Skip to comments.The Goldman Sachs 'Scandal' Is Much Ado About Nothing (What they'll get is a slap on the wrist)
Posted on 04/19/2010 6:35:02 AM PDT by SeekAndFindEdited on 04/19/2010 7:19:44 AM PDT by Admin Moderator. [history]
Back in 1929, prominent American economist Irving Fisher famously observed that "Stocks have reached what looks like a permanently high plateau." Not long after Fisher uttered those fateful words, the Dow Jones Industrial Average collapsed 12.5% on "Black Tuesday" on the way to a pretty bleak decade for equities.
(Excerpt) Read more at realclearmarkets.com ...
Can you say, “Dog and Pony Show?”
GS are scum but it will be a show trial and slap on the wrist.
This is how the author concludes his piece :
Goldman wasn’t up front with clients about the individuals picking the mortgages that would make up ABACUS, and specifically if it wasn’t up front about Paulson’s role, it’s only mistake was a marketing one whereby it failed to highlight Paulson as the man who would arrange the fund’s holdings. Back then Paulson was not taken seriously, and if his role had been known, it’s a fair bet that client demand for ABACUS would have been even greater.
So while it’s certainly possible that more distasteful information is yet to be revealed, at this point the story is that there’s no story. What we think we know now is that Goldman’s Fabrice Tourre arranged a fund a with the alleged help of mortgage bear John Paulson, a fund that they may have been bearish about, but that other Goldman clients thought had good prospects. Goldman clients of varying views were served well here, and that the fund didn’t perform well is merely a reminder that not all investments go up.
Goldman Sachs are scum. 99% of Americans have no clue about the dot bomb maniuplation. Worthless dot com companies being traded back and forth on IPO day between traders and investment backs with a thin flat to drive a $15 stock (based on no assets) to $150 at the end of the first trading day.
This sucked main street in. Who was Goldman’s CEO when this was happening? John Corzine.
This is pure political posturing by the administration in their continued effort to demonize all FS firms in the court of public opinion. To what end? To grease the skids for the Financial Services Reform bill that will give Washington control over this aspect of the economy.
We seem ready to go after Obama with Tea Parties, etc ... why haven't we gone after the NEWS MEDIA. Shut their mouths and 99% of this crap stops.
I’m no fan of GS but I find it interesting that “charges” are filed the week the Senate bill on financial overhaul is put in play.
The only people I dislike more than Goldman’s crew is the U.S. Congress.
Obamas standard operating practice is to first demonize someone or some entity and then use that as an excuse to impose draconian new legislation.
Thus Obamas indictment of Goldman Sachs is right out of the Hitler playbook of burning down the Reichstag.
Fascists, whether Nazi or Islamo, act the same.
You are not even wrong: this simply does not make any sense.
What we learn from this post is only that you lost a few dollars to the pro traders; that's all.
Nonsense. I did not trade any of these stocks but it was a fact that prices were manipulated on IPO day.
File a formal complaint or stop defaming people.
I don't care about the fact that you know nothing of what you are talking about. But it is shameful for someone fancying himself a conservative to be defying Ten Commandments with such ease (have you even heard of not serving as false witness?). Put up or shut up.
People filed multiple lawsuits against goldman, first boston and others in these cases. Defamation against Goldman? They are bottom feeders.
The joke is this is all a scam to get more Obama laws passed and Goldman gets a slap on the wrist cause they own the SEC.
And they are still unresolved since the dot.com era?
Could you be any less specific in your writing?
Contrary to your beliefs, throwing around does strong but unsupported words does not make you look smart: if anything, that makes you look immoral.
"Defamation against Goldman? They are bottom feeders."
You speak like a real "progressive."
Not only you don't know what defamation is --- you don't even care about that or morality in general.