Udon Thani Forum
Facebook twitter Youtube Rss
Ricefields Hotel Udon Thani

  • Advertisement

Goldman Sachs

World news discussion forum

Goldman Sachs

Postby BobHelm » April 19, 2010, 9:50 am

It would appear that despite nearly bringing the world to its knees the Bankers on Wall Street still treat everyone but their own pockets with disdain.
http://news.bbc.co.uk/2/hi/business/8625931.stm
http://news.bbc.co.uk/2/hi/business/8628231.stm

I only hope that any criminal charges are dealt with in a fair manner & the punishment of the guilty is fitting to the crimes committed.
User avatar
BobHelm
udonmap.com
 
Posts: 10548
Joined: September 7, 2005, 11:58 pm
Location: Udon Thani

Re: Goldman Sachs

Postby cookie » April 20, 2010, 8:41 am

BobHelm wrote:It would appear that despite nearly bringing the world to its knees the Bankers on Wall Street still treat everyone but their own pockets with disdain.
http://news.bbc.co.uk/2/hi/business/8625931.stm
http://news.bbc.co.uk/2/hi/business/8628231.stm

I only hope that any criminal charges are dealt with in a fair manner & the punishment of the guilty is fitting to the crimes committed.


=D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D> =D>
User avatar
cookie
udonmap.com
 
Posts: 2430
Joined: September 29, 2006, 8:52 pm

Re: Goldman Sachs

Postby cookie » April 20, 2010, 10:33 am

BobHelm wrote:
I only hope that any criminal charges are dealt with in a fair manner & the punishment of the guilty is fitting to the crimes committed.



Bloomberg has a bombshell addition to the continuing saga of the Goldman Sachs prosecution. The SEC's commissioners voted 3-2 along party lines to prosecute Goldman over its Abacus deals -- the three Dems voted to charge and the two Republicans voted not to charge.


it seems that some don't agree with you.... :? :? :?

The U.S. Securities and Exchange Commission split 3-2 along party lines to approve an enforcement case against Goldman Sachs Group Inc., according to two people with knowledge of the vote.


http://www.bloomberg.com/apps/news?pid=20601087&sid=amvJPx_1cPwo&pos=1

April 19 (Bloomberg) -- The U.S. Securities and Exchange Commission split 3-2 along party lines to approve an enforcement case against Goldman Sachs Group Inc., according to two people with knowledge of the vote.

SEC Chairman Mary Schapiro sided with Democrats Luis Aguilar and Elisse Walter to approve the case, said the people, who declined to be identified because the vote wasn’t public. Republican commissioners Kathleen Casey and Troy Paredes voted against suing, the person said.

Schapiro, an independent appointed by Democratic President Barack Obama, cast the deciding vote in a high-profile case for the second time this year. In February, she sided with Democrats in a $150 million settlement with Bank of America Corp. tied to its takeover of Merrill Lynch & Co.

“She’s not worried about consensus because ultimately, this case is going to be decided by a jury trial,” said Peter Henning, a former federal prosecutor and SEC attorney who teaches at Wayne State University Law School in Detroit. “It might help Goldman a little bit in the public-relations battle to show that there is division.”

The SEC on April 16 accused Goldman Sachs, the most profitable company in Wall Street history, of creating and selling collateralized debt obligations in 2007 tied to subprime mortgages without disclosing that hedge fund Paulson & Co. helped pick the underlying securities. Goldman Sachs also didn’t disclose to investors that Paulson was betting against the securities, the SEC said.

SEC spokesmen John Nester declined to comment.

Public Outrage

Goldman Sachs said in a statement last week that the SEC’s allegations are “completely unfounded in law and fact.” The company said it will “vigorously” contest the case and “defend the firm and its reputation.”

The company became emblematic of public outrage at the banking industry after posting a record $13.4 billion profit in 2009, a year after receiving $10 billion in U.S. aid during the financial crisis. It repaid the funds in June. The company, led by Chief Executive Officer Lloyd Blankfein, 55, has been criticized by lawmakers for issues from pay practices to helping Greece mask the size of its debts.

Goldman Sachs plunged 13 percent on April 16 after the SEC announced its case. The shares rose $2.62, or 1.6 percent, to $163.32 at 4 p.m. in New York Stock Exchange composite trading.

Bucked Consensus

Schapiro, 55, has bucked consensus in approving enforcement cases and new regulations. In February, she joined Aguilar and Walter in 3-2 votes for rules to restrict on bearish stock bets and to encourage companies to disclose how climate change may alter financial results.

