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04-16-2010, 10:07 AM   #1
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And you think the gov. is bad

NEW YORK (Dow Jones)--Fabrice Tourre, the Goldman Sachs (GS) executive accused by the Securities and Exchange Commission of making misleading statements about toxic investments, had a grandiose view of his own position in the financial system, according to emails the SEC said he wrote.

An email by Tourre, according to the SEC's complaint against him and Goldman Sachs, proclaimed, "More and more leverage in the system. The whole building is about to collapse anytime now...Only potential survivor, the fabulous Fab(rice Tourre)...standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!!" (Sic)
That email was sent to a friend of Tourre's, according to the SEC complaint.
His department was also of the view that CDOs were in terrible shape, according to the SEC. A Feb. 11, 2007 email that the complaint says was sent to Tourre by the head of Goldman Sachs' structured production correlation trading desk allegedly said, "the cdo biz is dead we don't have a lot of time left."
The SEC said Goldman Sachs and Tourre misled investors about a synthetic collateralized debt obligation, or CDO, that hinged on the performance of subprime residential mortgage-backed securities.
Goldman Sachs said in a release, "The SEC's charges are completely unfounded in law and fact and we will vigorously contest them and defend the firm and its reputation."

Accused Goldman Sachs Exec Crowed Of Pending 'Collapse' -SEC - WSJ.com
Is the SEC Opening the Floodgates? - The Gaggle Blog - Newsweek.com
Securities-fraud charges related to the subprime debacle have been few and far between until now (plenty of mortgage originators have been indicted, but Wall Street has remained mostly unscathed). By naming the most prestigious firm on Wall Street and a world-famous hedge fund—Paulson & Co.—known for making some of the biggest profits by shorting subprimes, the SEC has signaled that there may be a lot more indictments to come. Another reason why we can expect a lot more cases to come is that the SEC unit that investigated the indictment, Structured and New Products, was only recently created solely to probe dodgy derivatives deals. For years, "structured finance" has been just about the biggest scam on the street, involving the creation of super-complex deals little understood by investors. Wall Street is now running for cover, and it's about time.

04-16-2010, 10:18 AM   #2
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Wallstreet....The prime engine of inflation and economic woes.
Been saying it for years.
Another good idea, gone bad.
04-16-2010, 11:39 AM   #3
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I'm watching.. ;)

Senator Saxby Chambliss said there was some bipartisan agreement on the basic need for writing rules for swaps, but he said disputes remained unresolved on which businesses must clear swaps, and how they would be reported and transacted.

"Unfortunately our bipartisan negotiations have now been halted," Chambliss said, accusing the administration of intervening to stop the committee' work.

The White House has said repeatedly it will oppose Republican attempts to weaken the Senate legislation. Republicans have worked closely for months to do just that with lobbyists for the banking industry and Wall Street.

Polls show bankers are deeply unpopular with voters after a severe financial crisis tipped the economy into a deep recession, hammering home values, jobs and retirement plans

Senate Dems pave way for financial reform vote | Reuters
04-16-2010, 12:05 PM   #4
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Oh, that SOB is a prime reason I want to get us back to the united States as soon as possible. It's not so much that there are wingnuts elected, even in places that *despise* them down here: it's that no one seems to particularly *care.*

This is also much of why I've been trying to take a break from politics.

Try writing your supposed representatives down here, they send you back a glossy card with a push-poll that asks which insane thing you'd like them to do first. Zero room for "Dude. No F'n way."

Speaking of Swiftboaters... Let's roll on back to 2004:

[yt]http://www.youtube.com/watch?v=lg7YjwZzNz0[/yt]


Last edited by Ratmagiclady; 04-16-2010 at 12:35 PM.
04-16-2010, 12:23 PM   #5
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QuoteOriginally posted by jeffkrol Quote
Senator Saxby Chambliss said there was some bipartisan agreement on the basic need for writing rules for swaps, but he said disputes remained unresolved on which businesses must clear swaps, and how they would be reported and transacted.

"Unfortunately our bipartisan negotiations have now been halted," Chambliss said, accusing the administration of intervening to stop the committee' work.

The White House has said repeatedly it will oppose Republican attempts to weaken the Senate legislation. Republicans have worked closely for months to do just that with lobbyists for the banking industry and Wall Street.

