I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.- Thomas Jefferson.

debt clock

Thursday, April 29, 2010

More goldman sachs

How Goldman Sachs Screwed Ghana

Slightly less damning story- Senior Executives at Goldman Had a Role in Mortgage Unit

There's a New AIG Story. I Was an AIG Exec. Here's the Deal.

What was the SEC doing during all this?  Watching porn.  Nothing wrong w that, except if you're doing it at work, when you're being paid a lot of money by the tax-payers.

Although I tend to focus on GS, there are more players involved, Shadow Elite: Goldman Sachs - Fraud Is Not the Scandal.  I recommend this article- a short excerpt below-

With just one Goldman employee actually named in that civil suit, the most insidious scandal has little to do with accusations of outright fraud by a few bad apples. Top Goldman officials, former officials, and their allies, have been thoroughly enmeshed in Washington financial decision-making for nearly two decades, moving back and forth in short order between Wall Street and White House positions of power in what has been called an "evolving door."

These power brokers have made fateful economic decisions in ways that defy our expectations of accountability, and in which their agendas are impossible to fully discern. The average citizen had no voice in these decisions, and no way to even understand how they were made. Barry Lynn, author of Cornered: The New Monopoly Capitalism and the Economics of Destruction, says America's political economy "..is run by a compact elite ....with almost complete freedom [to determine] who wins, who loses, and who pays."

Were Goldman, Citigroup and other firms "too big to fail"? The former chief executive of Washington Mutual, the largest U.S. bank ever to fail, told a Senate hearing last week that these firms were actually "too clubby to fail", and WaMu was not in the club. Though he has obvious bias, it's hard not to see some truth in that statement.

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