Skip to comments.Now Germany May Go After Goldman Sachs For Duping One Of Its Banks
Posted on 04/17/2010 7:36:39 PM PDT by george76
Potentially interesting development here. Germany may pursue some action against Goldman Sachs (GS) relating to the CDOs itself to a German bank.
Remember, Germany already has hostility towards the company due to its apparent role in helping Greece hide its debt in order to gain entry into the EU.
With Merkel on the ropes a bit due ot the Greek bailout, going after Goldman would probably be a smart political move.
(Excerpt) Read more at businessinsider.com ...
how many of Obama’s bunch have Goldman ties, past and present???
So, would this be a criminal complaint, instead of a weak civil complaint?
What is going on with Goldman? Isn't it one of the enterprises that we ALL HAD TO DONATE our HARD EARNED MONEY to in order to bail them out? Who are they? Would it not be NICE to have names and faces to ATTACH to the head honchos at Goldman who would rip apart their own nation for the mighty buck?
Hope they go after GS with the fervor of the MSM going after the Tea Partiers.
The German Landesbanks failed early in the subprime crisis, and, the Germans were awakened to the criminal derivative fraud in their eyes then. Surely they will not want a civil fraud case against Goldman as the SEC issued and be satisfied with Goldman paying a fine? They must be seeking real financial restitution and jail terms.
NOW, THIS could get interesting.....
Every bank failure in Germany....goes back to US investment schemes. In this case...if I were in the top management of Goldman Sachs from last year...I’d start to worry. The Germans will carry this into court and ask to have people put on the plane to Europe to face charges. The curious thing will be if the President “lets” them go or not.
“The curious thing will be if the President lets them go or not.”
WEll, following the Chrysler dealership examples, maybe just the handful of independent or Republican ones, if any.
You mean ... Clinton era Richard Rubin, ties to GS, George W Bush era Paulson, ties to GS, Larry Summers, ties to GS, Timmy "Turbo Tax" Geithner, ties to GS ... etc. etc.
Good. I hope it negatively affects Obama and Soros and all his elitist friends who think they know what’s good for us.
We are not children and we don’t want Obama or Soros as a parent.
marked for future reference
Greece is responsible for the full disclosure of its debt, not anybody else. The EU is looking for someone to blame. Unfortunately our illustrious president will gladly take the blame, no doubt.
Probably not much. The MSM is looking to villify banks as much as possible to help Obama and the democrats curry favor with Americans so that the banking bill can be passed. This is part of the PR plan to move us to government take over of the banking system.
O’s gang is connected to all the hedge funds involved. Still no regulation of hedge funds by the SEC because hedge funds own the senate. I hope the German rip Goldman to shreads and ban them from Germany.
So, let’s see..
The U.S. Government pushes for ‘new loan products’ to expand the individuals eligible for loans...and then the banks look for ways to comply AND dispose of the toxic assets...and the investors that hold the crap with fraudulent ‘ratings’ get mad.
All of them...
One can only hope some of these people go to jail. That might be the only thing that gets their attention. Here is a good article by Denniger on this issue:
parsy, who is reading like crazy on this stuff
The continuation article points out that Murphy was the head in Europe from 1993 to 1997. Then he was transferred to Asia where he was head from 1997 to 1999. Subsequently he was a director, and finally left in 2006.
An interesting article in the April 12, 2010, “Business Week” explains that Goldman went “public in May 1999, and while management assured shareholders the firm would continue to derive the bulk of its revenue from investment banking and asset management, Goldman did increase its risk profile and, under Blankfein’s leadership, rapidly reoriented itself from banking to trading. Profits soared...” “A decade later, the percentage of revenue derived from trading and principal investment has ballooned from 55% to 76% in 2009. Thus Murphy had left Europe in 1997 when discussions about going public had begun in the company, and over in Asia left the company in 1999 when it did go public. In 1998 there was “vigorous internal debate” about changing the focus of the company to compete with hedge funds and the like. Who knows what Murphy thought about all this, but he did get out of management.
Then there is the issue of his being a Director. “At a now legendary meeting on Dec. 14, 2006...Goldman executives, jittery after 10 straight days of losses in their mortgage portfolio..The decision was made to pare back Goldman’s exposure to the housing market.” Murphy left the Board in 2006. This was well before the mortgage market began to tank, although he may have been well aware that there is a dangerous level of risk that he did not want any part of. I think we need more information about the man. I don’t get the impression he was a major player in the serious stuff.