‘Piling on’ Goldman Sachs
Heads-Up! Update April 20, 2010: on a related financial subject, I have just added to the Pages column (in the sidebar of this blog) a link to a ‘Banking Crisis Timeline’ in case you’re interested. It’s easy to spot at the top of the Pages list and contains several links to articles about Goldman Sachs in chronological order (among others.)
However, many of the variously sourced Timeline articles may be propagandistic, so have several grains of salt nearby just in case.
Original post begins here:
Now I know you heard last week the news flash about the SEC’s lawsuit against Goldman Sachs for their fraudulent, villainous shenanigans in the subprime housing market.
And I doubt that the perpetrators at Goldman Sachs thought they were committing treason against America when they made their fraudulent monies, but considering this sort of behavior’s effects on our economic system, they may be quite wrong if things were fairly and honestly dealt with by the US government and our legal system.
The firm is ‘going to fight’ the lawsuit, of couse, yet now, according to Bloomberg News, Britain and Germany are considering taking legal actions of their own against the ‘piled on’ global corporation who bet against both sides and ‘won’…yet imho, cheating isn’t ‘winning’, it’s stealing.
Yes, people do get really angry when big institutions turn out to be other-than-they-tout and massive losses are incurred, so I guess with Goldman Sachs, clients are closer to ‘last’ rather than being “first” as promoted in the firm’s advertising.
Perhaps a new advertising campaign will be needed to ‘pull the wool’ in the future as financial crisis rears its ugly head – but this time for a titan of Wall Street.
But as usual with anything political, it remains to be seen whether legal actions taken against such obvious fraud will amount to anything of value for the victims and thus for the economy as a whole.
In the end, the oft-repeated mantra “Crisis of Confidence on Wall Street” turns out to be fairly based on certain corporations’ lousy way of doing what they call ‘business’…so make that “in” Wall Street, the casino of dreams and busts, if there ever was one.