Tag Archives: goldman sachs

Over half of US banking assets held by 5 banks

By Al Lewis
Dow Jones Newswires

We have finally reached the point in our financial history where even bankers hate bankers.

Last week, the Federal Reserve Bank of Dallas issued its 2011 annual report with a 34-page essay, “Why We Must End Too Big To Fail—Now.” The report stops short of calling our nation’s largest banks terrorists, but it does dub them “a clear and present danger to the U.S. economy.”

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Financial Derivatives Time Bomb

By Fred Burks
WantToKnow.info

I subscribe to the WantToKnow.info list under two different email addresses just to make sure that the messages go through. Today, for only the second time in four years, both emails were automatically filtered to my spam box. The first time was about four months ago when I reported on the secret societies of the power elite (http://www.WantToKnow.info/secretsocietiesnewsarticles). It was a very key and important message someone may have wanted to censor.

Today’s message also happens to be one of the most important messages I’ve ever sent. It clearly reveals the blatant corruption of the big banks in the $700 trillion derivatives market.

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Greece run by financial terrorists

By Max Keiser

Global stock markets have plunged over Greece’s shock announcement that it would hold a referendum on an EU bailout deal. The decision has raised fears that a rejection of the unpopular EU agreement will renew risks of a Greek default and might even force the country to leave the eurozone.

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Goldman Bullies Teeny Credit Union that #OccupyWallStreet Uses

By Yves Smith
Naked Capitalism

I suppose there is no point in being part of the 1% unless you can throw your weight around.

Greg Palast writes in the Guardian of how Goldman took a wee bit of revenge on Occupy Wall Street via the itty bitty credit union ($30 million in assets) that OWS chose for its bank account, Peoples Bank. Peoples has “a unique Federal charter”. It focuses on low income customers, meaning families with less than $38,000 in income (to get to how far that goes in the rest of the US ex maybe San Francisco, reduce that amount by at least 30%).

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The Coming Derivatives Crisis That Could Destroy the Entire Global Financial System


By The Economic Collapse

Most people have no idea that Wall Street has become a gigantic financial casino.  The big Wall Street banks are making tens of billions of dollars a year in the derivatives market, and nobody in the financial community wants the party to end.

The word “derivatives” sounds complicated and technical, but understanding them is really not that hard.  A derivative is essentially a fancy way of saying that a bet has been made.  Originally, these bets were designed to hedge risk, but today the derivatives market has mushroomed into a mountain of speculation unlike anything the world has ever seen before.

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Massachusetts Supreme Court Voids Most Foreclosure Sales from Past 5 Years

the_money_trail
By Gregory M. Lemelson
The Daily Bail

On Oct. 18th, 2011 the Massachusetts Supreme Judicial Court handed down their decision in the Francis J. Bevilacqua, III vs. Pablo Rodriguez – and in a moment, essentially made foreclosure sales in the commonwealth over the last five years wholly void. However, some of the more polite headlines, undoubtedly in the interest of not causing wide spread panic simply put it “SJC puts foreclosure sales in doubt” or “Buyer Can’t Sue After Bad Foreclosure Sale

In essence, the ruling upheld that those who had purchased foreclosure properties that had been illegally foreclosed upon (which is virtually all foreclosure sales in the last five years), did not in fact have title to those properties.

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Keiser and Ratigan Blast the US Financial System for Ongoing Widespread Theft

Both Max Keiser and Dylan Ratigan have had enough. “To the Hague!” Financial terrorism enabled by “both Democrats and Republicans.”

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And, here’s a two-parter by Max:

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YOU Are Too Rich

By Steve Scheetz

Have you stopped to wonder why it is that many government programs seem to have been set in place in order to stop job growth, stop the economy and essentially destroy wealth while politicians, complete with soap boxes, continue to shout how we must do more to help the economy?

Here is one example of how this began to take shape since the booming economy of the 90’s.

Paul R Ehrlich believes that there are too many rich people in the world. At the International Conference on Population and Development” in Cairo in 1994, he delivered a paper stating, point blank, that the rich are burdens on global resources, and if we, as a people were to survive, we would have to ensure that everyone cuts his/her energy consumption, drastically.

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What Libertarians and Progressives have in common

PressTV interview with Journalist and Blogger David DeGraw

Libertarians know and hate the Federal Reserve. They hate Goldman Sachs and J.P Morgan. But they are not willing to go to the poor people who are being forced to pay for the crimes of those people that they hate because it’s a union or because there may be some Democrats involved in it.  Libertarians and progressives can find common ground, but at this point still they are refusing to step back and concede a little bit to find it. They have to come together on campaign finance and lobbying and most importantly they can come together on breaking up the banks.

Egyptian Labor Uprising Against Rubinites

By Matt Stoller
Naked Capitalism

Via Wikileaks, we learned that the son of the former President of Egypt, Gamal Mubarak, had an interesting conversation in 2009 with Senator Joe Lieberman on the banking crisis. Gamal is a key figure in the forces buffeting Egypt, global forces of labor arbitrage, torture, and financial corruption. Gamal believed that the bailouts of the banks weren’t big enough – “you need to inject even more money into the system than you have”. Gamal, a former investment banker trained at Bank of America, helped craft Egypt’s industrial policy earlier in the decade.
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Irish and others speak to Banksters, Goldman Sachs, the Fed

Government Sachs: Formerly at Goldman Sachs and later appointed to the US Treasury: Steve Shafran, Kendrick Wilson, Henry Paulson, Edward Forst; the men who crashed the world's economy.

