Posted on 04/16/2010 8:37:54 PM PDT by sheikdetailfeather
RUSH: There's a piece of news out there that's a very teachable moment and I want to start with this. The stock market is down about 148 points in the last hour. Now, the reason the market is down is because the Securities and Exchange Commission which is a part of the regime -- this is the teachable moment -- the SEC has filed civil charges against Goldman Sachs for essentially profiting on the subprime mortgage crisis knowing full well that the housing market was gonna bubble up and crunch and they were playing both sides, profiting on both sides of it. The suit from the SEC basically shows that Goldman Sachs and others knew that the housing market was gonna crash, they kept selling these mortgage-backed securities on the one hand and then they bet against them on the other hand. They were going short.
(Excerpt) Read more at rushlimbaugh.com ...
Oh OH rats turning on rats what is going on?
Somebody was amused by Obama and thought he should be grateful- “thank you very much”.
Rush is so predictable, took him like three sentences to get off topic and start railing against Obama.
Rush is so predictable, it took him a couple paragraphs to totally nail it. Buzz off, jiggyboy.
“Rush is so predictable, took him like three sentences to get off topic and start railing against Obama.”
It’s about Zero from the get-go, lapdog. Obtuse or perhaps your first name is Michelle maBelle.
Why a civil lawsuit and not a criminal lawsuit? Could it be that the Obama administration is looking for cash to fund its programs? Is this a sign of things to come?
EVEN gold {gld} DROPPED!
I’m not sure what point Rush is making here. Does he think that Wall Street had nothing to do with the financial meltdown? Does he really believe that Goldman Sachs has agreed to act the part of a bad apple to make the rest of the innocents on Wall Street look guilty so that O can get his financial regulatory plan passed?
Rush fundamentally misunderstands the gist of the SEC allegations against Goldman. They are not being blamed for profiting from the market meltdown, but for creating a financial IED, then selling it to its unwitting clients.
According to the SEC Goldman Sachs (the most liberal firm on the Street) colluded with liberal hedge fund billionaire John Paulson (a friend of George Soros) to create a Collateralized Debt Obligation (CDO) that was meant to fail so they could sell it short and profit. They then marketed and sold this ticking fiscal time bomb to unsuspecting clients who lost their shirts while Paulson’s profits were in the billions. Goldman generated millions in fees on both sides of the deals and hundreds of millions more on their own shorts.
This is fraud on a massive scale. They perpetrated a similar fraud when they helped Greece hide its true debt ratio through currency and interest rate swap deals, then sold Greek bonds to their clients who were in the dark as to Greece’s true fiscal problems.
No one on the right should be defending these leftist vultures.
This one should have been filed by the DoJ instead of the SEC if the government were really trying to clean up the business. As it is, this will just be another transfer of wealth to the government through a massive settlement.
It may be referred to DOJ in the end. Since the SEC does not have prosecutorial powers, they usually get firms to agree to wrongdoing and make internal changes to address the underlying problem. The telling part in this filing is that it appears that either the SEC case is so strong they went straight to court or their is some political motivation behind this (or both).
The bottom line is that the very liberal Goldman Sachs was right in the middle of the whole housing meltdown from the very beginning and should not be defended by conservatives.
Congress Has 43,457,362 Reasons to Help Goldman Sachs
http://abcnews.go.com/Blotter/Blotter/story?id=5891663&page=1&page=1
Congress Has 43,457,362 Reasons to Help Goldman Sachs Embattled Firm and Its Employees Spread Millions Around Washington in Donations and Lobbying Expenses 95
Not all their money has gone for mansions and Ferraris. Employees of Goldman Sachs are listed as a top contributor to 55 separate members of Congress. (ABC News Photo Illustration)
The embattled Goldman Sachs investment banking firm and its employees have spent more than $43 million dollars on lobbying and campaign contributions to cultivate friends and buy influence in Washington, D.C. since 1989, according to an ABC News analysis of campaign finance records compiled by the Center for Responsive Politics.
As a group, Goldman Sachs bankers have been the country’s top political campaign contributors this year and have given $29.5 million in contributions since 1989, according to the Center. “They are almost in a class by themselves,” said Sheila Krumholz, the executive director for the Center for Responsive Politics.
“Their top executives are in a class that is way above the clout and name-dropping that most other American businesses can achieve,” says Krumholz.
(Excerpt) Read more at abcnews.go.com ...
“When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.”
-P. J. O’Rourke
Goldman Sachs bankers are also the number one contributors to the Barack Obama presidential campaign, giving $691,930 to his campaign in this cycle, according to the records.
The left thinks that since populists hate rich bankers, beating up the bankers will earn them popularity. Then they beat up on the bankers, and the market tanks, and the economy stays weaker than it needs to be, and people stay unemployed. And the unemployed stay mad at the government along with the rich bankers they hate. And the left doesn't understand why it isn't popular for murdering the rich.
Earth to the clueless populists - a thriving capitalist economy without thriving capitalists is a round square and a misunderstanding, and beating up the rich bankers you hate does not help you in the slightest. Men financed by those rich bankers are the only men on earth who can actually hire you for anything.
Hatred and envy are so frickin stupid it amazes me how many people still fall for them...
Things that have no real value tend to drop when the puppet master is revealed.
Freedomlibertyjustice wrote: “According to the SEC Goldman Sachs (the most liberal firm on the Street) colluded with liberal hedge fund billionaire John Paulson (a friend of George Soros) to create a Collateralized Debt Obligation (CDO) that was meant to fail so they could sell it short and profit. They then marketed and sold this ticking fiscal time bomb to unsuspecting clients who lost their shirts while Paulson’s profits were in the billions. Goldman generated millions in fees on both sides of the deals and hundreds of millions more on their own shorts.”
Absolutely right, you get it, but Rush doesn’t, and some other people on this thread don’t.
GS claim they lost $90 in their equity position on this deal. Now, why would a smart company like GS have an equity position in a CDO that they themselves designed to collapse?
Maybe because they wanted to convince the mark (...excuse me, client) that the CDO was ok.
Con men in Kiton suits are still con men.
AIG should have been allowed to fail. If it had, GS would be gone, along with many other Wall Street con-men.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.