The vote on short-sale restrictions prompted Erik Sirri, a former head of the SEC’s division of trading and markets under Schapiro, to say the agency made a political decision rather than one based on market data.

Schapiro’s predecessor, Christopher Cox, tried to seek consensus on SEC actions, triggering criticism from investors that he wouldn’t take on contentious cases or rules. Cox stepped down as SEC chairman in January 2009.

Goldman Sachs, which reports first-quarter earnings tomorrow, was warned nine months ago by the SEC that agency investigators wanted to bring a case, people with direct knowledge of the talks said. The company made counter-arguments in response to the so-called Wells notice before disclosing to investors in March that it was cooperating with regulators.

The SEC didn’t tell the company that it planned to file its suit on April 16, which Goldman Sachs interpreted as a sign the agency has become unusually adversarial, according to a person close to the firm.
User avatar
cookie
udonmap.com
 
Posts: 2430
Joined: September 29, 2006, 8:52 pm

Re: Goldman Sachs

Postby WBU ALUM » April 22, 2010, 8:10 pm

If even CNN is characterizing this as folly, I wouldn't get my hopes up.

Case against Goldman is 'very weak'

"I'm largely in favor of financial reform," Zakaria told CNN. "But I also believe in the rule of law, and I believe people should be innocent until proven guilty. And the government should not use the police power of the state to retroactively criminalize things that were considered fine when the market was going up.


Goldman Sachs employees are politically savvy. They donated over $900,000 to the current president's campaign, and there are numerous Goldman Sachs ties between the bank and the White House.

Like I said, I wouldn't get my hopes up.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby WBU ALUM » April 22, 2010, 10:07 pm

Here's a little more fat on the fire.

Goldman's White House connections raise eyebrows

Lawrence Jacobs, a University of Minnesota political scientist, said that "almost everything that the White House has done has been haunted by the personnel and the money of Goldman . . . as well as the suspicion that the White House, particularly early on, was pulling its punches out of deference to Goldman and its war chest.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby WBU ALUM » April 22, 2010, 11:52 pm

And even more fat ...

Obama Hosts Fundraiser In New York City, With Wall Street In Tow

Change. Transparency. Hope.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby cookie » April 24, 2010, 9:56 am

WBU ALUM wrote:And even more fat ...

Obama Hosts Fundraiser In New York City, With Wall Street In Tow

Change. Transparency. Hope.



these politicians they are all the same (worldwide!!!): greed, greed, greed and hunger for power !!!!


Although painting Republicans as pawns of Wall Street is a cornerstone of the Democratic strategy to overhaul financial regulation, financial interests have given campaign money generously to both political parties for years.

"No one party has any firm hold on righteousness here," said David Levinthal, a spokesman for the Center for Responsive Politics, which tracks donations.





http://www.mcclatchydc.com/2010/04/23/92794/what-do-both-parties-have-in-common.html



What do both parties have in common? Wall Street donations


Just take a look at the numbers and decide.....

Is the US politic system broken???????





Finance/Insurance/Real Estate: Long-Term Contribution Trends

http://www.opensecrets.org/industries/indus.php?ind=F


Barack Obama (D)
Top Contributors


http://images.opensecrets.org/obama_top_contribs.htm?cycle=2008&cid=N00009638


Finance/Insurance/Real Estate: Money to Congress

http://www.opensecrets.org/industries/summary.php?ind=F&recipdetail=M&sortorder=U&cycle=2010



Hedge Funds: Long-Term Contribution Trends


http://www.opensecrets.org/industries/indus.php?ind=F2700
User avatar
cookie
udonmap.com
 
Posts: 2430
Joined: September 29, 2006, 8:52 pm

Re: Goldman Sachs

Postby WBU ALUM » April 24, 2010, 10:09 am

There's nothing wrong with the political system or free enterprise.

The problem is with complacent Americans who don't pay attention and are easily fooled by slick campaign promises. But there is evidence that people are waking up.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby cookie » April 24, 2010, 11:06 am

have to disagree with you.
The system is broken because of the special interest money, the lobbying,...
Special interest money in politics is wrong....
you have to get rid of it

because of special interest money you get a corrupt government

These lobbyists and special interest groups don’t care what is best for the American people.
They are interested in someone who can help them achieve their own agenda.
they only care for their own interests, greed, greed, greed...

These campaign contributions corrupt the government that should be there for all people and not only for the privileged few.

Republican or Democrat it really makes no difference,
both parties are run by special interest groups and lobbyists.
The average American person has very little input anymore into how the country is run.


you state:

But there is evidence that people are waking up.


