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Goldman Sachs the center of Capitol Hill circus
Published: 28 April, 2010, 01:28
Edited: 03 May, 2010, 00:38
Goldman Sachs partners and traders are sworn in during a US Senate subcommittee hearing. (AFP Photo / Jim Watson)
(21.0Mb) embed videoTAGS: Crisis, Protest, Politics, Mass media, Finance
Goldman Sachs executives faced questioning in the US Senate today, but the media circus surrounding the hearing was more interesting than what was going on inside.
On Capitol Hill, Goldman Sachs executives looked more like animals at the zoo, stared at from all angles as senators questioned them about “exotic” investment instruments.
Fabrice Tourre, a Goldman banker, is suddenly a tv star after being named in the Security and Exchange Commission’s civil suit against the investment bank. Protestors outside the hearing see Tourre and his colleagues as criminals; politicians see them as gamblers. And the press keeps coming in droves to see the spectacle.
“It brought the economy to its knees, millions of Americans have been brought to their knees, but the bookie made out pretty well,” said Senator Clair McCaskill (Democrat-Missouri)
“These guys have looted the American economy, the global economy, millions of people losing their home their jobs, and the American people want justice,” said protestor Medea Benjamin.
Edward Harrison, founder of blog Credit Writedowns, notes that there are different questions still awaiting an answer.
“Did Goldman Sachs lie to their clients? That’s something that the jury will decide. After we’ve had 10% unemployment and people losing their homes and their jobs, and they are getting record bonuses even though they were just bailed out by the federal government with gazillions of dollars. How could they, with a straight face, say they are fulfilling their role in society?” said Edward Harrison.
27.04.2010, 21:37
Both Russia and Ukraine benefit greatly from the deal - expertsThe deal on Russia’s Black See fleet in Crimea brings massive benefits to Ukraine, whose economy is virtually bankrupt, says Vlad Sobell, a senior economist at the Daiwa Research Institute in London. |
28.04.2010, 15:38
ROAR: US biochemist Kornberg joins Russia’s “Silicon Valley” projectUS biochemist and professor of structural biology at Stanford University School of Medicine Roger David Kornberg will co-chair the scientific and technical council of Russia’s new “Silicon Valley”. |
ECONOMIC TEROROSM and involvement of Goldman Sachs Part 1 George Soros and the cronies of The Federal Reserve of US have been engaged in Economic Terrorism ever since its unconstitutional conception in 1913, (exclusive right to own money printing machines). This is what happened with the latest World economic collapse which left many people around the World devastated: when Bill Clinton was a President in USA, him and Alan Greenspan, (the Chairman of the Board of Governors of the Federal Reserve System), secretly passed a law allowing 100 time leverage, which means prior to this Law if you bought a $100.000 future contract, you had to have $10.000 real dollars, but with this new Secret Law you only needed to have a $1000 to borrow $100.000 which makes it much, much more high risk high return. The intention with this very high risk law was, for example, in California the banks were lending money to an illegal Mexican worker who was earning $12.000 per year, they gave him a loan to buy a house worth of $750.000 and he didn’t have to start re-paying money on his borrowings for the first five years, because he wouldn’t have them anyway.
Part 2 The bankers knew that this loan was going to go bad, but that didn’t matter because that was part of the plan. Then they took those $750.000 house as collateral, put it in some kind of mortgage backed fund and then bedded 100 time more so it would be $75 million and when the price of real estate went up, they got astronomical profits which was taken out of US and hidden in the Cayman Islands banks without any banking record in the official banking books. Then when the prices of the real estate started falling, they created an astronomical loses. Their plan was to bankrupt the USA then come back and buy everything on the cheap with the profit which they made earlier when the prices went up. But what happened was the rest of the banking World said enough of this crime and theft and they said no, you cannot cash in on those money because that was created from fraud. And that’s how the World economic crises was orchestrated in 2008. When Obama took the office they refloated the bubble which was created during this fraudulent banking scheme which amounted to $4 quadrillion dollars, by which these guys are broken to the core and mortally wounded because everything that they printed on their money printing machines since 1913 it wouldn’t amount to that much. Simply they are broke. The international banking cartel which had a total control of the World banking system for the past centuries is finally out of the game and they did it to themselves. Thanks God for that. Adios Amigos.
Look, lets start at the beginning. Ibelieve it was the Carter administration that started Freddie Mac and Fanny May. These made it possible for people who couldn't afford houses to buy them. The administration and following ones "urged" banks to loan money which topped to over $6,000,000,000,000. Wall street bankers treated the loans as tangible collateral and peddled these loans all over the world. Eventually All housing loans were as tangible collateral. People who "bought" houses convinced themselves they owned them. Like practically all government schemes, it failed and anyone suckered in is a loser. The government created the candy store for WallSt. and Wall St made pigs of themselves. Now Wall St has a set standard living for itself, along with politicians and they have a decision to make, put virtue back in their thinking or go down in flames. What do you think they will do?