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You Have No Idea How Evil Goldman Sachs Really Is

really evilThe following excerpt is by Matt Taibbi. He's recasting Sen. Carl Levin's recent report in plain English. What Goldman did (and, probably, continues to do) is simple amazingly wrong. It's like they are a Defense Attorney representing a client in court against a murder charge while they are also betting that their client is found guilty and executed.


Translating this into English: Goldman acquired reams of crappy residential mortgage-backed securities, dumped them on clients, then bet against 100% of the deal. But the shocking detail to me was this bit about pricing: Goldman bought the crappy securities at X price, then sold the securities to their clients at another, completely Goldman-invented price – let’s call it (X Blankfein) – and then pocketed the difference. So the bank gouged clients on price and then turned around and took a short position on them on the other side.

Then, and this is my favorite part, when Hudson began losing money, all the investors came running to Goldman, begging them to liquidate the deal to get whatever they could for the crap securities before they lost all their value. But unbeknownst to Goldman’s clients, you see, Goldman had that monster short position on the other side, meaning that the more those securities plummeted in value, the more Goldman made. So Goldman stalled and continually refused to liquidate the deal even as their clients begged them to get out. The report quotes a Morgan Stanley rep (Morgan was one of the investors) who claimed that he was so mad when Goldman refused to liquidate the deal that “I broke my phone.” He says to the head of Goldman’s CDO desk: “One day I hope to get the real reason you are doing this to me.”

Morgan Stanley ended up losing $960 million on that deal. Think about that next time you consider how much federal aid both Goldman and Morgan Stanley got during the bailouts. Morgan Stanley lost nearly a billion dollars on this one simple, good old-fashioned ripoff – a straight-up fraud deal. Of course, the taxpayers ended up paying for it.

I personally don’t see why more politicians don’t do what Levin is doing. These nitwits at Goldman are totally indefensible and politically cancerous. Even for purely cynical reasons – even leaving out the part about it being the right thing to do – politicians should be whaling away at them with stories like this. But they don’t. It’s hard to figure, even when you take the campaign dollars into consideration.



john boehnerFebruary 10, 2011: "We're going to have a relentless focus on creating jobs." - John Boehner.

So far the list of Republican accomplishments for 2011 is:

(1) Attempted curtailing of abortion rights.
(2) Attempted defunding of Planned Parenthood.
(3) Attempted defunding of NPR.
(4) Investigating Muslims.
(5) Declaring English as America's Official Language.
(6) Reaffirming "In God We Trust".
(7) Challenging AARP's tax-exempt status.
(8) Approved defunct funding for failed religious schools.
(9) Attempt to destroy Medicaid.
(10) Attempt to destroy Planned Parenthood
(11) Shutting down the government
(12) Attempt to destroy the EPA.
(13) Attempting to eliminate financial counseling.
(14) Passed a House budget that gives $4 trillion in tax cuts to the rich.
(15) Spend $500,000 to discriminate against gays.

Nope. No job creation here. Move along. Move along.

I'll keep adding to this list until the Republican House does something to create jobs. I unhappily predict this is gonna be one lonnnnng list.


Fox News Lies!And what lies is Fox News spewing lately? Nitwit Sean Hannity can't believe that President Obama is an American citizen. Just can't!

Click here to help Drop Fox from your cable system.

end rant

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John Boehner: You'll be happy to know that the Republicans have finally created a job. So, in your face, Prez!

Obama: You mean the ex-Bush Attorney General you're paying $500-an-hour in taxpayer money to discriminate against gays?

Boehner: Awww. Are you jealous we got him so cheap?

Obama: Not at all. That's about what you usually pay for your whores.