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Senate report to reveal mortgage crisis details: WSJ
Yahoo ^ | 4/3/11 | AFP

Posted on 04/03/2011 12:17:36 PM PDT by NormsRevenge

WASHINGTON (AFP) – The Senate will soon issue findings of a probe of the US mortgage meltdown that fueled the global financial crisis, with Goldman Sachs likely to face fresh embarrassment over its role, the Wall Street Journal reported Sunday.

The Senate Permanent Subcommittee on Investigations, whose high-profile inquiry commission subpoenaed Goldman's and other executives last year, is due to release its report on the subprime implosion of 2007 and 2008.

The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including collaterized debt obligations (CDO).

CDOs were used to help Wall Street firms bet against the housing market. When the housing bubble burst, several of the top CDOs were downgraded to "junk" status, and their values plunged.

Goldman, the Journal reported, created CDOs in 2006 and 2007 to shield its exposure to the US housing market, and has been accused of making large bets against the market while selling bullish positions to group that were not expecting the market to fall.

People familiar with the matter said Goldman and Deutsche Bank -- both of which have been criticized for misleading investors in the housing market -- were expected to draw particular scrutiny in the report, the Journal said.

In January, Goldman said it was renewing its commitment to the "primacy" of client interests, and laid out 39 recommendations stressing greater transparency in how the company does business, especially with regard to its own private trading and potential conflicts of interest.

The Journal said the Senate investigation's findings would likely expose bad blood between Goldman and Morgan Stanley, another Wall Street giant, over their roles in a deal involving a CDO called Hudson Mezzanine Funding 2006-1.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Government
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1 posted on 04/03/2011 12:17:39 PM PDT by NormsRevenge
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To: NormsRevenge

There will be no Mention of Fannie, Freddie, and their Dem patrons.


2 posted on 04/03/2011 12:18:31 PM PDT by hobbes1 (Hobbes1TheOmniscient® "I know everything so you don't have to...." ;)
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To: hobbes1

aw come one, they have to give us a little meat. :-)


3 posted on 04/03/2011 12:19:11 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: hobbes1
...and their Dem patrons.

Like Bwaney (from behind) Fwank and Mr. Dodd?

They are so into helping people that they couldn't hurt a soul. /s

4 posted on 04/03/2011 12:21:22 PM PDT by EGPWS (Trust in God, question everyone else)
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CEO of Goldman Sachs Lloyd C. Blankfein listens to President Barack Obama speak at the annual meeting of the Business Council at the Park Hyatt Hotel in Washington, May 4, 2010. REUTERS/Larry Downing


5 posted on 04/03/2011 12:22:53 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: NormsRevenge

Let’s not forget that the execs at Fannie Mae and Freddie Mac were paid $35,000,000 in bonuses for doing such a swell job of writing mortgages for people absolutely sure to default. This entire federal government should be disbanded and all authority except the Defense Dept. should be delegated to the states.


6 posted on 04/03/2011 12:29:30 PM PDT by kittymyrib
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To: NormsRevenge

Let’s get to core: how many bankers are in jail because of this?

Thank you. The rest is whitewash


7 posted on 04/03/2011 12:29:32 PM PDT by mewykwistmas (We can either have a free market economy or socialism, TARPers, GM and GE can't have it both ways.)
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To: NormsRevenge
has been accused of making large bets against the market while selling bullish positions to group that were not expecting the market to fall.

Amazing! People who bought bullish positions were not expecting the market to fall. LOL!

In other news, people who bet on the Cubs yesterday won money from people who were making bets against the Cubs.

8 posted on 04/03/2011 12:31:40 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: NormsRevenge

Goldman Sachs, the co-conspirators in the quantitative easing


9 posted on 04/03/2011 12:34:29 PM PDT by evad (SHUT IT DOWN!)
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To: hobbes1

The Democratic Party is a subsidiary of Goldman Sachs. Same for the Bush-Rudy-McRomney RINO establishment. Goldman Sachs represents a clear and present danger to our liberty and Constitutional system.


10 posted on 04/03/2011 12:52:15 PM PDT by Thane_Banquo (Mitt Romney: He's from Harvard, and he's here to help.)
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To: NormsRevenge
The paper, citing people familiar with the matter, said the report was expected to release emails from securities firms that developed or sold subprime mortgages and financial vehicles including collaterized debt obligations (CDO).

Anything about the CRA?

Didn't think so.

11 posted on 04/03/2011 12:54:05 PM PDT by Siena Dreaming
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To: NormsRevenge

Consider that the AVERAGE salary of GS workers (including janitors) is about $700,000, I think they’ll be able to handle a bit of a tongue lashing by the Senate.


