tag:blogger.com,1999:blog-5724181159639068489.post3642429805952582098..comments2019-07-02T23:58:12.288-04:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: What Did Goldman Sachs Teach Us About the GFC?RobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-5724181159639068489.post-31032897862105544992014-01-06T08:05:39.581-05:002014-01-06T08:05:39.581-05:00Attorney For Goldman Sachs CEO Is Eric Holder&#39;...Attorney For Goldman Sachs CEO Is Eric Holder&#39;s &#39;Best Friend&#39; <br /><br /> The crony connections just keep on coming over at Eric Holders Department of Justice.<br /><br /> Last week, the Justice Department announced that it will not prosecute Goldman Sachs or any of its employees in a financial probe. <br /><br /> Could that be because the attorney for Goldman Sachs CEO Lloyd Blankfein was none other than Attorney General Eric Holders best friend and former personal attorney, Reid Weingarten?<br /><br /> Or because in 2008, Goldman Sachs employees donated $1,013,091 to Barack Obama?<br /> Or because Goldman Sachs is the former client of Eric Holders and Assistant Attorney General Lanny Breuers law firm, Covington &amp; Burling?<br /><br /> http://www.economicpolicyjournal.com/2014/01/attorney-for-goldman-sachs-ceo-is-eric.htmlwheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-11380327778966813552013-10-31T17:51:32.609-04:002013-10-31T17:51:32.609-04:00Hillary Clintons Lucrative Goldman Sachs Speaking...Hillary Clintons Lucrative Goldman Sachs Speaking Gigs<br /><br />Hillary<br /> Clinton spoke at two separate Goldman Sachs events on the evenings of <br />Thursday, October 24 and Tuesday, October 29. As both Politico and the New York Times<br /> report, Clintons fee is about $200,000 per speech, meaning she likely <br />netted around $400,000 for her paid gigs at Goldman over the course of <br />six days.<br /><br />Last Thursday, Clinton spoke for the AIMS Alternative <br />Investment Conference hosted by Goldman Sachs, a closed event <br />exclusively for Goldman clients. AIMS is an annual conference that <br />explores the latest strategies and products available to financial <br />advisers. At the event, Clinton offered what one attendee described to <br />me as prepared remarks followed by questions.<br /><br />On Tuesday, Clinton spoke at the Builders and Innovators Summit, devoted to discussing entrepreneurship and how to help innovators expand and grow their businesses. According to Politico,<br /> Clinton conducted a question-and-answer session with Goldman CEO Lloyd <br />Blankfein. Goldman Sachs declined to comment on the subject of her <br />remarks or why Mrs. Clinton in particular was invited to the events.<br /><br />Keeping close to the investment world, Clinton also made visits to private-equity firms KKR in July and the Carlyle Group<br /> in September. At KKRs annual investor meeting in California, Clinton <br />answered questions from firm co-founder Henry Kravis on the Middle East,<br /> Washington, and politics. At Carlyle Group, Clinton made a speech to <br />shareholders moderated by Carlyle founder David Rubenstein.<br /><br />Clintons office did not respond to a request for comment.<br /><br />http://www.nationalreview.com/corner/362637/hillary-clintons-lucrative-goldman-sachs-speaking-gigs-alec-torreswheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-76610346045489699752013-10-27T11:21:36.787-04:002013-10-27T11:21:36.787-04:00Laser, thanks for leaving the link. I wish you al...Laser, thanks for leaving the link. I wish you all the best in your suit. <br /><br /><br /><br />As a poster on this site for more than three years, I have to say that I have become totally disillusioned with the lack of prosecution by the DOJ, with the President&#39;s belief that no fraud was committed by lenders or mortgages brokers (biggest lie ever!) and with the continuous payment of money for fraud in civil suits (some of that money comes from the Federal Reserve (QE). The government is bought and paid for by the billionaires.<br /><br /><br /><br />Again, I hope your winJEHRnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-44440129715630232772013-10-23T11:57:49.673-04:002013-10-23T11:57:49.673-04:00Hey guys - where are you all? Last Friday (Oct 1...Hey guys - where are you all? <br /><br />Last Friday (Oct 18th) we sued Goldman Sachs, Bain Capital, Mitt Romney and Gang for Racketeering.<br /><br />In Los Angeles Federal Court.<br /><br />http://www.democraticunderground.com/10023892846laserDliquidatornoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-51284688522144677162013-10-21T12:32:00.028-04:002013-10-21T12:32:00.028-04:00Washingtons Open Secret: Profitable PACs Most Am...Washingtons Open Secret: Profitable PACs<br /><br />Most Americans believe its illegal for politicians to profit from their public office but, as Steve Kroft reports, thats not the case.