Today’s news on Goldman which has brought all the markets down it’s not the actual reason why the markets are down. The real reason why the markets are down is because they got caught, which they never expected to get caught (all the senior traders and brokers knew about this, so this is not news to them) and now since this is out, is other stuff going to come out from other banks and brokers? Which they all know there is a lot more that can come out and everybody is running scared by selling… and that’s why the market is down. This type of trading and deal making is very common on Wall Street and I guess in their eyes it has always been legal until they get caught. Now since they got caught they know it’s illegal and next time they will try much harder not to get caught. The financial system is all about credibility and if you don’t have it then the entire financial system is like a house of cards, everything can collapse very quickly and the only thing that keeps those cards together is credibility. When are they going to understand that?
Nothing like a good witch hunt to keep the stupid peasants amused. If they really start questioning what happened to the $10 trillion that was “lost” during the so called financial crisis, we could throw in a few public floggings too! Just make sure they NEVER ask the question, if we lost $10 trillion, who found it?
Maybe you would can explain yourself a little more.
So you think it is ok for the guys at the top to basically play with everyone like its a Monopoly game?
A witch hunt to keep the stupid peasants amused?? are you serious man? so we should just let Goldman and other big players like JP morgan and so on just manipulate the market like this? I know quite a few people who lost jobs and a lot of their retirement savings because of this crisis that was created by these people.
Maybe i have misunderstood your post, in which i case i retract my comment above and apologise.
Woah dude calmed down. I can’t find any hint in his post that says it is okay for people up there to do that. In fact it seems like there’s a tone of resentment and lament in it, kinda like you, not much different.
Yes, MedicalChew got my sarcastic humor. We are being manipulated like a bunch of puppets. This is so big and so bad and goes so far beyond Goldman, I am literally afraid to say more, and I don’t scare easily. I’ve fought hand to hand in combat, but I’m honestly afraid to say more. Let’s just say, think of Goldman as a middle man, not necessarily expendable, but certainly able to take a few hits for the team. Apology accepted. I know you meant no harm. Let’s stick to trading. This discussion makes me very uncomfortable.
I don’t share your alarm at the Goldman Sachs situation. In my opinion, this is a “show-trial” ordered by Obama to demonize one of the “fat-cat” banking giants. This is all preparation for Obama’s push for financial regulatory reform, his next big agenda item.
Just as he demonized one particular health-insurance company, in order to justify a full-frontal attack on the entire industry, now he is using the same tactic to launch his financial “reforms”. Keep in mind that the SEC (playing the role of “bad cop” in this charade) is an arm of the Obama administration (regime).
Here’s an excerpt from Tom Hudson’s interview with D!ck Bove of Rochdale Securities, on [B]The Nightly Business Report[/B], on
Friday, April 16, 2010. The subject was the fraud charges against Goldman Sachs, and the likely fallout from them.
I have highlighted several sentences in bold-type.
HUDSON: How does this Goldman Sachs case color your view of the company, as well as the stock?
BOVE: …my guess is the return of payments to the customers and the fine would be about $2 billion. And I think that Goldman Sachs actually can afford that because it’s got $65 billion in equity at the present time. In terms of the stock, however, I don’t think that this is going to cause people to stop doing business with Goldman Sachs. I think that Goldman Sachs’ trading capability is so strong and so broad that it will not lose its customers. So I think there has been a massive overreaction in the stock and I would be a buyer of the stock.
HUDSON: Even after a 12 percent move down. I want you to talk about that business risk versus the reputation risk…
BOVE: The reputational risk is significant and it’s a major problem because ultimately, if Goldman Sachs doesn’t repair this reputational damage, it will have an impact on the company’s business. But at the moment, the business is so good. In other words, [B]Goldman Sachs’ capability in trading commodities, currencies, fixed income product, equities and its position in the marketplace in terms of having good systems, electronic entry, etc, would suggest that no one can take its place at this moment. So Goldman Sachs is not going to lose the business there…[/B]
HUDSON: …What about the shadow that this kind of case casts over financial services, investment banking and otherwise?..
BOVE: [B]…no one understands what exactly it is that the SEC wants to accomplish. Does the SEC simply have its sights set on Goldman Sachs or is this the first of multiple if you will attacks on different financial companies that will be revealed over the coming weeks?[/B]
HUDSON: Which do you think?
BOVE: [B]I strongly believe it’s an attack on Goldman Sachs alone.[/B] And the reason why I say that is two-fold: Number one, in the past when. The SEC has done a generic study, looked at sub-prime or if you will CDO or COOs or what have you, it would then come out with a series of indictments, OK? It didn’t do that this time. But secondly and more importantly, [B]if we started to go through a period in which two weeks from now the SEC hit Morgan Stanley and then two weeks later, Citigroup and then Bank of America, they would create a crisis in the financial system just as deep as what occurred in 2008.[/B]
Yeh sorry mate. This stuff REALLY burns me. I am not surprised at all to be honest. Market manipulation has been going on forever. I am just happy that its now out in the open and people are being made aware of it. Maybe this will stop the crap that goes on with the big players.
JP morgan, Morgan Stanley, Goldmans are related in some way and run the world. Perhaps its a case of take one down for the greater good of the superpowers. If i lived in the US i would be cut up if my taxes were used to bail out these guys. Meanwhile the bonuses getting paid out to them are huge! This could be the start of something…
[QUOTE=Clint;186910]I don’t share your alarm at the Goldman Sachs situation. In my opinion, this is a “show-trial” ordered by Obama to demonize one of the “fat-cat” banking giants. [B]This is all preparation for Obama’s push for financial regulatory reform, his next big agenda item[/B].
[B]Just as he demonized one particular health-insurance company, in order to justify a full-frontal attack on the entire industry, now he is using the same tactic to launch his financial “reforms[/B]”. Keep in mind that the SEC (playing the role of “bad cop” in this charade) is an arm of the Obama administration (regime).
Hi Clint,
I dont live in the US so im not fully aware of al the things happening over there.
Would you mind explaining to me (short version if you can be bothered) what kind of financial regulation Obama wants?
And also what public health insurance company did he demonise and what changes were made?
Regarding your second question, the insurance company in question is called Anthem Blue Cross of California, and the “changes” made by Obama consisted of his so-called health-care reform bill — a 2,000(+) page monstrosity, which the Democrat Congress passed WITHOUT A SINGLE MEMBER HAVING READ THE DAMN THING.