12 posted on 04/03/2011 12:54:11 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: NormsRevenge

Crony capitalism—no other way to call it.
Big Wall Street and the Democratic Party, two peas in the same pod.

Wall Street provided three of Obama’s seven biggest sources of contributors for his presidential bid. In 2007 and 2008, Goldman Sachs employees and family members gave him $994,795, Citigroup Inc. $701,290, and JPMorgan Chase & Co. $695,132.

In 2007 and 08, then candidate Barack Obama received $1 million from Goldman Sachs for his White House bid.

Goldman Sachs second only to the University of California as Pres. Obama’s biggest single source for donors in 2007 and 2008.

Gov. Palin is the only leader who has the experience in tackling and exposing corrupt politicians.


13 posted on 04/03/2011 12:59:27 PM PDT by WesternOne (Western)
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To: mewykwistmas
Fannie and Freddie were the gatekeepers. Without them there would be no junk subprimes originated by banks like Countrywide for brokerages like The Golden Sacks to collateralize. F+F essentially put the system on crack.

Here's the other problem:

"Goldman, the Journal reported, created CDOs in 2006 and 2007 to shield its exposure to the US housing market, and has been accused of making large bets against the market while selling bullish positions to group(s) that were not expecting the market to fall."

Any horse's ass who invests and thinks things will never change is a sucker to be taken and should have never been in the market in the first place.

14 posted on 04/03/2011 1:01:43 PM PDT by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: Free Vulcan
Any horse's ass who invests and thinks things will never change is a sucker to be taken and should have never been in the market in the first place.

True. The customers buying the synthetic CDOs from Goldman were huge, sophisticated multi-billion dollar firms. In fact, they requested the CDOs be created, so they could buy them. LOL!

15 posted on 04/03/2011 1:18:42 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: hobbes1

If there was any justice in the world we would see Dodd and Franks on prime time news reports in orange jump suits doing the perp walk on their way to Leavenworth. But there is no justice in this world.


16 posted on 04/03/2011 1:29:06 PM PDT by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: NormsRevenge

How many of Goldman Sachs personnel are on Obama’s cabinet or upper management team?

I wonder if it will mention that?


17 posted on 04/03/2011 1:30:18 PM PDT by hattend (Obama got his 3am call about Egypt. The call went right to the answering machine.- Sarah Palin)
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To: hattend

Harvard / Goldman / NYC / equals a punched ticket to make USA policy on financial and foreign policy matters.

They even have an expression for it - “Harvard - Goldman Filter”. Most of us representative of more abundant demographics and less prestigious education are not in the club and are basically considered as serfs for exploitation.

http://econlog.econlib.org/archives/2009/12/the_harvard-gol.html


18 posted on 04/03/2011 1:42:21 PM PDT by apoliticalone (Conservatism is about putting the USA first, not international bankers and corporations)
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To: WesternOne
Goldman Sachs second only to the University of California as Pres. Obama’s biggest single source for donors in 2007 and 2008.

I pulled the list. It is remarkably frightening, actually.

University of California $1,591,395
Goldman Sachs $994,795
Harvard University $854,747
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
Time Warner $590,084
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $551,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $528,822
Columbia University $528,302
Morgan Stanley $514,881
General Electric $499,130
US Government $494,820
Latham & Watkins $493,835

What should be frightening is that the biggest influence consumers are: semi-radical universities still trying to monopolize the debate while taking the New Deal as an extreme right wing position;wall street and finance companies; and legal power brokers.

What is missing is all of the industry that makes America actually run, to the extent we still have some - you know, domestic oil, coal and gas, steel, etc.

A good study of how the US is swirling down the drain could be make from just this list alone.

19 posted on 04/03/2011 1:43:27 PM PDT by AndyJackson
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To: SVTCobra03

I heard that Dodd is now in Hollywood.

Bawney is still dropping the soap in showers in gay men’s clubs in MA and DC.


20 posted on 04/03/2011 1:43:27 PM PDT by unkus
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To: hobbes1

There will be no Mention of Fannie, Freddie, and their Dem patrons.
....................
They should be mentioned as they played a big part with their investment hedge fund model that was highly leveraged and served their masters well, and in bad times cost tax payers immensely. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4ynJu8BwhmI

There is enough corruption in DC over this to cover all Parties and many powerful players, but it will be covered up to protect the wealthy political benefactors and politicians, just like with Bernie Madoff.