In Ireland, protesters held up these signs (many more can be found at The Daily Bail):

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Goldman Sachs Investor Buffett Thanks “Uncle Sam” for Bailout

Michael Collins

The peoples’ oligarch Warren Buffett just wrote a thank you letter to “Uncle Sam” published in the New York Times. It is the height of cynicism. (Image)

Buffett has a carefully crafted public image as a brilliant but people-friendly master of investments. We hear about his regular table at an Omaha diner where he conducts business (just plain Warren) and we see his occasional public stands for reasonable policies like the inheritance tax.

He claims that “Uncle Sam”, the government, saved us from a financial catastrophe that would have swallowed up his company. He then endorses the notion that the housing bubble was based on “mass delusion” – meaning it was our fault. But he forgets to mention that he took advantage of the 2008 crisis to purchase a $5 billion interest in Goldman Sachs. And he forgets whose money “Uncle Sam” stole from the Treasury to save him and the rest of his cronies. What a hypocrite. Continue reading

Numerian: The Goldman Sachs Credo – So What if We Lie? It’s Nothing Personal, It’s Just Business

by Numerian posted by Michael Collins

Reading the SEC allegations against Goldman Sachs and Co., you get the impression the agency would prefer a simple world where you could charge a company with lying and be done with it. Lying to one’s clients is at the core of the suit against Goldman Sachs. Unfortunately there is apparently no law against lying in phone conversations and meetings, but there are laws against fraudulent written representations, and this is the legal foundation on which the SEC is basing its suit.

The meaty stuff in the SEC complaint is to be found in the behavior of Goldman Sachs and its employee who structured the transaction known as ABACUS 2007-AC1. Fabrice Tourre, now age 31, was a vice president on the structured product correlation trading desk. He put together the ABACUS deals and is said in the complaint to have left out pertinent information, or lied altogether, to the firm that helped set up the ABACUS deal and make it sellable to investors. No other Goldman Sachs employee is identified in the suit, and the management on the trading desk or in his department are described only in shadowy terms.

Goldman’s response this week to the suit says that they will defend themselves vigorously (and no doubt with many millions of dollars of legal expense), so they are not throwing Mr. Tourre to the wolves as some rogue trader. This would have been the logical thing to do since the allegations against Mr. Tourre are especially damaging. By embracing and defending him so readily, we therefore have to assume Mr. Tourre’s behavior is emblematic of the Goldman Sachs culture, and how he comported himself is how many others behaved at the firm. This in itself is very revealing about Goldman Sachs and its management.
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Goldman Sachs denies ‘betting against clients’


Wall Street bank issues eight-page letter to shareholders justifying its conduct before, during and after the financial crisis

Graeme Wearden

guardian.co.uk, Wednesday 7 April 2010 10.32 BST

Nine months after being labelled “a great vampire squid wrapped around the face of humanity”, Goldman Sachs has issued a wide-ranging justification of its conduct before, during and after the financial crisis.

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Banks Bet Greece Defaults on Debt They Helped Hide

“It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house,” said Philip Gisdakis, head of credit strategy at UniCredit in Munich.

New York Times
February 25, 2010

Banks Bet Greece Defaults on Debt They Helped Hide
Nelson D. Schwart and Eric Dash

Bets by some of the same banks that helped Greece shroud its mounting debts may actually now be pushing the nation closer to the brink of financial ruin.

Echoing the kind of trades that nearly toppled the American International Group, the increasingly popular insurance against the risk of a Greek default is making it harder for Athens to raise the money it needs to pay its bills, according to traders and money managers.

These contracts, known as credit-default swaps, effectively let banks and hedge funds wager on the financial equivalent of a four-alarm fire: a default by a company or, in the case of Greece, an entire country. If Greece reneges on its debts, traders who own these swaps stand to profit.

“It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house,” said Philip Gisdakis, head of credit strategy at UniCredit in Munich.

As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders. But even before that issue became apparent, a little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks had created an index that enabled market players to bet on whether Greece and other European nations would go bust.

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Wall Street’s Bailout Hustle

ROLLING STONE

Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash

MATT TAIBBI Posted Feb 17, 2010 5:57 AM

On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman Sachs. Fast becoming America’s pre-eminent Marvel Comics supervillain, the CEO used the call to deploy his secret weapon: a pair of giant, nuclear-powered testicles. In his message, Blankfein addressed his plan to pay out gigantic year-end bonuses amid widespread controversy over Goldman’s role in precipitating the global financial crisis.

The bank had already set aside a tidy $16.2 billion for salaries and bonuses — meaning that Goldman employees were each set to take home an average of $498,246, a number roughly commensurate with what they received during the bubble years. Still, the troops were worried: There were rumors that Dr. Ballsachs, bowing to political pressure, might be forced to scale the number back. After all, the country was broke, 14.8 million Americans were stranded on the unemployment line, and Barack Obama and the Democrats were trying to recover the populist high ground after their bitch-whipping in Massachusetts by calling for a “bailout tax” on banks. Maybe this wasn’t the right time for Goldman to be throwing its annual Roman bonus orgy.

Not to worry, Blankfein reassured employees. “In a year that proved to have no shortage of story lines,” he said, “I believe very strongly that performance is the ultimate narrative.”

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Wall Street’s 10 Greatest Lies of 2009

By Nomi Prins,      AlterNet December 28, 2009.

Lies that justify screwing over Main Street.

On December 13, President Obama declared that he was not elected to help the “fat cats.” But the cats got another version of that memo.

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Public Opting

public optionBy Jack Lewis

A friend received her emergency room bill in this week’s mail. She opened it with trepidation, scanning down the complicated billing data to the bottom line. It came to $1.90.

Welcome to the Public Option.

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How Goldman Secretly Bet on the U.S. Housing Crash

By Greg Gordon|McClatchy Newspapers
Nov. 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.

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