By Greg Gordon
McClatchy Newspapers
November 1, 2009
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman’s sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation’s premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
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via How Goldman secretly bet on the U.S. housing crash | McClatchy
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Interview with Greg Gordon
How Goldman secretly bet on the U.S. housing crash
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The crimes and fraud are ver evident. The uestion is: why is no one being prosecuted for these crimes? The answer is that the financial manipulation industry was the biggest contributor to the obama campaign. The collapse underscores the rottenness of the capitalist financial industry, and how a very small elite has gained control of not only the US, but the entire world.