Glenn Beck featured it tonight, along with the Paul Jankowski video. I've been using that vid for over two years. So, over 2mm people saw it. We're getting there.
"...The scandal is not what's illegal, it's what's legal," Cohan laments..." http://finance.yahoo.com/blogs/dail...dman-did-exactly-sen-20110414-110347-320.html
'Financial terrorism' - it's a fashionable theory I'll give them that, plus it makes a great story. But c'mon, if anyone thinks its true then I have a bridge to sell them. Does Alan Greenspan secretly wear a burkha when he's at home? Was he bought and paid for by the Russians/Chinese/North Koreans to slash and hold rates far too long? Cheap money and lack of bank oversight was to blame it's as simple as that.
One side inflates while the other deregulates. The result, American middle class get to become the ever growing bag holder class while the 1% (thieves) continue to steal and plunder and when the parasites have finished bleeding America dry they will just leave to their offshore destinations.
Everyone is playing the game, so Goldman have to compete in this corrupt system. So they are so smart Goldman, but they do not know how risky and corrupt this loans are? Hmm? You can not beat them, join them? "Soon, the Goldman subsidiary was in the jet stream, dealing with some of the most aggressive and controversial subprime lenders â including Ameriquest (through a subsidiary), New Century, Fremont General, National City and First Franklin." Read more: http://www.mcclatchydc.com/2009/11/01/77788/why-did-goldman-stop-scrutinizing.html#ixzz1JtPN5pfZ
It's true. Selling was coming from London and Dubai. and Pelosi and crew couldn't stop it because they had a finger in helping our glorious wall Streeters do same. So, how do you say, "you can do it, buy you can't?"
Mr. Buffet has said with respect to the Levin hearing on Goldman Sachs and the resultant SEC complaint, "It's very strange to say, at the end of the transaction, that if the other guy is smarter than you, that you have been defrauded. It seems to me that that's what they are saying."
Buffett may have been talking his own book there. "Smarter" is a word they like to use, but sometimes just being big/influential and having access to internal information when you are that big/influential has nothing to do with smarts. The system is already set up in advance for you. It's like a schoolyard bully - not smart to get his way, just big. Cohan says that GS marked down their MBS AFTER taking a huge short position. Timing seems a bit odd. Once the Big Boy started marking down their long holdings, it filtered through the rest of the market and domino-ed through Bear Stearns, Lehman, AIG, etc. Meanwhile up to then, they were selling the MBS at 100 cents on the dollar to clients.
this was a really interesting piece about Gupta on Bloomberg today: http://www.bloomberg.com/news/2011-...mckinsey-before-sec-s-tipster-accusation.html They describe a man who started out with the highest integrity (maybe it was only illusion) , but by the end, was anything but. I'm reminded of the saying 'power corrupts. absolute power corrupts absolutely'. It makes me think insider trading is going on all the time. I mean ALL THE TIME. Would have done the same thing if it was commonplace and I wasn't afraid of getting caught? It certainly would have been tempting.