<br /><br />http://www.ritholtz.com/blog/2013/10/washingtons-open-secret-profitable-pacs/wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-61746931098007329952013-10-15T11:46:16.126-04:002013-10-15T11:46:16.126-04:00N.Y. Fed Moves to Seal Documents in Ex-Bank Examin...N.Y. Fed Moves to Seal Documents in Ex-Bank Examiners Suit<br /><br />By Jake Bernstein, ProPublica<br /> <br /><br /> <br /> <br /><br /> A federal judge in Manhattan is pondering whether to grant the<br /> request of the New York Federal Reserve to seal the case brought by <br />former senior bank examiner Carmen Segarra. As reported by ProPublica<br /> last week, Segarra filed a lawsuit against the New York Fed and three <br />of its employees alleging she had been wrongfully terminated last year <br />after she determined that Goldman Sachs had insufficient <br />conflict-of-interest policies.<br /><br /> On Friday, the Fed asked for a protective order to seal documents in<br /> the case as well as parts of the complaint. In a letter to U.S. <br />District Judge Ronnie Abrams, New York Fed counsel David Gross said the <br />information should be removed from the public docket because it is <br />Confidential Supervisory Information, including internal New York Fed <br />emails and materials provided to the Fed by Goldman. <br /><br /> These <br />documents show that at the time (Segarra) left the employ of the New <br />York Fed, she purloined property of the Board of Governors of the <br />Federal Reserve System, Gross wrote, citing Fed rules that prohibit <br />disclosing supervisory information without prior approval of the Fed. <br /><br /> Gross argues that the Feds obligation to keep bank supervisory records<br /> secret outweigh the publics right to know. The incantation of a 2018 <br />public right to know cannot ever be a license to discharged employees <br />that they may violate Federal law simply by filing a complaint in <br />Federal court, Gross wrote. <br /> Segarra and her lawyer could not be reached for comment. <br /><br /> <br />While Abrams considers her decision, Segarras lawsuit and appended <br />documents have been removed from Pacer, the online records system for <br />federal courts. The complaint and related documents are available via links in ProPublicas story and have been published elsewhere online. <br /><br /> Gross states in his letter that Segarra previously made a $7 million settlement offer. The Fed rejected it. <br /><br /> The New York Fed has historically been one of the most opaque financial<br /> regulators and maintains that it is not subject to the Freedom of <br />Information Act because it is not a public agency. <br /><br />http://www.truthdig.com/report/item/ny_fed_moves_to_seal_documents_in_ex-bank_examiners_suit_20131014wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-9675243906832416362013-10-11T08:59:33.692-04:002013-10-11T08:59:33.692-04:00Derivatives and the Government Shutdown: Wall Stre...Derivatives and the Government Shutdown: Wall Street Bets One Thousand Trillion Dollars of Everybody Elses Money<br /><br />Derivatives Market Worth Over 16 Times Gross World Product<br /><br />Given that capitalism has entered a terminal stage of acute and <br />escalating crises, the Dallas editorialists may be right; anything could<br /> set off another spasm of financial mayhem in a system that is ever more<br /> unstable. However, it is the markets C a euphemism for the financial <br />capitalist class C that are the ultimate source of instability, the <br />folks who play Russian roulette 24-7 and have dragged humanity to a <br />place where an actual Armageddon is only a twirl of the chamber away. In<br /> this game, everybodys head is in play.<br /><br />It is proper that the corporate press speak of the impending fiscal <br />threat C a minor one, in the maelstrom of crises that beset the system C<br /> in gambling terms. An increase of interest rates by a few basis points <br />(fractions of a percent) on trillions of borrowed dollars amounts to <br />quite a chunk of public money, to be paid directly into the accounts of <br />these very same private markets that are supposedly biting their nails<br /> with anxiety over the budget. The Dallas Morning News and its fellow <br />corporate propaganda spores spread the myth that the markets (bankers,<br /> hedge funds, etc.) crave stability, when the vital statistics of the <br />real world of finance capitalism scream the opposite.<br /><br />The Lords of Capital (the markets) are pure gamblers who have <br />transformed the global financial marketplace into a machinery of <br />perpetual uncertainty, in which all the wealth of the world is bet many <br />times over by people who dont actually own it, in a casino whose <br />operators scheme against each other as well as their patrons, most of <br />whom are not even aware that they are in the game C much less, that it <br />is Russian roulette.<br /><br />The notional value of derivative financial instruments is now estimated at $1.2 quadrillion C that is, one thousand two hundred trillion dollars.<br /> This statistic is fantastic in every sense of the word, amounting to <br />16.7 times the Gross World Product, which is the value of all the goods <br />and services produced per year by every man, woman and child on the <br />planet: $71.83 trillion.