What is this evidence ???
User avatar
cookie
udonmap.com
 
Posts: 2430
Joined: September 29, 2006, 8:52 pm

Re: Goldman Sachs

Postby WBU ALUM » April 24, 2010, 12:04 pm

cookie, all of what you posted happens, but it happens because uninformed Americans go about their business and trust the government elitists to do what they promise. If Americans paid attention to what has been happening slowly since the Wilson Administration, there would have been different votes cast. It goes a lot deeper than that, but I don't have the time to go into all the detail and political misinformation over 100 years.

Suffice to say that many Americans don't understand how their government works, and most aren't astute enough to understand political spin when they see it, or know the right questions to ask. They have become creatures of television sound bites. They repeat things that they can't even explain when asked. Most don't even know what is in the Constitution.

However, there's been a lot of recognition by lots of the voters that Congress isn't listening or paying attention. All 435 seats in the House and 34 of the 100 seats in the Senate are up for election in November. I look for a lot of incumbents -- Democrats and Republicans -- to be sent home. The proof can't be calculated until the the morning after the elections, and six months in politics is like six years of reality.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby cookie » April 24, 2010, 1:21 pm

WBU ALUM wrote: All 435 seats in the House and 34 of the 100 seats in the Senate are up for election in November. I look for a lot of incumbents -- Democrats and Republicans -- to be sent home.


and they will be replaced by......(new incumbents?? :? )

people that collect money from the same lobbyists..... :cry: :cry: :cry:


and this confirms why the system is broken...

these people ( incumbents -- Democrats and Republicans --) will be replaced by new incumbents because they received money from the same lobbyist so that they can pay their campaign and ....

as long as you don't get rid of the special interest money,
the system will stay broken,,,
the new politicians that will come will be payed by the identical lobbyists
These lobbyists and special interest groups don’t care what is best for the American people.
They are interested in someone who can help them achieve their own agenda.

so why would the new politicians that will replace the old incumbent politicians be any better.....??? :cry:
User avatar
cookie
udonmap.com
 
Posts: 2430
Joined: September 29, 2006, 8:52 pm

Re: Goldman Sachs

Postby parrot » April 24, 2010, 7:36 pm

I'm befuddled. I thought this thread was about Goldman Sachs. Instead of offering a smidgen of praise for charging Goldman Sachs, the tables are turned and the thread is an indictment against Obama, political parties, special interest groups.
You want honest to goodness politics, no special interest groups, no bribes/corruption, transparency, honesty? And you're living in Thailand!
User avatar
parrot
udonmap.com
 
Posts: 2508
Joined: March 19, 2006, 8:32 pm

Re: Goldman Sachs

Postby WBU ALUM » April 24, 2010, 8:49 pm

I have never seen people so angry and so willing to take to the streets to protest peacefully against the government. I see people who have never been politically active wanting to learn all they can about their government. I also see a wide range of voters talking about term limits in Congress. I see people asking questions of their representatives and being unwilling to accept political platitudes from them. Many voters are realizing that Congress works for them. Congress is not royalty.

It could very well be a meaningless exercise in November, but it could just as easily signal a new direction. It's just as easy to be cynical as it is to be positive.

cookie, I'm just going to let it play out and see what happens. There won't be much to discuss about it until that day comes.
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby WBU ALUM » April 24, 2010, 9:52 pm

Goldman Sachs Messages Show It Thrived as Economy Fell

Lots of investors make money in down periods. That in itself is not a crime. The question will be, did GS purposely package instruments that would fail and then bet that they would fail?
User avatar
WBU ALUM
udonmap.com
 
Posts: 2051
Joined: July 29, 2008, 11:40 pm
Location: Udon Thani

Re: Goldman Sachs

Postby arjay » April 24, 2010, 9:59 pm

WBU ALUM wrote:Goldman Sachs Messages Show It Thrived as Economy Fell

Lots of investors make money in down periods. That in itself is not a crime. The question will be, did GS purposely package instruments that would fail and then bet that they would fail?


Thank you WBU. I believe this last post to be fully in the spirit of the OP and topic intended. :D

I think these questions also arise:
what were these "packaged instruments" presented (for sale) as, i.e what were they described as?
was there any deliberate intention to mislead or misrepresent them (or their contents)?
what did the buyers of the "packaged instruments" believe they were buying?
and did the buyers carry out due diligence?
User avatar
arjay
udonmap.com
 
Posts: 8294
Joined: October 2, 2005, 12:19 pm
Location: Gone to get a life, "troll free"

Next

Return to World News

Who is online

Users browsing this forum: No registered users and 1 guest

  • Advertisement