Posted on 04/24/2010 9:02:12 AM PDT by Mr. Mojo
NEW YORK (AP) - E-mails released by a Senate committee investigating the financial crisis show top executives at Goldman Sachs Inc. boasting about money the firm was making as the housing market collapsed in 2007.
The documents suggest that Goldman benefited at least for a time from bets that subprime mortgage-backed securities would lose value. The e-mails appear to contradict previous statements by the investment bank that it lost money on such securities.
(Excerpt) Read more at apnews.myway.com ...
A bank that makes money? Execute them!!!
Hey, what’s a little selectively-chosen “leaked” emails between friends?
bttt
Ping
So they should have been talking down the economy then just like the Dims were doing?
Do you really believe Goldman is a Bank?
Goldman Sachs - a very corrupt organization. I wonder if RICO can be used against them ? I think these charges are a sham by the 0bama administration to shove through their favored legislation but when it is all said and done, Goldman will walk out smelling like a rose !
Its Investment Banking segment offers financial advisory services, including advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and underwriting services, such as equity underwriting and debt underwriting.
The company's Trading and Principal Investments segment engages in market making in, trading of, and investing in commodities and commodity derivatives, including power generation and related activities; credit products, such as credit derivatives, investment-grade corporate securities, high-yield securities, bank and secured loans, municipal securities, emerging market and distressed debt, public and private equity securities, and real estate; currencies and currency derivatives; interest rate products consisting of interest rate derivatives and global government securities; money market instruments, including matched book positions; and mortgage-related securities and loan products, and other asset-backed instruments. This segment also provides equity securities and derivatives; equities and options exchange-based market-making services; securities, futures, and options clearing services; and insurance services, as well as involves in principal investments activities.
The company's Asset Management and Securities Services segment offers asset management services comprising investment advisory services, financial planning, and investment products; management of merchant banking funds; and securities services, such as prime brokerage, financing services, and securities lending. The Goldman Sachs Group also provides global investment research services. The company was founded in 1869 and is headquartered in New York, New York.
“Hey, what’s a little selectively-chosen “leaked” emails between friends?”
I believe you are thinking like I am. Give the public a little red meat. Get the financial reform bill passed. Then start playing footsie under the table again.
Can we see the e-mail exchanges between Pelosi, Reid, Fwank, and Dodd?
My wife and I were always wondering how people could possibly be paying for these houses. At the peak I could not afford to buy my own house. IMHO it was no secret that there was going to be a housing bubble. An astute company would surely bet on a downturn. I see this as nothing but good business policy.
Capone winks
In this story there are two giant leeches sucking blood from the collective “ordinary citizen” body. One side are scumbag bastard corrupt big-brother government rulers, and the other are the scumbag corrupt greedy bastard financial conglomerates, and both possess huge pilfering (lobbyist) arms in each other’s pockets.
Now, in obamanistan, the equilibrium has been shattered and one side, one leech, really feels its oats, and thinks it can eat the other. We could get sucked in the dog and pony show of it and decide, schadenfreude; let them eat each other out! But after the blood letting, one giant leech is left behind and we are left to fend for ourselves with the bigger, hungrier, more lethal leech!
Once again, a well timed release of limited info in order to support a flawed agenda. Short selling is not illegal and all this chest beating is simply because GS knows how to make money even in a bad environment. Perhaps the committee should review the SEC regulations regarding short selling: http://www.sec.gov/spotlight/keyregshoissues.htm
Not really, but what you are thinking is possible. I am more of the impression that releasing material that makes someone look bad before he testifies before you is dirty. If I was the Goldman guy, I’d tell Senator Levin to suck it.
EXCERPT G/S morphed into a commercial bank to take advantage of gov't handouts, yet Goldman is really a hedge fund on steroids, with trading accounting for 69% of gross revenue in the first quarter........ a big chunk of its trading involves US govt debt -- federal, state and local...... G/S has a huge vested interest in the US digging a deeper and deeper hole.........trading govt IOUs is big business.....one of the few growth markets on Wall Street. IPO's, M&A's, etc, have yet to recover but the US will borrow a record $3.25 trillion in the current fiscal year -- four times as much as in 2008.
With its biggest competitors out of business, G/S is a major toll collector on Washington's red-ink railroad.......a "debt tsunami" that will lift Goldman's fortunes. G/S plays on the bankrupting of America -- the more we borrow, the more they make........ ........but the American public should know this side of the G/S profit miracle.
Through savvy trading and management, G/S set aside $11.4B this year to compensate its employees on a playing field cleared of its top competitors and soon after Uncle Sam bailedout G/S with $10B TARP -- and millions more through AIG, all paid for by taxpayers.
G/S benefits nicely from the govt borrowing binge that was triggered in part by the banking crisis that started in Wall Street's own backyard.
http://www.nypost.com/seven/07192009/business/good_for_goldman__bad_for_america_180130.htm
COMING TO A TOWN NEAR YOU Mother Jones magazine circa Feb 2007 reported on the activities of Mark Florian, Chief Operating Officer of Goldman Sachs' municipal finance division. According to the report, Florian was traveling to statehouses across the US to convince state officials that selling state assets would be "mutually beneficial." One of the scams involved "monetizing state roads. NOTE WELL: Monetizing means G/S bonding (AKA taxpayer debt)----which earns $billions for G/S til the end of time.
Then-NJ Gov Corzine (ex-Goldman head) stationed Goldman Sachs functionaries in state government as the issue of road monetization surfaced. Corzine hired four G/S buddies, including G/S alumnus Bradley Abelow as state Treasurer. Corzine took a road show across the state to sell the monetization deal. However, monetizing NJ roads hit a large pothole and collapsed like a flat tire---b/c taxpayers were onto the G/S bonding-debt scam.
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REFERENCE Goldman Sachs opened an office in Princeton NJ 2006 when Corzine was elected governor (the better to loot the NJ Treasury).
Goldman Sachs Hedge Fund Partners
701 Mount Lucas Rd
Princeton, NJ 08540-1911
G/S Hedge Fund Partners advertises it seeks investments in traditional infrastructure sectors including transport infrastructure such as "monetizing" toll roads, airports and ports as well as "monetizing" regulated gas, water and electrical utilities.
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CONSERVATIVE MANTRA "Goldman owns the Obama administration."
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