<br /> Derivatives are valued at six times more than the total accumulated <br />wealth of the world, including all global stock markets, insurance <br />funds, and family wealth: $200 trillion.<br /><br />The great bulk of known derivative deals are held by banks that are considered too big to be allowed to fail, with the top four banks accounting for more than 90 percent of the exposure: J.P. Morgan Chase, Citibank, Bank of America, and Goldman Sachs.<br /><br />http://www.globalresearch.ca/derivatives-and-the-government-shutdown-wall-street-bets-one-thousand-trillion-dollars-of-everybody-elses-money-derivatives-market-worth-over-16-times-gross-world-product/5353867wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-70031194933518638082013-10-10T17:39:49.335-04:002013-10-10T17:39:49.335-04:00Bank Examiner Was Told to Back Off Goldman, Suit S...Bank Examiner Was Told to Back Off Goldman, Suit Says<br /><br />After Ms. Segarra joined the New York Fed, she said she examined <br />several potentially controversial Goldman deals. For instance, in 2012 <br />Goldman advised El Paso, an energy company, on its decision to sell <br />itself to Kinder Morgan.<br /> Goldman owned a big stake in Kinder Morgan, which angered a number of <br />El Paso shareholders, who argued this gave Goldman an incentive to <br />undervalue El Paso. Goldman, though, maintained it had properly managed <br />the conflicts but was later admonished by a judge, who noted the <br />disturbing behavior that led to the deal. <br /><br /> As the deal was coming together, the lawsuit said, Ms. Segarra urged<br /> Goldman to provide her with its firmwide conflict-of-interest policy. <br />But Goldman, the lawsuit said, told her that it had no such policy.<br /><br />While Goldman, the lawsuit says, lacked a broad conflict-of-interest <br />policy, individual business units did have some procedures in place. For<br /> Ms. Segarra, the absence of a firmwide policy was alarming because it <br />signaled that Goldman lacked the procedures to spot and police <br />conflicts, according to the suit.<br /><br />In a March 2012 meeting, a group of examiners at the Federal Reserve Bank of New York agreed that Goldman Sachs<br /> had inadequate procedures to guard against conflicts of interest <br />guidelines aimed at stopping firms from putting their pursuit of profit <br />ahead of their clients best interests.<br /><br />The examiners voted to downgrade a confidential rating assigned by <br />the New York Fed that could have spurred costly enforcement actions and <br />other regulatory penalties. It is not known whether the vote <br />materialized in a rating change. The former examiner who pushed for a <br />downgrade, Carmen Segarra, now contends in a lawsuit filed Thursday that<br /> just weeks after the vote, her superiors asked her to change her <br />findings on Goldman and fired her after she refused. <br /><br /> The vote to downgrade, which has not been previously reported, could have been a big blow for Goldman. <br /><br />Goldman Sachs does not have a conflicts-of-interest policy, not <br />firmwide, and not for any divisions, the examiner wrote to Michael <br />Silva, a senior executive at the New York Fed. I would go so far as to<br /> say they have never had a policy on conflicts. <br /><br />In the lawsuit, Ms. Segarra contends she was wrongfully terminated in<br /> violation of a federal law that affords protections to bank examiners <br />who find wrongdoing in the course of doing their jobs. Mr. Silva, who is<br /> chief of staff for the executive group at the New York Fed, is among <br />the defendants named in the suit. <br /><br />In an interview, Ms. Segarra said that when she was fired, her bosses <br />told her they had lost confidence in her judgment. Within the Fed, some <br />people who worked with Ms. Segarra echoed those concerns, according to <br />people familiar with her time at the agency but not authorized to speak <br />on the record. Ms. Segarra, these people said, sometimes developed <br />conspiracy theories.<br /><br />http://dealbook.nytimes.com/2013/10/10/bank-examiner-was-told-to-back-off-goldman-suit-says/?wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-58806468320495246202013-10-10T14:21:00.372-04:002013-10-10T14:21:00.372-04:00This all boggles the mind. 666 aptly describes the...This all boggles the mind. 666 aptly describes the lying spirit behind these lawless organizations.republicanmotherhttp://therepublicanmother.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-43149767083304432672013-10-02T08:26:16.002-04:002013-10-02T08:26:16.002-04:00Bill Clinton on deregulation: The Republicans mad...Bill Clinton on deregulation: The Republicans made me do it!