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 ...
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.
must have misunderstood gs sorry your right
“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
I dunno, I came into the conversation real late, and I still figured it out.
“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...
all’s good
Warning: No Bankers Were Harmed in the Preparation of This Report!
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...
thanks man but i was wrong
“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.
I’m sure Chris Wallace thought it was just wonderful.
I doubt it will blame anybody in the government. The top priority for all politicians is to blame anybody but themselves, and at any cost.
Not "wrong." Bob just didn't make his point clearly, because he used an acronym that means something different, and that had proper context to the article in question.
The fault is yours, Bob. You're still all pissy and self-righteous because your unclear meaning was misunderstood.
If one understands "GS workers (including janitors)" according to the usual meaning of the acronym, it is a BS statement.
Jessky's response could have been more polite, but you were not careful, and let's face it ... there are a lot of FReepers who talk like that about actual government employees.
..but I was only using half of my brain on this thread.
Which makes your comments only half-assed?
Hopefully you’re off the rag tomorrow. It’s a work day.
Where did you find this list? It’s valuable. Thanks in advance.
dang man we need to move on
“dang man we need to move on”
I’m with you, bro. He’s seems to be trying to incite me for no reason at all. I’m done with this thread and that clown. Hopefully we meet on future threads.
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