The SEC knew what was going on with Madoff but some high flying friends (i.e. recipients of campaign cash) in Senate and Congress shut down SEC investigation to protect him. Madoff had wealthy clients and political donors who foolishly believed he had proprietary knowledge and an inside investing track and they wanted him and it protected.


21 posted on 04/03/2011 1:55:06 PM PDT by apoliticalone (Conservatism is about putting the USA first, not international bankers and corporations)
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To: NormsRevenge

Missing from this report will be inescapable but politically inadmissable fact that the bulk of subprime mortgages THAT WENT INTO DEFAULT and thus triggered the subprime collapse went to illegal aliens, landlords for illegal alien bunk houses, and minorities who lost their jobs to illegal alien workers (black tradesmen, service workers, agricultural workers).

None of the power elite (democrat vote-getters, establishment RINOs, cheap labor exploiters like the Chamber of Commerce) want the public to know of this direct tie-in between the overnight housing needs of 20 million new illegal aliens and the opportunity to exploit that by the banking and money-shuffling robber barons who knew the unsupportable Ponzi scheme would be dumped on the taxpayer.

The game was obvious as early as 2006 to anyone who wanted to investigate it, but the like-minded media, politicians, and money interests could not admit their pet agenda on illegal immigration was setting the housing market up for a collapse.


22 posted on 04/03/2011 1:57:14 PM PDT by oldbill
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To: AndyJackson

A good study of how the US is swirling down the drain could be make from just this list alone.
......................................

Most of these institutions whether they be education or commercial are getting much of their business from outside the USA. Their bread is buttered by foreign nations. Yet they are permitted to run our government and influence elections not to the benefit of Americans but to their own benefit. Even the Universities are shutting out US students because they make more from the Chinese and others often at US taxpayer expense.

The biggest threat to the USA is permitting our government to be run by foreign interests.


23 posted on 04/03/2011 2:02:47 PM PDT by apoliticalone (Conservatism is about putting the USA first, not international bankers and corporations)
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To: SVTCobra03
"But there is no justice in this world."

All my life I believed there is Justice. But I was wrong.

24 posted on 04/03/2011 2:05:25 PM PDT by eCSMaster (2012 - End of an error)
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To: NormsRevenge

CEO of Goldman Sachs Lloyd C. Blankfein listens to President Barack Obama speak at the annual meeting of the Business Council at the Park Hyatt Hotel in Washington, May 4, 2010. REUTERS/Larry Downing ---------------------------------------

That's definitely a look that says "I own you, now say what I told you to say".

Most Americans are on the way to becoming gerbils on a wheel while the USA is plucked clean like a turkey by a few.

25 posted on 04/03/2011 2:27:39 PM PDT by apoliticalone (Conservatism is about putting the USA first, not international bankers and corporations)
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To: NormsRevenge

More kabuki theater for the masses. Not one Wall St. insider will be held responsible or accountable for any fraudulent behavior. If by some miracle the political class decides to convince the public they really are serious, they will fine all these guys a miniscule amount which they will easily peel off the top of all the free taxpayer money they have received through the fully bought and owned federal government. What a scam.


26 posted on 04/03/2011 3:05:55 PM PDT by Gen-X-Dad
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To: BobL

BS


27 posted on 04/03/2011 3:06:42 PM PDT by jessky
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To: NormsRevenge
"..Goldman, the Journal reported, created CDOs in 2006 and 2007 to shield its exposure to the US housing market, and has been accused of making large bets against the market while selling bullish positions to group that were not expecting the market to fall..."

These people need to be in jail or worse. They are big time crooks and knew what they were doing.

I don't think anything will be done to them other than fines or embarrassment. They are too shameless to care about the embarrassment and will have the stockholders pay their fines.

It is a rotten system and they are at the top of the food chain of bottom feeders.

28 posted on 04/03/2011 3:14:00 PM PDT by Anti-Bubba182
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To: unkus
I heard that Dodd is now in Hollywood.

He was the "Power Player Of The Week" with Chris Wallace on FOX news Sunday this morning.... Sickening.

29 posted on 04/03/2011 3:16:12 PM PDT by ladyvet ( I would rather have Incitatus then the asses that are in congress today.)
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To: jessky

“BS”

Ok, I shall re-phrase: “If I earned the $622,000 average salary of GS workers, I would be willing to put up with some criticism from the Senate.”

Although the $622,000 number is from 5 years ago.

