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"Eliot Spitzer on Goldman: Where are the prosecutors?"
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
"Eliot Spitzer on Goldman: Where are the prosecutors?"
«
on:
May 03, 2010, 03:57:36 PM »
Quote
Today on New Deal 2.0, the news and opinion website of the Franklin and Eleanor Roosevelt Institute, he and Bill Black, the economist and scholar who is among the nation’s leading experts on financial fraud, launch a broadside at Goldman Sachs and former Treasury Secretary Hank Paulson, among others, and more or less insist that the public interest demands indictments:
Quote
For those who have spent years investigating fraud, it was no surprise to hear that Goldman Sachs, the (self-described) jewel of Wall Street, is the latest firm to emerge from the financial crisis with tarnished reputation. According to a lawsuit brought by the Securities and Exchange Commission, Goldman misrepresented to its customers the quality of the toxic assets underlying a complex financial derivative known as a "synthetic collateralized debt obligation (CDO)."
As you may now have heard, the story involves a pair of Paulsons. As CEO of Goldman, Hank Paulson oversaw the buying of large amounts of CDOs backed by largely fraudulent "liar’s loans." When he became U.S. Treasury Secretary, he went on to launch a successful war against securities and banking regulation. Hank Paulson’s successors at Goldman saw the writing on the wall and began to "short" CDOs. They realized that they had an unusual, brief window of opportunity to unload their losers on their customers. Being the very model of a modern investment banking firm, they thought that blowing up their customers would be fine sport ...
John Paulson (unrelated), who controls a large hedge fund, also wanted to short CDOs and he, too, recognized that there was a narrow window for doing so. The reason there was a profit opportunity was that the "market" for toxic mortgages only appeared to be a functioning market. It was, in reality, a massive bubble in which ratings and "market" prices were grotesquely inflated. The inflated prices were continuing only because the huge players knew that the prices and races were fictional and were covering it up through the financial equivalent of "don’t ask; don’t tell." According to the SEC complaint:
In January 2007, a Paulson employee explained the company’s view, saying that "rating agencies, CDO managers and underwriters have all the incentives to keep the game going, while 'real money' investors have neither the analytical tools nor the institutional framework to take action."
Both Spitzer and Black air their views regularly on this excellent site (where I should disclose that I have occasionally posted too). But it is worth noting that New Deal 2.0 also features an alternative view of the SEC action against Goldman today by Bowman Cutter, a former Warburg Pincus managing partner, who says that although he doesn’t believe the giant bank committed a crime, the Paulson deal reveals why, in the absence of real financial reform, the instinctual greed of its partners may devour us all (again).
more here -
http://www.salon.com/news/bank_reform/index.html?story=/opinion/conason/2010/04/26/spitzer
the alternative view here -
http://www.newdeal20.org/2010/04/26/a-story-about-tigers-goldman-sachsthe-sec-another-sign-of-the-end-of-civilization-as-we-know-it-or-just-life-in-the-big-leagues-10126/
What exactly is Obamareform doing for Main Street? Taxpayer's check book?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: "Eliot Spitzer on Goldman: Where are the prosecutors?"
«
Reply #1 on:
May 03, 2010, 04:00:32 PM »
from the comments -
http://www.newdeal20.org/2010/04/26/a-story-about-tigers-goldman-sachsthe-sec-another-sign-of-the-end-of-civilization-as-we-know-it-or-just-life-in-the-big-leagues-10126/
Quote
Sorry, but this whole post is wrong. First, they’re not tigers. They’re dependent on government and the fed reserve banking system in general, which but-for a bailout, would not exist. Therefore, not tigers or dead tigers. They do not promote efficiencies like they did 30 years ago. Now, they’re mass counterfieiting and junk bond operations. Your love for a tiger that doesn’t exist is nice. We all loved the fictional tiger
Posted by Markovich | April 26th, 2010 at 8:48 pm
Quote
The Goldman tigers prefer that the child be blind.
Posted by citoyen | April 27th, 2010 at 1:02 am
Quote
Yes, but Goldman infiltrated government at its highest level. The bailout of AIG that saved Goldman was an inside job. There must be retribution to preserve the public’s confidence.
Posted by Pentagron | April 27th, 2010 at 4:15 am
The job rotation...
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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