How the SEC and Congress Can Bring Down Goldman Sachs and Expose the Financial Coup By David DeGraw

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By David DeGraw
AmpedStatus Report
April 28, 2010

Not only did Goldman Sachs profit on betting against CDOs they designed to fail; more importantly, they insured them through AIG which led to a $182 billion taxpayer bailout.

Have you heard the news? It’s everywhere! The SEC and Congress have all of a sudden sprung to life and are now “getting tough” on Goldman Sachs. Is this all the first phase of a long-awaited investigation that will reveal the causes of our current economic crisis, or is this just more show trials and psychological operations designed to manipulate public opinion and make the American people feel that our elected officials are finally standing up to their campaign funders on Wall Street?

First off, let’s address these SEC charges against Goldman Sachs. At first glance you might think, oh big deal, this is just a minor civil suit that only indicts a low-level Goldman employee. Goldman will just throw some money at it and it will most likely go away. After all, Wall Street firms have already thrown over $430 billion out to derail 1500 cases against them, so what will make this any different?

We are also left wondering, if the SEC was serious about this case, why aren’t they investigating and prosecuting John Paulson and top Goldman executives under the federal Racketeer Influenced and Corrupt Organizations Act (RICO) statutes? Even the NY Times reported that top executives were involved in the process. If you think Lloyd Blankfein wasn’t fully aware of this billion dollar deal involving John Paulson, you’re delusional. Blankfein became CEO of Goldman due to his outstanding expertise in this particular area, serving as Goldman’s head of the Fixed Income, Currency and Commodities Division (FICC) since its formation in 1997.

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via How the SEC and Congress Can Bring Down Goldman Sachs and Expose the Financial Coup

from the archives:

“Plunder: The Crime Of Our Time” – Danny Schechter Takes on Wall St. in New Film

C-SPAN: Investment Banks and the Financial Crisis, Goldman Sachs Chairman and CEO

Michael Moore On Wall Street

Carl Levin: How much of that shitty deal did you sell to your clients?

The Big Six banks are shorting the American Dream By Jerry Mazza