Journal: Goldman Sachs Five Strikes

03 Economy, Commerce, Commercial Intelligence, Ethics, Law Enforcement

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GS a short? And five reasons we hate Goldman Sachs

Cody Willard      November 19, 2009

Here are five reasons why we want Goldman Sachs destroyed and buried so we can dance on its grave and why these crony apologists are wrong when they say that the “populist outrage at Goldman Sachs is misplaced”.

1. The AIG bailout was a covert bailout of Goldman and we want our  money back.

2. Goldman became a “financial holding company” after it became a  “bank holding company”after it realized it was going to be insolvent  even after it got Stephen Friedman to write them a $13 billion check from AIG funded with taxpayer money.

3. We know for a fact that Goldman’s executives get to talk to and  even advise the Treasury and the Fed on how the Treasury and the Fed  should be buying and selling in the Treasuries market, in the  derivatives markets, in the overnights markets, in the CDO markets and  so on.

4. Goldman was packaging and selling toxic derivatives for hundreds of  billions of dollars to investors around the world, telling those  investors that such derivatives were safe and smart bets. At the same  time, Goldman was out at the AIG casino not just hedging their own  exposure to the derivatives while they were packaging them, but  Goldman was actually betting against those very products.

5. Goldman propaganda is insulting to anybody paying any attention.

Phi Beta Iota: See the full story for expansions on each point.  Goldman is clearly indictible for fraud–biullions and billions of counts of fraud, and the author captures public perceptions very well.