obama Administration figures about any expectations relating to their appointment. And nominations that come purely out of the White House, substituting for the professional candidate list from the State Department, should be eyed with particular skepticism. It would be a good thing if a few of these nominees were simply voted down–sending a message that the Senate is serious in demanding that key ambassadorial appointments have the diplomatic skills expected of these positions.

In the area of diplomatic appointments, Obama has not delivered “change we can believe in.” If he’s offered change of any sort, it is still more decay in an area overdue for reform. It’s up to Congress to stop fundraising impulses from taking precedence over the nation’s foreign policy concerns.


read more about others here - http://www.pacificfreepress.com/news/1/4419-obama-ambassador-sussman-appointing-fundraiser-raises-questions-of-public-service-paybacks.html

Are the Goldman appointees in a position to help towards global financial integration?  Maybe that is their particular expertise?

imho, the U.S. should be building financial firewalls to prevent another collapse and ensure the return to a sound financial foundation.  All we seem to have as a nation, is a financial system rooted in quick sand...

jmho
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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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