Is GS "back stopping" any other firms swaps or ANYTHING ELSE? Were they pissed at Spitzer? GS assist = kiss of death. GS = last IB standing.
GS would slit their own childâs throat for $$$$$ they have no morals what so ever. Money worshiping whores. I hope the new administration runs these thugs out of the US. They created all this CDO,SIV,SOS derivative shit. They are the lowest of the low.
UPDATE: US Senator Seeks Probe Into SEC Handling Of Bear Case April 02, 2008: 04:16 PM EST (Updates to note that the SEC declined to comment and adds background) By Maya Jackson Randall Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- A key RepublicanU.S. senator has asked the Securities and Exchange Commission's inspector general to launch an investigation into the SEC's decision not to bring a case against Bear Stearns (BSC) for improperly valuing mortgage-related investments. "Given the later collapse and federally backed bail-out of Bear Stearns, Congress needs to understand more about this case and why the SEC ultimately sought no enforcement action," Sen. Charles Grassley, R-Iowa, wrote in a letter to SEC Inspector General David Kotz Wednesday. The SEC declined to comment on matter. Grassley, the top Republican on the Senate Finance Committee, has also questioned whether J.P. Morgan Chase & Co.'s (JPM) deal to acquire Bear puts taxpayers' money in jeopardy, given that the Federal Reserve has agreed to guarantee up to $29 billion in possible losses to help facilitate the takeover. Additionally, he raised concern that the buyout would unfairly benefit company insiders. Those concerns moved Grassley and the chairman of the Senate finance panel, Democrat Max Baucus of Montana, to send letters to the Fed, Treasury Department, JP Morgan and Bear Stearns asking for extensive details on the 11th-hour deal. Meanwhile, the Senate Banking Committee Thursday is slated to hear testimony from the government and company officials involved in the acquisition. The chairman of that panel, Sen. Christopher Dodd, D-Conn., has said the agreement between JP Morgan and Bear raises serious public policy questions. In Wednesday's letter to the SEC, Grassley noted that he's particularly interested in the Bear case in light of the SEC's insider-trading investigation into Pequot Capital Management. Grassley had called for a Government Accountability Office probe of the SEC's handling of an insider-trading investigation into the Connecticut hedge fund. His request came after a fired SEC lawyer said the SEC blocked him from taking testimony from John Mack, who is now chief executive of Morgan Stanley (MS). "In the final report of the Senate's inquiry into that matter, we found that senior SEC officials showed extraordinary deference to a particular witness because of his 'prominence' as the head of Morgan Stanley," Grassley wrote. "I need to know whether the same problems...were repeated in the Bear Stearns case." Grassley asked Kotz to conduct a "thorough investigation" into the facts surrounding the SEC's decision not to pursue an enforcement action against Bear as well as a report on whether there was any improper action related to the SEC investigation. Additionally, Grassley asked the inspector general to follow-up on previous audit work that would help to analyze the function of offices at the SEC that are responsible for reviewing the market and credit-risk exposures of large broker dealers such as Bear Stearns. -By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255; maya.jackson- randall@dowjones.com (END) Dow Jones Newswires 04-02-08 1616ET Copyright (c) 2008 Dow Jones & Company, Inc.
How would you feel if someone on ET said Mexicans are good at making tortillas, But can they drive a car? Are Greeks are good at making baklavia, Whatâs the big deal?
Yes. I really can't get into details, but he is responsible, at least in some ways for the new IG. So, he's going to his Homey to do the deed. Hopefully, in a bit, you'll get more of the story. You know those politicos on TV who 'know the system' and work it. Well, after all this time, I realize the game. You have to play a diplomatic chess. Politicians, who really deserve no respect, run the country and demand it. Grassley and Specter were spit on by the SEC, and here it is two years later, and they are still on it. You'll notice in all these stories he brings up Pequot. That in itself is an amazing story. But why does he bring it up? He's pissed. What I liked in his video to day was he actual invoked the people of Iowa as not liking this stuff, and he was standing up for them.