Goldman climbed into bed with New Century Financial Corp’s unreviewed and off shore deals
Goldman Sachs was among the last Wall Street giants to enter the lucrative world of subprime mortgages, but it didn’t take long before the elite investment house was cutting deals with firms whose reputations would soon be tarnished, at best — companies such as New Century Financial Corp.
[…]
Goldman Sachs
Goldman left investors holding its subprime bag (Part 3)
Inside investment circular were the details of a secret $2 billion deal channeled through a tax haven.
Goldman taking away people’s homes
The Beckers fell months behind on their mortgage and finally found it was Goldman after their house
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 that it also was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Now, a five- month McClatchy investigation has found that Goldman’s failure to disclose those secret bets may have violated securities laws.
How Goldman secretly bet on the U.S. housing crash
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.
[…]
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
see
Part 2: Goldman taking away people’s homes
Goldman left investors holding its subprime bag (Part 3)
Housing Rebound? “Not so fast” By Mike Whitney
Bill Moyers Journal: James K. Galbraith + Richard Brookhiser
Why Socialism Matters Today By Timothy V. Gatto
By Timothy V. Gatto
Featured Writer
Dandelion Salad
liberalpro.blogspot.com
October 23, 2009
I recently paid my dues and joined the Socialist Party USA. Why did I do this? It’s pretty easy to figure out. I don’t believe that this nation has ever been threatened by those that control the government and Wall Street as it is today. We are all at the mercy of the credit card companies that convinced the Federal government to amend the bankruptcy laws so that people facing destitution still must pay off their credit cards. The pharmaceutical industry charges up to and above 2000% for brand name medicines that have no generic equivalent. The bankers on Wall Street have raped the taxpayer upwards of 7 billion dollars that cannot be accounted for by the Inspector General of the New York Federal Reserve Board in testimony this week. In fact, the Fed has not even investigated where this money went!
Capitalism: An Apathy Story by Cindy Sheehan
By Cindy Sheehan
Featured Writer
Dandelion Salad
Cindy Sheehan’s Soapbox Blog
Cindy Sheehan’s Soapbox
Oct. 13, 2009
Image by Dandelion Salad via Flickr
This Thursday, in a move that would make Baron von Louis Rothschild blush with shame (or burst with pride), Goldman Sachs will announce that it is more than doubling its bonus pool: from 11 billion in 2007 to 23 billion in 2008.
I always thought the concept of the “Welfare Queen” was eliminated during the Clinton Regime (where his SecTreas was a former chair of G S) however, Goldman Sachs has received billions of dollars in taxpayer welfare and supposedly paid that back, except for the 13 billion that was funneled through AIG to Goldman through loan guarantees.
Economic 9-11: Did Lehman Brothers Fall or Was It Pushed? by Dr. Ellen Brown
by Dr. Ellen Brown
Featured Writer
Dandelion Salad
webofdebt.com
September 7, 2009
A year after the bankruptcy of Lehman Brothers on September 15, 2008, questions still swirl around its collapse. Lawrence MacDonald, whose book A Colossal Failure of Common Sense came out in July 2009, maintains that the bank was not in substantially worse shape than other major Wall Street banks. He says Lehman was just “put to sleep. They put the pillow over the face of Lehman Brothers and they put her to sleep.” The question is, why?
The Lehman bankruptcy is widely considered to be the watershed event that changed the rules of the game for those Wall Street banks considered “too big to fail.” The bankruptcy option was ruled out once and for all. The taxpayers would have to keep throwing money at the banks, no matter how corrupt, ill-managed or undeserving. As Dean Baker noted in April 2009:
Continue reading
stimulator: Oh Bummer
stimulator
July 28, 2009
This week:
1. Obama’s Grades
2. Military Industrial Reach Around
3. No Hope for Transparency
4. Futuristic Justice
5. If there was oil in Honduras
6. He ain’t got your back
7. Public Enemy
8. Derrick Jensen
Max Keiser: Should Goldman Sachs be prosecuted for crimes against humanity?
