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Now Germany May Go After Goldman Sachs For Duping One Of Its Banks
Business Insider ^ | Apr. 17, 2010

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 ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: bailout; banks; germany; goldman; goldmansachs; greek; greekbailout

1 posted on 04/17/2010 7:36:39 PM PDT by george76
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To: george76

how many of Obama’s bunch have Goldman ties, past and present???


2 posted on 04/17/2010 7:42:28 PM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-Qaeda" and its allies.)
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To: george76

So, would this be a criminal complaint, instead of a weak civil complaint?


3 posted on 04/17/2010 7:43:01 PM PDT by reformedliberal ("If it takes a blood bath, let's get it over with." R. Reagan)
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To: george76
I read somewhere that Goldman Sachs is in the tank with uhbama and that horrific cabal...a whole bunch of um.

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?

4 posted on 04/17/2010 7:44:00 PM PDT by Republic (Stop the horrific liberals from spending ONE MORE DIME before they destroy our nation.)
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To: george76

Hope they go after GS with the fervor of the MSM going after the Tea Partiers.


5 posted on 04/17/2010 7:47:36 PM PDT by Ciexyz
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To: george76

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.


6 posted on 04/17/2010 7:50:35 PM PDT by givemELL (Does Taiwan eet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: george76

NOW, THIS could get interesting.....


7 posted on 04/17/2010 7:51:42 PM PDT by goodnesswins (The PLANTATION Party is at it again (the DEMS) ....trying to make slaves of everyone)
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To: givemELL

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.


8 posted on 04/17/2010 8:00:25 PM PDT by pepsionice
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To: Republic; M. Espinola; Candor7; LucyT
As Germany mulls legal action against Goldman Sachs , you might want to know who our ambassador to the country is.

He's Philip D. Murphy. You've already guessed who he used to work for.

9 posted on 04/17/2010 8:00:45 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: pepsionice

Good comment.

“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.


10 posted on 04/17/2010 8:07:29 PM PDT by givemELL (Does Taiwan eet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: elpadre
how many of Obama’s bunch have Goldman ties, past and present???

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.

11 posted on 04/17/2010 8:12:12 PM PDT by ikka
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To: george76

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.


12 posted on 04/17/2010 8:15:30 PM PDT by HighlyOpinionated (SPEAK UP REPUBLICANS, WE CAN'T HEAR YOU YET! IMPEACH OBAMA!)
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To: Just mythoughts

marked for future reference


13 posted on 04/17/2010 8:20:48 PM PDT by Just mythoughts
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To: george76
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.

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.

14 posted on 04/17/2010 8:58:31 PM PDT by mlocher (USA is a sovereign nation)
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To: Republic
What is going on with Goldman?

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.

15 posted on 04/17/2010 9:00:58 PM PDT by mlocher (USA is a sovereign nation)
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To: elpadre

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.


16 posted on 04/17/2010 9:21:44 PM PDT by Frantzie (McCain=Obama's friend. McCain called AMERICANS against amnesty - "racists")
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To: Frantzie

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.

Hmmm...


17 posted on 04/17/2010 9:48:15 PM PDT by Ethrane ("obsta principiis")
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To: elpadre
how many of Obama’s bunch have Goldman ties, past and present???

All of them...

18 posted on 04/17/2010 10:19:51 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: george76
The unnerving thing about this story is that it echoes of horrible sentiments against certain bankers in the 1930s. This will likely not end well...
19 posted on 04/17/2010 10:21:49 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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To: April Lexington

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:

http://market-ticker.denninger.net/archives/2210-Weekend-Corruption-Roundup.html

parsy, who is reading like crazy on this stuff


20 posted on 04/17/2010 10:29:26 PM PDT by parsifal
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To: george76; All

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.


21 posted on 04/17/2010 11:33:31 PM PDT by gleeaikin
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To: george76; AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; ...

Thanks george76.


22 posted on 04/18/2010 7:46:28 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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