Polls show bankers are deeply unpopular with voters after a severe financial crisis tipped the economy into a deep recession, hammering home values, jobs and retirement plans

Senate Dems pave way for financial reform vote | Reuters
Bipartisan agreement? You mean Stretch Pelosi and her ilk shoving their agenda up the republican you know where. That kind of bipartisanship? Like the Obamacare crap?

Last edited by graphicgr8s; 04-16-2010 at 12:32 PM.
04-16-2010, 12:39 PM   #6
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QuoteOriginally posted by graphicgr8s Quote
Bipartisan agreement? You mean Stretch Pelosi and her ilk shoving their agenda up the republican you know where. That kind of bipartisanship? Like the Obamacare crap?
Next thing you know, they're going to take away your salt and your fish.
Did you notice that it was
Wallstreet not Carter that exploded the housing market?
Or do you really take so much time thinking of 'inventive names' for those you oppose?
04-16-2010, 12:42 PM   #7
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BTW, seeing the quote, I dunno what it's supposed to mean to Graphics, but calling a woman 'stretch' at least used to refer to some pretty crude accusations, (You know, of a sexual nature, used to define gay people for some reason but actually practiced by as many straights as gay men? That thing?) ...last time I heard.
04-16-2010, 01:05 PM   #8
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QuoteOriginally posted by Ratmagiclady Quote
BTW, seeing the quote, I dunno what it's supposed to mean to Graphics, but calling a woman 'stretch' at least used to refer to some pretty crude accusations, (You know, of a sexual nature, used to define gay people for some reason but actually practiced by as many straights as gay men? That thing?) ...last time I heard.
It has to do with all the botox skin tightening stretching her face.

Is your mind always in the gutter?

---------- Post added 04-16-2010 at 03:08 PM ----------

QuoteOriginally posted by shooz Quote
Next thing you know, they're going to take away your salt and your fish.
Did you notice that it was
Wallstreet not Carter that exploded the housing market?
Or do you really take so much time thinking of 'inventive names' for those you oppose?
Could you not see the real estate market for what it was? A bubble. I did. And I didn't follow it all too close since I had my house built already yet I still saw it.

04-16-2010, 03:14 PM   #9
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Back tracking a bit

Found this in comments
Toxic Assets: What You Need To Know - Planet Money Blog : NPR
Mortgage Backed Securities is the second dumbest thing to come out of Wall Street since buying on margin, and the first dumbest thing were Credit Default Swaps. These 2 things nearly destroyed the financial system, and the funny thing is a lot of what happned used to be illegal, but was re-legalized by Congress and President Clinton in December of 2000, AFTER the Bush-Gore election, by a lame duck Congress and President. A few people saw how destructive this could all be, but no one wanted to listen to them because Greenspan thought it was a good idea to stay out of Wall Streets way. I am normally a small government kind of person, but in this case we needed to keep a little government in the way.
Now to see where that leads..........
Although the Senate race in Washington state and a handful of House races remain undecided, Republicans will hold a nine-seat majority in the 435-member House, and there will be either a 50-50 tie in the Senate or a 51-49 Republican majority. That means that the next Congress will either be mired in gridlock or herald a new era of bipartisan cooperation.
House Speaker Dennis Hastert, R-Illinois, and House Minority Leader Dick Gephardt, D-Missouri, spoke to one another last week for the first time since June. "I told him we needed to try to work better together and I would try to make that happen," Gephardt said. "And he seemed positive about it."
Speaking on "Fox News Sunday," Senate Majority Leader Trent Lott, R-Mississippi, said that while members of Congress are "just kind of stunned" by the current political divisions, lawmakers realize "we will have to think innovatively" to keep the nation's legislative agenda on track.
"Attitudes may change," Lott said. "Everybody thinks there's going to be gloom and doom" given the contested presidential election, but "People may actually try harder."