Now, is that better?

http://www.boston.com/business/articles/2006/12/12/good_deal_average_goldman_sachs_employee_makes_622000/


30 posted on 04/03/2011 3:19:00 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: BobL

where do you get the avg
why lie


31 posted on 04/03/2011 3:25:57 PM PDT by jessky
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To: jessky
why lie

He didn't. He handed you your ass.

32 posted on 04/03/2011 3:28:01 PM PDT by Big Bronson
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To: jessky
ah goldman is not GS employ
33 posted on 04/03/2011 3:28:16 PM PDT by jessky
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To: jessky

Something wrong with my post, or is it too complicated for you to click on?


34 posted on 04/03/2011 3:28:45 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: jessky
where do you get the avg why lie

Dude, are you drunk?

He gave you a citation.

Chanting 'Why lie' isn't an effective counterargument.

35 posted on 04/03/2011 3:31:29 PM PDT by Lazamataz (The Democrat Party is Communist. The Republican Party is Socialist. The Tea Party is Capitalist.)
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To: jessky
or dose GS stand for gold man
not gov. salary
36 posted on 04/03/2011 3:31:29 PM PDT by jessky
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To: Big Bronson

“He didn’t. He handed you your ass. “

Thanks, better stated by you.

(he probably works for them)


37 posted on 04/03/2011 3:31:41 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: eCSMaster
All my life I believed there is Justice. But I was wrong.

Only on the other side of the grave.

38 posted on 04/03/2011 3:33:20 PM PDT by denydenydeny (Power always thinks it has a great soul and vast views, beyond the comprehension of the weak-Adams)
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To: jessky; BobL
or dose GS stand for gold man not gov. salary

Totally off base, utterly disconnected from the argument, aren't ya, jessky?

Bob, this guy must me drunk.

Drunk as ***k.

39 posted on 04/03/2011 3:33:48 PM PDT by Lazamataz (The Democrat Party is Communist. The Republican Party is Socialist. The Tea Party is Capitalist.)
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To: BobL
(he probably works for them)

Not likely. You need to have basic literacy.

40 posted on 04/03/2011 3:34:48 PM PDT by Lazamataz (The Democrat Party is Communist. The Republican Party is Socialist. The Tea Party is Capitalist.)
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To: BobL
Something wrong with my post, or is it too complicated for you to click on?

The problem was yours, Bob -- to most folks, a "GS" job usually refers to a federal government job.

Next time you use an acronym, you should make sure that somebody else hasn't already grabbed it.

41 posted on 04/03/2011 3:34:48 PM PDT by r9etb
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To: BobL

must have misunderstood gs sorry your right


42 posted on 04/03/2011 3:35:13 PM PDT by jessky
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To: jessky

“not gov. salary”

Actually, it’s General Schedule (for g-men). And I agree, no one, not even the prez, makes $622,000 on a US government salary. You have to work for the city of Bell (California) if you want a civil service job with that much pay.

GS is the stock identifier for Goldman Sachs...which is the context of the above


43 posted on 04/03/2011 3:35:22 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: r9etb

I dunno, I came into the conversation real late, and I still figured it out.


44 posted on 04/03/2011 3:36:09 PM PDT by Lazamataz (The Democrat Party is Communist. The Republican Party is Socialist. The Tea Party is Capitalist.)
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To: jessky

“must have misunderstood gs sorry your right”

No prob...I even thought about it when I was writing my first comment...but I was too lazy to look up their spelling.

No hard feelings...


45 posted on 04/03/2011 3:37:24 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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To: BobL

all’s good


46 posted on 04/03/2011 3:39:12 PM PDT by jessky
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To: NormsRevenge

Warning: No Bankers Were Harmed in the Preparation of This Report!


47 posted on 04/03/2011 3:41:21 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: Lazamataz; BobL; jessky
I dunno, I came into the conversation real late, and I still figured it out.

Well, I eventually figured it out after Bob got all pissy and self-righteous about how smart he was. But before that, I was quite on-board with the BS comment.

Maybe you got it right away, because you're drunk...

48 posted on 04/03/2011 3:43:48 PM PDT by r9etb
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To: r9etb

thanks man but i was wrong


49 posted on 04/03/2011 3:48:47 PM PDT by jessky
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To: r9etb

“Well, I eventually figured it out after Bob got all pissy and self-righteous about how smart he was. “

Pal. First I was called a BS’er, than he asked why I lie. Both without context. I doubt that you would have responded differently.

Actually, you probably would have - you wouldn’t have manhood enough to let it all go once it was clearly a misunderstanding.

As to being smart - you’re damn right I am...but I was only using half of my brain on this thread.


50 posted on 04/03/2011 3:53:50 PM PDT by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts))
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