Goldman Sachs: Time to take them to the mat and someone should be going to jail.

 

When you take someone to the mat legally, real men don’t bring civil actions when criminal prosecution is far more appropriate.  This particularly applies to investment banker Goldman Sachs.  Actually, “investment banker” is an inappropriate term for them as they’re really little more than a bunch of gangsters.    But I guess when you have a treasury secretary complicit with helping these guys out with a backdoor bailout via AIG, you’re somewhat constrained and can’t jump as bad as you really need to.  I guess the civil action plays well for those who aren’t looking as closely, but those of us who observe a bit more closely know it’s just blowing smoke.

This period of time in our nation’s history spanning from the internet bubble, to Enron and to the current financial crisis will go down in history as the most fraudulent and criminal filled period in modern economic history with participants at the highest level of government and commerce.  To be honest, all pretext of square dealing, honesty and hard work have gone out the door across all demographics.  It is this more than anything else that is pervasive throughout American society and is the primary reason we’re going to go down pretty hard.

If there’s anything that should have the public out with bonfires and pitchforks at the gate, it’s this, yet what we do see is folks running around threatening folks  and preparing to secede over “socialism”, while the oligarchs abscond with the treasury against the backdrop of deafening silence from these same folks.  This really makes me think that the tea parties and some of the crazies on the far right are likely being funded by the likes of Goldman Sachs and others as a diversion for the public.

What Goldman did here was just as egregious as anything Bernie Madoff pulled off.  Essentially, they sold their clients a surfeit of mortgage securities that they knew were bad and then turned around and betted against those same clients, hence making money selling them crap at the outset and making money again when the crap blew up in their faces.  Just as Madoff wasn’t the only Ponzi scheme operator, you can rightly surmise that Goldman wasn’t  the only investment bank doing stuff like this.  It’s almost certain that there were others.

We have an economy based not on producing things the world wants, but based on fraud, financial alchemy, war and taxation.   This is why the scrap heap of history seems to be looming on the horizon.

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Comments
3 Responses to “Goldman Sachs: Time to take them to the mat and someone should be going to jail.”
  1. Well stated, my friend. I have, for sometime, decried this “fleecing” of America, and can’t understand why more people aren’t as upset about it as I am.

    You’re right about the Tea Partiers. If it’s their aim to expose the excess, waste, and run-away spending of the Federal government, you’d think they’d be just as diligent at exposing those in Congress who have facilitated this theft of billions of dollars by repealing and passing certain laws.

    The Shadow Banking System, 600 trillion dollars strong, a haven of unregulated derivatives, should scare the bejeezus out of them.

    Repo 105’s should alert even the most complacent among us to what extent these investment banks will go to defraud and deceive regulators, and stockholders.

    If Congress fail to get reform of this sector right, the country will, until it does, have this sword of Damocles hanging over it, threatening to repeat the economic woes we’ve recently witnessed.

    I agree, the Tea Partiers are a ready and successful diversion from the real threat to our economic well-being: a financial system with players that have grown “too big to fail,” who’re lobbying for more opaqueness than transparency, and who’re cleverly manipulating, and exploiting the system for huge monetary gains at the expense of main street, taxpayers, retirement savings and pension funds.

    I’ve missed you over at the Field.

    • Greg L says:

      If Congress fail to get reform of this sector right, the country will, until it does, have this sword of Damocles hanging over it, threatening to repeat the economic woes we’ve recently witnessed.

      Thanks for dropping by BD and how very right you are. Unfortunately, our congress has been largely bought and paid for so it’s unlikely that they’ll do much other than that with which the oligarchs agree. It’s truly the tail wagging the dog while the rest of us pay. IMO, the thing that really needs to be done is to break their power over the financial economy. That really means breaking up the banks and investment houses so financial interests aren’t so concentrated while also putting an end to the entire too big to fail regime. As it is, it appears that they’re going to try to police a dysfunctional situation based on rules acceptable to the banks. Unfortunately, the previous actions of the Fed and the Treasury have simply increased the concentration of financial interests and along with that, their power over the economy. It’s not something that these guys will give up easily.

      I hate to sound like a pessimist, but I’d be very surprised to see anything with any real teeth in it.

  2. “That really means breaking up the banks and investment houses so financial interests aren’t so concentrated….”

    This will be the litmus test and a signal that this Congress takes financial reform seriously.

    Let’s see if they have the cajones to do what is necessary to prevent the next economic disaster.

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