http://www.bloomberg.com/news/2011-...s-advance-word-of-2008-fannie-mae-rescue.html Everyday it seems like there is news like this. Ridiculoso.
âThe mistake you make, donât you see, is in thinking one can live in a corrupt society without being corrupt oneself. After all, what do you achieve by refusing to make money? Youâre trying to behave as though one could stand right outside our economic system. But one canât. Oneâs got to change the system, or one changes nothing. One canât put things right in a hole-and-corner way, if you take my meaning.â â George Orwell
http://blogs.reuters.com/felix-salm...e-jobs/?utm_source=dlvr.it&utm_medium=twitter The first news of this behavior came in October 2009, when Andrew Ross Sorkin revealed that Paulson had met with the entire board of Goldman Sachs in a Moscow hotel suite for an hour at the end of June 2008. He told them his views of the US and global economies, he previewed a market-moving speech he was about to give, and he even talked about the possibility that Lehman Brothers might blow up. Maybe itâs not so surprising that Goldman Sachs turned out to be so well positioned when Lehman did indeed do just that a few months later. Today we learn that the Goldman meeting in Moscow was not some kind of aberration. A few weeks later, on July 28 2008, Paulson met with a whoâs who of the hedge-fund world in the headquarters of Eton Park Capital Management â a fund founded by former Goldman superstar Eric Mindich.
Only a matter of time before it came out why he needed his "get out of prosecution" free card Obama & Bush gave him.
Anyone that can spell finance knew Fannie and Freddie would blow up at some point.....been talking about it for the last decade or so...... Anyone who thinks it would be better to let the entire world financial system go under is an utter moron....... SteveD
And what do you call someone that thinks it's OK to ignore graft and corruption that these levels just to justify keeping "the system" afloat??
Well, Barney Frank & Co. resisted all efforts to reign in Fannie and Freddie back in 2003. As for the "we had to do something!" fear mongering, well, it worked on the ignorant masses (as usual) but was largely hot air. http://mises.org/daily/5113 But I guess it's better to let all this corruption go on with the boys in the big bank/gov't/regulatory circuit and let the permanent political class do all the insider trading they want? The public is happy as long as they have their credit cards and reality shows.
The point I was making is that it is difficult, in my opinion, to be doing insider trading if everyone in the world knows about the situation. I would even go so far as to say the smart hedge fund guys were shorting financial firms long before the Feds got involved. Fannie/Freddie have been corrupt for years......nothing new there.... What was done was not pretty BUT it saved the financial system of the world...... Watch Europe right now....desperately trying to save their system SteveD
Hanky Panky got a secret communique from Mervyn King, Gov of the Bank of England, that the banks were insolvent in March of 2008. (reported in the Financial Times) So what does he do? He waits 7 months, then comes up with a one and 1/2 pager. With a rider that he is free from future prosecution. At least he was planning how to shovel oodles of money in the direction of friends. Hate to think he wasted that time.
He makes Boss Tweed look like Mother Teresea. He should go to jail for what he's done. He basically stole 10's of billions of dollars and handed it to Goldman Sachs and it's alums.