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Goldman Sachs: We make Money the Old Fashioned Way - We Steal it...
Posted By: Watchman
Date: Saturday, 17-Mar-2012 21:16:20
Money power in private hands and democracy can't co-exist. Wall Street crooks transformed America into an unprecedented money making racket.
Goldman symbolizes master of the universe of financial manipulation (Reuters April 16, 2011) It's been involved in nearly all financial scandals since the 19th century.
It makes money the old-fashioned way, through market manipulation, the scamming of investors, bribing political Washington, having its executives in top administration posts, and getting open-ended low or no interest rate bailouts when needed.
It's business model and culture assure billions of bonus dollars for company officials, complicit traders, and others on the take.
Compared to Goldman, Bernie Madoff was small-time.
Former bank regulator expert on white-collar crime, public finance, economics, and related law, Bill Black explained Goldman shenanigans pertaining to earlier SEC charges this way:
"Goldman designed a rigged trifecta. It turned a massive loss into a material profit by selling deeply underwater, toxic CDOs it owned. It helped make John Paulson (CEO of a huge hedge fund that Goldman would love to have as an ally) a massive profit - in a 'profession' where reciprocal favors are key, and blew up its customers that purchased the CDOs."
An SEC civil suit charged Goldman with defrauding customers. It made billions, and settled for $550 million. It was pocket change, the equivalent of four 2009 revenue days. It hardly mattered.
link for the rest: http://globalresearch.ca/index.php?context=va&aid=29823
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3 comments:
“Our society is run by insane people for insane objectives…. I think we’re being run by maniacs for maniacal ends … and I think I’m liable to be put away as insane for expressing that. That’s what’s insane about it” (xxi).
We face recurrent, intensifying economic crises (and economic stagnation for the working and middle class in the developed West) because our financial elites are unworthy. They are too often outright criminals - control frauds. They have no sense of accountability, no sense of duty to the nation (or community or world). -William K. Black
Bill Black Interview: The Great Global Bank Robbery, Part 2
http://www.newdeal20.org/2010/04/22/bill-black-interview-the-great-global-bank-robbery-part-2-10008/
Interview with Bill Black: The Great Global Bank Robbery, Part 1
http://www.newdeal20.org/2010/04/21/interview-with-bill-black-the-great-global-bank-robbery-part-1-9924/
Mammon is an idol Americans can mitigate when We The People Re-Claim Our Stolen MOney Power from private banksters and bring them to justice. God is not mocked; one will reap what's sown... taking place even NOW... Halleluyah!!
source is: http://www.rumormillnews.com/cgi-bin/forum.cgi?read=233847**
Goldman Sachs: Making Money by Stealing It,by Stephen Lendman,Global Research, March 17, 2012 and..... sjlendman.blogspot.ca /580Shared/ ......(...) ..Money power in private hands and democracy can't co-exist. Wall Street crooks transformed America into an unprecedented money making racket......(...)Using creative accounting, debt was hidden through off-balance sheet shenanigans. Derivatives called cross-currency swaps were used. Government debt issued in dollars and yen was swapped for euros, then later exchanged back to original currencies.Debt entrapment followed. Greece was held hostage to repay it. The country's been raped and pillaged. Paying bankers comes first. Doing it, left Greeks impoverished, high and dry. Goldman profited enormously by scamming an entire country and millions in it. Its business model thrives on similar schemes globally. It's about profits, no matter the huge cost to others. Expecting this leopard to change spots, is like imagining reformers will transform Washington. Former alderman Paddy Bauler once said "Chicago ain't ready for reform." It's still not ready and may never be. Neither is political Washington, Goldman, other Wall Street crooks, or their counterparts throughout corporate America. They connive, cheat, profiteer from wars, drain trillions from households and the national treasury, wage war on labor, sell dangerous products, destroy the environment, and do whatever they damn please complicit with corrupt politicians who let them. Goldman and other Wall Street giants are the worst of the lot. Standing armies pale by comparison. Michael Hudson calls finance warfare by other means. Generalissimo bankers run everything. Their job is pillaging households, investors, communities, and countries for profit. Doing so holds humanity, hostage. They'll lose everything unless stopped. Job one's assuring that's done. The stakes are too high, for failure. It’s up to public rage to change things. /// Awar-winning author Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net . Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening. http://www.progressiveradionetwork.com/the-progressive-news-hour/. Stephen Lendman is a frequent contributor to Global Research. Global Research Articles by Stephen Lendman, Bookmark and Share, Subscribe to the Global Research E-Newsletter.
http://globalresearch.ca/index.php?context=va&aid=29823
http://www.globalresearch.ca/index.php?context=listByAuthor&authorFirst=Stephen&authorName=Lendman
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