"When the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas Jefferson
"When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society." - Mike Morgan
"Let me control the money of a nation and I care not who makes its laws". - Meyer Rothschild, Creator of the Central Banking System
Please view our other sites...Use the links to the right.
Volunteer
Volunteers and contributors to this blog are always needed. Devote as little or as much time as you desire. All we ask is that you uphold your commitments be it 15 minutes of your time or more.
Volunteers and contributors to this blog are always needed. Devote as little or as much time as you desire. All we ask is that you uphold your commitments be it 15 minutes of your time or more.
"Together we can make a difference"
A note to our readers: Many of you leave comments in this Disclaimer and Header post. If you want your comments read by the majority of our readers then please place your comments within any other post in this blog. You have taken the time to comment and we would like your comments to be seen and heard. Thank you
How much does Goldman Sachs owe the America taxpayer? Shouldn't they be paying the money back as quickly as possible instead of rewarding their staff with vulgar 'remuneration' packages?
ReplyDeleteAmen. The financials (Goldman Sachs)/feds have pretty much destroyed this country, but they're not done with us yet.
ReplyDeleteGoldman Sachs is scum. It denigrates humanity itself.
ReplyDeletehttp://tech.yahoo.com/news/nm/20090717/tc_nm/us_goldman_blogger_1
ReplyDeleteIsn't GS helping NYTimes sell their Boston Globe? Talk about Influence!Very minimal reporting of it.
ReplyDeleteThis site, the Rolling Stone article, and some recent pieces in NY Times really got my blood boiling...and I'm a pretty conservative Republican!
ReplyDeleteWhy there isn't more attention on this is amazing. I blogged about it here: http://dudewheresmythoughts.blogspot.com/2009/07/goldman-sucks.html
“Banking establishments are more dangerous than standing armies.” ~ Thomas Jefferson
ReplyDelete“As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power will endeavor to prolong it’s reign by working upon the prejudices of the people until all the wealth is aggregated in a few hands and the republic is destroyed…God grant that my suspicions may prove groundless.” Abraham Lincoln Nov. 21, 1864
I think that every private firm and public investor that own any shares of GS should unite and threaten to sell every single share of this evil company. If we were to threaten to put pressure on their stock, the way every other financial firm has faced, it may not solve the problem, but it will help the despicable thieves at Goldman not get any richer. I work in finance and I can't believe that at a time when the rest of the nation is already sickened by the government's intervention in the rescue of the financial institutions, that they could go and make us look even worse. I would like to know how Obama could approach the issue of the AIG bonuses with such despise, and demand with an iron fist that they give back those bonuses or face a steep penalty of a 90% tax, and do absolutely nothing about this far greater treacherous act. He needs to impose the same threat unless they at the very least pay back the government the $100 million it still owes, and not them haggle over that, or accept the $50 million they think they owe. We can't sit back and do nothing.
ReplyDelete"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." - Napoleon Bonaparte, Emperor of France, 1815
ReplyDeleteWill nothing rouse us from our complacency? The blatant greed & reckless disregard on display in this industry and the Congress they own sickens me.
This website is full of lies, half-truths and hate mongering. It panders to those who want to find a false target for their problems and avoid dealing with the true complexities of the world. The people who run this site are the really guilty parties.
ReplyDeleteI'm sure this comment will be removed quickly by them.
Goldman Sachs was the biggest packager and seller of collateralized debt obligations (CDOs), packaging thousands of mortgages together, 75% subprime, yet passing them off as AAA paper. When the market deteriorated, Goldman made profit by selling them short.
ReplyDeleteAnd many retirees, mutual funds, and city governments who bought these bonds with assurances of Goldman sales people were badly hurt.
Goldman Sachs also was a large purchaser of credit default swaps (CDSs), many from AIG. Representatives from Goldman placed pressure on Hank Paulson for government bailout funds for AIG. And where did billions of those bailout funds go? To pay off Goldman!
And we the taxpayers are picking up the tab.
Goldman Sachs developed computer algorithms for high frequency trading. As such, they insert themselves in rising or falling stocks, buying and selling with lightening speed and making huge profits.
As a result, the individual investor buys these stocks at higher prices and sells them at lower prices.
Goldman Sachs is profiting from the financial crisis recovery by taking the same huge risks with a bonus-driven culture.
And they have covered this risk by changing their designation from an investment bank to a bank holding company, which enables them to get FDIC protection and almost free Fed money.
So, please tell me how Goldman Sachs’ activities and business model benefit our society as a whole by creating useful financial products that contribute to the growth of American financial industry? What do they do that is valuable to other people? Or does Goldman merely create financial gimmicks to make money for Goldman, leaving the crumbs for the rest of us, and subjecting individual investors to a stock market with a casino mentality?
