I think that is correct. You will find that there is also quite a bit of hiring back and forth between the CIA and the highest levels of Wall Street. However, the government should not have the power to sanction securities fraud or insider trading through regulatory inaction even on behalf of an institution that it works closely with. Goldman has enough advantages in terms of the talent and connections it has without being given a license to steal from investors at large. If the government wants to direct money at a problem, it can tax or it can borrow to get the money. Ripping off investors is not a proper option. If the recent rally was in fact spurred by the Fed buying stocks through the IBs as ZH reported, the IBs have no doubt made billions off the backs of ordinary investors who bailed out in fear earlier this year. It is yet another case of the powerful exploiting the weak. Fascism is a welding of corporate interests and the government, and this fits the definition.
the rating agencies imo were not the problem; GS and etc submitted first to learn what they needed to change in order to obtain the rating, then re-phrased, changed as needed and obtained the required ratings after re-submitting if Warren Buffett who surely has to be the ultimate 'sophisticated investor' doesn't as he's stated understand the derivatives markets, what chance do others when up against 'sophisticated sales pitches', mind you, the word Cayman should have had them running it seems that GS are already preparing to hedge the lawsuits coming there way . . . Ron Rapacious, a Goldman Sachs partner offers a new line of derivatives - betting on future legal settlements "To finance the lawsuits, lawyers sell off portions of the future settlement Goldman Sachs buys, slices, dices and leverages these future payment streams mixing them in three types of publicly traded derivatives: CONS (Collateralized Obligation Notes) GYPS (Generalized Yearly Payment Securities) SCAMS (Securitized Cumulatively Amortizing Monetized Securities)." http://crosscut.com/2009/11/01/flip-side/19329/
ha, why should I? They have done the exactly right thing, sold most of their mortgage related assets. Well done!!! When every other idiot thought the sky is the limit GS has stayed realistic...that is how number 1 ranked banks play the market!!!
All you have to do is follow the paths of former GS executives to know there is a tight relationship between GS and the various Government offices. To think otherwise is folly Asia. I don't actually expect you to agree with me so there's no real reason to respond. -------------------------------------------------------------------------------- Quote from TGregg: GSC is very closely aligned with the government. In some ways, they are a training agency - a lot of the financial folks working for the feds came from GSC. It's a two way street though. GSC has occasionally done things not in it's best interest to help out the government. Listen to some libtard scream about Haliburton and Bush/Cheney (you might have to find old posts, not sure if this is still in style). GSC is more tightly coupled with the feds than those claims. And not just the republicans and not just the democrats. GSC is fully integrated with both major parties.