<br /> <br /> <br /><br />The ex-president seriously mischaracterizes his record<br /><br />You know, the usual Bill Clinton interview. But Clintons comment <br />about his record on regulation is an actual newsmaker, because its a <br />giant whopper:<br /><br />What happened? The American people gave the Congress to a <br />group of very conservative Republicans. When they passed bills with the <br />veto proof majority with a lot of Democrats voting for it, that I <br />couldnt stop, all of a sudden we turn out to be maniacal deregulators. I<br /> mean, come on. I know Senator Warren said the other day, admitted when <br />she introduced a bill to reinstate the division between commercial and <br />investment banks, she admitted that the repeal of Glass-Steagall did not<br /> cause one single solitary financial institution to fail.<br /><br />This is, to be kind, bullshit. Memory is a hazy thing, but I have a <br />hard time believing Clinton doesnt know full well hes not telling the <br />truth here (and with his record, he doesnt get the benefit of the doubt).<br /><br />Lets go to the tape. Clinton installed Robert Rubin and Larry <br />Summers in the Treasury, which resulted in the Gramm-Leach-Bliley Act, <br />which officially did in Glass-Steagall and the Commodity Futures <br />Modernization Act, which left the derivatives market a laissez-faire <br />Wild West (not to mention a disastrous strong dollar policy<br /> that was a critical and underrated factor in the bubble). He also <br />reappointed Ayn Rand-acolyte Alan Greenspan, who has as much <br />responsibility as anyone for creating the crisis, as Fed chairmantwice.<br /><br />Now its true that Clinton faced an extremely hostile Republican <br />Congress for the last six years of his presidency. But his <br />administration actively encouraged the big deregulatory legislation, and<br /> squashed its own dissenters, like Brooksley Born, who saw disaster ahead.<br /><br />http://www.cjr.org/the_audit/bill_clinton_the_republicans_m.phpwheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-46103210258741256132013-09-26T16:47:22.762-04:002013-09-26T16:47:22.762-04:00Wall St. and the &#39;Triple-Fucking&#39; of US Wo...Wall St. and the &#39;Triple-Fucking&#39; of US Workers, Taxpayers<br />&#39;All across America,&#39; reports Rolling Stone&#39;s Matt Taibbi, &#39;Wall Street is grabbing money meant for public workers<br /><br />In his latest feature-length piece for Rolling Stone magazine, the eloquently foul-mouthed financial reporter Matt Taibbi takes a close look at what he terms the &quot;improbable triple-fucking of ordinary people&quot; by exploring how Wall Street financiers and hedge fund barons have managed to convince those who control state workers&#39; pensions to hand over hundreds of millions of dollars in public funds to hedge fund billionaires while simultaneously demanding huge cuts to the earned benefits of current and retired public employees.<br /><br />http://www.commondreams.org/headline/2013/09/26-6wheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-19059160979875962172013-09-25T12:13:31.646-04:002013-09-25T12:13:31.646-04:00&#39;AIG Can Crush You Like a Bug&#39; By Febru...&#39;AIG Can Crush You Like a Bug&#39; <br /><br /><br />By February 2011, AIG was cited for &quot;material weakness&quot; in its accounting. Yet none of AIG&#39;s officers were held accountable for Sarbanes-Oxley violations after making materially misleading public statements and signing off on false SEC filings.<br /><br />On August 13, 2007, also more than a year before the AIG bailout, I appeared with Eugene Ludwig of Promontory Capital, Steve Forbes, CEO of Forbes, and CNBC&#39;s Carl Quantanilla to discuss AIG&#39;s failure to record accounting losses, hedge funds, and liquidity and insolvency issues. You may be able to view the video if you have access to CNBC Pro. <br /><br />Mary Shapiro, former head of the SEC, entered the revolving door and now works for Promontory.<br /><br /> Eugene Ludwig stated the following in response to the ECB&#39;s assertion that credit markets were stabilizing after cash injections.<br /><br />&quot;I think the Central Banks around the world have the tools to be able to contain this credit correction, and it&#39;s clear they&#39;re prepared to use them. And what we&#39;ve seen right now is they&#39;ve used those tools and it&#39;s calming the marketplace.&quot; Incredibly, Ludwig claimed banks were &quot;less directly involved in the subprime correction&quot; and were &quot;well-regulated&quot; and &quot;disciplined.&quot;<br /><br />How did that work out for the banks, including Citigroup, Bank of America, and JPMorgan Chase in September 2008? <br /><br />Not only was the above statement not true, banks were subject to their unwise interconnections with hedge funds and insurers as well as their own contributions to systemic risk.<br /><br />http://www.huffingtonpost.com/janet-tavakoli/congressman-cummings-aig_b_3988664.htmlwheresthefreemarketnoreply@blogger.comtag:blogger.com,1999:blog-5724181159639068489.post-10032262314439543842013-09-22T11:51:12.072-04:002013-09-22T11:51:12.072-04:00Four Horsemen - Feature Documentary - Official Ver...Four Horsemen - Feature Documentary - Official Version<br /><br />http://www.activistpost.com/2013/09/four-horsemen-feature-documentary.html?wheresthefreemarketnoreply@blogger.comƷ <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <֩>| <ı> <ı> <ı> <ı> <ı> <ı>