Tuesday, April 27, 2010

Goldman Sachs Scum Engage in Delay Tactics

There are no words to express the level of disgust I feel for the people in this video below (courtesy of TPM)! The news about Goldman and their practices has been nothing short of stunning, Excerpts of hundreds of internal Goldman documents released by the committee show that Goldman created and sold complex investments backed by risky home loans. Then, Goldman also bet against those investments by buying a type of insurance that would pay out if the underlying home loans went bad.

There is ample proof that the investment bank misled investors by selling assets that it knew were junk and actively bet against them. One of these assets, known as Timberwolf, was a collateralized debt obligation that allowed investors to bet on subprime mortgages. According to emails obtained by the committee, Goldman executives acknowledged that Timberwolf “was one shitty deal,” but the firm continued to sell the asset to investors.

After the hearing Sen. Carl Levin, head of the investigating comittee said unequivocally, "The evidence shows that Goldman repeatedly put its own interests and profits ahead of the interests of its clients."
These people should be imprisoned with no opportunity for bail but instead they are kings of the freaking world. This has to change and soon or eat the rich may soon be a menu option instead of just a bit of snarky graffiti on a concrete wall. I can't imagine this not causing outrage as it permeates the conciousness of public.
Stay tuned.

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