Stacy Summary: More forensic examination of Goldman Sachs’ role during the days that its former Chief Executive, Hank Paulson, was bailing out the financial players. And for these neo-feudal times, here is the Daily Gulag from @adamc
- Goldman Sachs: Reasonable Doubt (Janet Tavakoli)
Sophisticated counterparties like AIG are supposed to protect themselves, and have little chance for recovering damages. But now the American taxpayer has stepped in to make payments for AIG. U.S. taxpayers have a right to recover money paid out for derivatives on deals that include phony collateral.
Tags: aig · cds · goldman sachs · hank paulson · lloyd blankfein124 Comments
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@ Mother Earth
A slave who doesn’t know their place will have it revealed to them at the appropriate time. In your case, that might be the first installment on your carbon tax.
Since you’re in the Netherlands, I recommend you buy a Tommy Chong bong and use it wisely. And often as possible.
@Will
Good post. Government workers go along with anything that would keep them from entering the job market, it’s as phoney as the other “market”.
Gold movin like a snoot into the hootch
We usually get a pullback an hour into trading, now up 22.10, Only $8 from its high.
James Howard Kunstler is Thinking the Unthinkable this AM:
@TJ
With all respect, being that you certainly do not see yourself as the master, it is quite interesting you have an opinion regarding my ‘place’. Dutch politic is not yet as corrupt as the USes, politicians that went that way royally crashed. We are a different culture, not perfect, but different. Induvidualism was invented here..
@Will
This may be related..’people with a diet high in processed food had a 58% higher risk of depression’
http://news.bbc.co.uk/2/hi/health/8334353.stm
Victory .. for once .. against GS
Very interesting, must listen :
Goldman taking away people’s homes
… The Beckers fell months behind on their mortgage and finally found it was Goldman after their house
…
http://www.youtube.com/watch?v=1DIe99r6Qts&feature=sub
Goldman takes on new role: taking away people’s homes http://tinyurl.com/y8zvhfa
@Mother Earth – This may be related, too! I think the pols and banksters should try eating from the other side of the mushroom.
In the UK, they’re not even hiding it anymore ~ Flight taxes hiked to bail out banks: It’s nothing to do with environment, says Darling BOHICA, baby!
@Mother Earth
Individualism was invented by a guy named Cain when he told his brother “you’re not the boss of me” and then proved it.
Dylan Ratigan just hammered Geithner big time. Look for video later.
Report on US GDP Growth Was Actually ‘Horrible’: Faber http://tinyurl.com/yllfe8k
Alan Greenspan: In His Own Words from 9/11 on http://www.cnbc.com/id/31555808
From Morning Meeting
Video 1: In Geithner We Trust?: http://www.msnbc.msn.com/id/31510813/ns/msnbc_tv-morning_meeting#33586135
Video 2: Are Banks Risking Too Little?: http://www.msnbc.msn.com/id/31510813/ns/msnbc_tv-morning_meeting#33586135
Ratigan asks: “Why does Geithner still have a job?”
@Mother earth
I’m not a climate change skeptic; I’m a man-made climate change skeptic, that is to say, I’m skeptical that industrial CO2 emissions play a significant part in the processes of climate change.
My natural skepticism is emboldened by people who refuse all skepticism in climate science particularly because all ‘scientific method’ *is* the process of continual skepticism.
Since we’re all prone to wrap ourselves in our causes – skeptics and accepters alike – let’s save ourselves from ourselves and stay focused on refining the actual science.
The Skeptics Handbook
http://joannenova.com.au/globalwarming/the_skeptics_handbook_2-3_mq.pdf
@Mep:
Rat-a-gain knows for whom Geithner works. The reason Geithner is still in the position is that the US Treasury is a proxy for the IMF operating arm of the BIS: Giethner is doing a wonderful job for the big boys.
How many trips to Basel does Geithner take each year?
http://www.reuters.com/article/worldNews/idUSTRE59S4DL20091029
“LONDON (Reuters) – Leading banks have funded arms manufacturers, whose products include cluster bombs, to the tune of $5 billion in the past two years, despite an international accord to ban such weapons, a study said Thursday.
The report by Profundo consultancy and several NGOs said the banks loaned money to companies whose products include cluster bombs or their components.
It did not say the funds went directly to make cluster bombs. The manufacturers could use the money for any of their production lines.
The top five loan providers were Bank of America, Citigroup , JP Morgan, Barclays and Goldman Sachs, the study said.”
real estate consolidation: the bank that knew how. Banks are not really averse to owning real estate any more. Forclosure is now more opaque as all things there.
“Your tax dollars at work!” Bailout that is… This completes a picture of where the money is going.
President Obama fails to go after those responsible for the financial meltdown
The nation’s new top prosecutor, Attorney General Eric Holder, has a history of preferring that deviant corporations be held to no more than a “voluntary cooperation” system in which they privately investigate themselves. Under the “Holder Memo,” written in 1999 when he was deputy AG in the Clinton administration, bad-boy executives and their corporations who turn over evidence to the government qualify for lenient sentences and fines; sometimes they simply walk. The consequences of their crimes often amount to only the cost of doing business.
But the administration’s dull claws shouldn’t surprise us: Obama was Wall Street’s preferred candidate in terms of campaign contributions. And his SEC team includes Wall Street insiders who appear to have no interest in making sure their former co-workers are regulated or, worse, prosecuted for their role in the financial mess.
http://www.miaminewtimes.com/2009-10-29/news/president-obama-fails-to-go-after-those-responsible-for-the-financial-meltdown/1
@Dante… yeah, I’d like to see Spitzer back.
@ME
wow… personally… just the name ‘mother’ always set off alarm bells for me!!!
@SG … “Mother” … as in “The Prisoner” ?
@Stacy
Unfortunately, many of the ‘smart’ people who believe in evolution and global warming also believe that the “happy motoring utopia” (to quote JH Kunstler) we live in can keep going, with an alternative fuel or some new technology. Never mind the fact that there is nothing on the horizon that can replace oil.
@Lloyd G.: “nothing to replace oil” well dear sir..the origins of the auto industry didn’t have petroleum…Rudolph Diesel used peanut oil….and in the 1970′s it was forecast that when crude reached $40 per barrel then jojoba oil grown from a shrub in the SW desert could replace it ( ala synthetic oil today ) as cost effective..the price then never exceeded $40 ..amazing…so today their already was an electric car scrapped by GM( EV-1 )…yet we are still waiting on the VOLT or any other alternative vehicle..but it is the collusion between the oil cartel and the big auto giants that continues the myth that crude is the way…please refer to http://www.projectcamelot.com and interviews with Dr. Pete Peterson who worked for years on alternative projects to replace the inefficient auto from technology gleaned from UFOs….The Hadron Super Collider is about to be reactivated…I wonder what marvels that that will release into the atmosphers…