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 ...
There will be no Mention of Fannie, Freddie, and their Dem patrons.
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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.
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.
A good study of how the US is swirling down the drain could be make from just this list alone.
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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.
All my life I believed there is Justice. But I was wrong.
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.
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.
BS
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.
He was the "Power Player Of The Week" with Chris Wallace on FOX news Sunday this morning.... Sickening.
“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?
where do you get the avg
why lie
He didn't. He handed you your ass.
Something wrong with my post, or is it too complicated for you to click on?
Dude, are you drunk?
He gave you a citation.
Chanting 'Why lie' isn't an effective counterargument.
“He didn’t. He handed you your ass. “
Thanks, better stated by you.
(he probably works for them)
Only on the other side of the grave.
Totally off base, utterly disconnected from the argument, aren't ya, jessky?
Bob, this guy must me drunk.
Drunk as ***k.
Not likely. You need to have basic literacy.
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