Punk Patriot: Is the GOP racist? + Wall St + Exxon sabotages their own wells
trichenosis
July 23, 2009
Read this dumb blog I wrote:
http://punkpatriot.blogspot.comBuy this dumb shit I made:
http://punkpatriot.etsy.comIs the GOP racist?: VP of the Young Republicans, Audra Shay, fucks up real bad on Facebook
Wall Street: Goldman Sachs exceeds earnings expectations
More Wall Street: Morgan Stanley’s “new” financial product
Greenwashing Beer: German Beer Brewers claim to have made Beer “good for the environment”
Corporate Douche-Baggery: Exxon sabotages their own wells and pollutes like a mother fucker
Nominal Things Obama is doing to make things suck slightly less: Obama wants to get rid of the Terror Alert Color Coded System
Wal*Mart: Wal*Mart supports employer mandate because they would gain an edge on the competition
see
Wall Street’s Love Affair with Ben Bernanke by Mike Whitney
Max Keiser: Paulson, Super Schnook and Crook
Max Keiser: Goldman Sachs should be taken up on financial terrorism charges!
Kucinich keeps Single-Payer healthcare alive by Michael Carmichael
Tax the rich to pay for health care? + Weiner Blasts the Critics of Health Reform
Bait and switch: How the “public option” was sold + Take Action
Government Gone Mad by Joel S. Hirschhorn
by Joel S. Hirschhorn
Featured Writer
Dandelion Salad
www.foavc.org
July 20, 2009
Perhaps most Americans deserve the federal government they have. A government that, contrary to the lofty rhetoric of Barack Obama, is pure politics as usual. A government that is as corrupted by moneyed interests as ever. A government that is as dysfunctional and inefficient as ever.
A government that should have prevented the current recession but did not and now has spent horrendous amounts of money that has largely been wasted. A government that has put many future generations in debt. A government that makes a mockery out of the concept of democracy.
Max Keiser: Paulson, Super Schnook and Crook
Max Keiser: Goldman Sachs should be taken up on financial terrorism charges!
MaxKeiserTV
July 16, 2009
http://maxkeiser.com
Interview date: July 16, 2009
More Robber Class Perfidy by Cindy Sheehan
By Cindy Sheehan
Featured Writer
Dandelion Salad
Cindy Sheehan’s Soapbox Blog
Cindy Sheehan’s Soapbox
July 18, 2009
Perfidy:
Deliberate breach of faith or trust; faithlessness; treachery
According to foreclosure listing service RealtyTrac Inc., more than 1.5 million households received at least one foreclosure-related notice during the first half of the year. That’s a jump of nearly 15 percent.
The nation’s official unemployment rate in June rose from 9.4 to 9.5 percent, its highest in 26 years. But, it’s even far worse than that: the nation’s actual unemployment rate in June rose from 16.4 to 16.5 percent, the highest figure by far since the Bureau of Labor Statistics began keeping the data in 1994. During the Great Depression of the ‘30’s and ‘40’s unemployment reached 25%.
As Goldman Sachs Posts Record Profits, Matt Taibbi Probes Role of Investment Giant
Democracy Now!
July 15, 2009
As Goldman Sachs Posts Record Profits, Matt Taibbi Probes Role of Investment Giant in US Financial Meltdown
Goldman Sachs, the nation’s most powerful financial company, has reported the richest quarterly profit in its 140-year history: $3.44 billion between April and June. Goldman’s record profits come just one month after it repaid $10 billion of TARP money to the US Treasury, freeing itself from restrictions on year-end bonuses. We speak to Matt Taibbi, whose new Rolling Stone article argues that “Goldman Sachs has engineered every major market manipulation since the Great Depression.” [includes rush transcript]
Guest:
Matt Taibbi, Contributing editor for Rolling Stone Magazine. His latest article is The Great American Bubble Machine.
see
American Economy: The Eye of the Storm by Josh Sidman
There is no economy left to recover By Paul Craig Roberts
Crystal Ball Gazing – The Future Is Deflation By Mike Whitney
Dandelion Salad 