Congress to postpone lame-duck session until early December - November 13, 2000
So onward.............
Dec. 15: Congress passes the Commodity Futures Modernization Act, legalizing the exemption of energy derivatives from CFTC regulation. Sen. Phil Gramm ( flip floppy senator/hr from Texas go figure)played the key role in ramming the legislation through. It is signed into law on Dec. 21. According to a CFTC press release, the law "is a significant step forward for U.S. financial markets. This important new law creates a flexible structure for regulation of futures trading, codifies an agreement between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission to repeal the 18-year old ban on trading single stock futures and provides legal certainty for the over-the-counter derivatives markets...."
LaRouche vs. Greenspan: An 18-Year Fight Over Financial Derivatives
Commodity Futures Modernization Act of 2000 - Wikipedia, the free encyclopedia
I'll get back to this........ footnotes are a better read then the body
04-16-2010, 05:11 PM   #10
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Here's a pretty easy to understand clip on just what Golden Sacks was doing.

Dylan Ratigan

Larry
04-16-2010, 07:28 PM   #11
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I hope I get time to pick up this book.......
Amazon.com: The Sheep and the Guardians: Diary of a SEC Sanctioned Swindle (9781426910319): Ahmed Amr: Books
In the wake of the Madoff scandal, this compelling tale is a searing indictment of the SEC and FINRA regulators who allowed market manipulation and outright larceny to infest America’s capital markets. Against a backdrop of a traumatic financial meltdown, a few tenacious Pro Se litigants drop in uninvited on the unfamiliar turf of a dysfunctional Bankruptcy Court in Wilmington, Delaware.

Follow the author as he navigates an unchartered path through a financial and legal wilderness inhabited by Taiwanese syndicates, Greenwich hedge funds, Fifth Avenue bankruptcy lawyers and complicit regulators. Along the way he is embraced by comrades who join him as he traverses the peaks and valleys of this improbable journey. This quixotic account of how this ‘band of brothers’ fought the good fight against the cabal of crooks that ripped them off reads like a John Grisham novel.

For some great court room drama, this book is a must read. As you turn the pages, you will be astounded by the financial outrages that go unchallenged by our delinquent regulators and the permissive judiciary that allows corporate swindlers to cover up fraud by declaring bankruptcy.
04-19-2010, 03:55 PM   #12
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Obama will be giving back the almost $1M he received from Goldman Sachs then?
04-19-2010, 04:25 PM   #13
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QuoteOriginally posted by GingeM Quote
Obama will be giving back the almost $1M he received from Goldman Sachs then?


He sure will, when old man Bush makes his son give back the money he swindled from Silverado Savings& Loan, and all the other cash Bush stole from taxpayers to pay off the bankruptcies caused by his crooked friends, including John McCain.

QuoteQuote:
From Wikipedia: The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the US government via a financial bailout under the leadership of George H.W. Bush
So you will lets us know when this is repaid.....right?
Beast Regards!
04-21-2010, 11:47 AM   #14
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Not worth a new thread

fun read .... top 10 worst governors:
I. Haley Barbour (R-MS)…………………………3
II. Donald L. Carcieri (R-RI)………………6
III. Jim Gibbons (R-NV).……………………9
IV. Bobby Jindal (R-LA).………………………………13
V. David A. Paterson (D-NY).………………16
VI. Sonny Perdue (R-GA)..…………………18
VII. Rick Perry (R-TX)……….…………………21
VIII. Bill Richardson (D-NM)……………………………25
IX. Mike Rounds (R-SD).…………………………28
X. Mark Sanford (R-SC)……………………………………………………………30
XI. Arnold Schwarzenegger (R-CA)…………………………………33
http://media.lvrj.com/documents/worst_governors.pdf
Gibbons named on list of worst governors - News - ReviewJournal.com
04-21-2010, 12:10 PM   #15
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QuoteOriginally posted by jeffkrol Quote
fun read .... top 10 worst governors:
I. Haley Barbour (R-MS)…………………………3
II. Donald L. Carcieri (R-RI)………………6
III. Jim Gibbons (R-NV).……………………9
IV. Bobby Jindal (R-LA).………………………………13
V. David A. Paterson (D-NY).………………16
VI. Sonny Perdue (R-GA)..…………………18
VII. Rick Perry (R-TX)……….…………………21
VIII. Bill Richardson (D-NM)……………………………25
IX. Mike Rounds (R-SD).…………………………28
X. Mark Sanford (R-SC)……………………………………………………………30
XI. Arnold Schwarzenegger (R-CA)…………………………………33
http://media.lvrj.com/documents/worst_governors.pdf
Gibbons named on list of worst governors - News - ReviewJournal.com
Good to see NM excelling in something.
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