Actually I think the risk thing is a bit of a red herring. No one is exposed to risk because they're hedging against it right? I mean, flash trades do allow banks to front run orders. So they aren't taking risk.
ReplyDeleteIn fact the only risk lies in owning the instruments that end up worthless (equity and bond markets protected by the Government)such as the complex products where risk from the more simple prodcuts is offloaded.
Although if you price up the instruments because you know the underlying, like Goldman et al, you don't have any risk as long as you can sell them to someone else, who doesn't have access to the underlying prices, when you see the underlying going awry.
So it's risk free money. Bear and Lehmans had their funds withdrawn and their shareprice shorted by the same group of people, acting out of fear. And on the advice of many capital markets experts. They didn't make one big bad bet.
This whole thing has me outraged!!! Why is it that more Americans can't open up their eyes and put these facts together!!! Us Americans need to have another revolution and throw everyone out of our government and put ordinary every day people into office.
ReplyDeleteI think one thing that D and R can agree on - GS is evil and must be destroyed. We have had it with their gaming the system and destroying any resemblance of fairness. Burn them to the ground!
ReplyDeleteWE WILL, ONE DAY, LOOK BACK ON HISTORY ON HOW CRAZY WE WERE !!!!
ReplyDeleteMike, I'd just like to say thank you for your efforts and remarkable insights. You have opened my eyes to just how corrupt and insidious the world of GS and the rest of their evil crew really is, and for that I am truly grateful.
ReplyDeleteI'm sorry that the rest of the world doesn't feel the same passion for bringing the whole sorry circus down, but I think there are three good reasons for this.
1. Most people don't believe that GS have done what you have described..
2. Most people believe it but don't think they can do much about it.
3. Most people believe it but think that GS's wanton greed will ultimately be the cause of their own demise.
So take heart, Mike – we're out there, here, and we're with you even if it doesn't feel too much like it. Get well soon!
Cheers
Elroy
Goldman buying gold says one blog?How right they were.The greedy banks here in the U.K are unbelievable.
ReplyDeleteNow Goldman has the SEC in its tenacles:
ReplyDelete——————–
SEC unit hires ex-Goldman Sachs worker as chief operating officer
——————–
Adam Storch had worked since 2004 in a Goldman unit that reviewed contracts and
transactions for signs of fraud. His new job is to make the SEC’s enforcement
division more efficient.
Bloomberg News
October 16 2009
The Securities and Exchange Commission hired a 29-year-old former employee in
Goldman Sachs Group Inc.’s business intelligence unit as the first chief
operating officer in the agency’s enforcement division, according to people
familiar with the decision.
The complete article can be viewed at:
http://www.latimes.com/business/la-fi-sec-coo16-2009oct16,0,6370675.story
Goldman Sachs sold many of these worthless toxic mortgages to the Canadian Imperial Bank of Commerce (CIBC) for billions which CIBC later lost from while Goldman was betting against these at the same time. Surely, they should be suing them to get their lost money back due to this misrepresentation and conflict of interest. Sometimes it takes one big company to fight off another one in order for something to happen since the little people aren't yet united enough to be a force to recon with at this time against the well entrenched wall street American banking plutarchy.
ReplyDeleteHelp me censor man!
ReplyDeleteShouldn't we be getting our communities to petition the break up of these too-big-to-fail hedge funds disguised as banks !!
ReplyDeleteThis way, we will know how many of the contributors here are just jealous blokes working in rival financial institutions.
Split-the-banks, Yes-we-can!
It shouldn't be surprising that people who aren't educated and aren't very bright aren't very good at electing people who are bright or educated. Democracy ensures that the public gets a government no better than they deserve.
ReplyDeleteGREED is your #1 Product of GS. You have used tax payer's money to take advantage of the hand that fed you in troubled times. Have you no morals? You caused this whole mess and this is how your way of saying thanks. May you all go to the bread lines that you have helped create
ReplyDeleteBoth Goldman Sachs NYSE.GS and Morgan Stanley NYSE.MS are the king and queen of Wall Street in that the dominate daily as brokers the most trades on the New York Stock Exchange (NYSE).
ReplyDeleteIf Michael Moore would have named his new movie "Capitalism Is Evil" instead of "Capitalism A Love Story" then maybe his movie could have been much more popular that it is with the masses.
ReplyDeleteIs it possible to organize a protest/picket by all the unemployed in NYC at Blankfein's Park ave apartment? It would be great to have a huge throng of people daily shouting at him...for his head.
ReplyDeleteWould picketing work?
ReplyDeletehttp://video.aol.ca/video-detail/ex-rbs-ceos-home-vandalized/2351878490/?icid=VIDURVNWS08
At least the Brits made their voices heard. Even the neighbour of the ex-CEO of RBS was disgusted that he presided over RBS failure while he was at the helm.
Today, the UK banks have successful reign in on the bank bonus culture while our American banks especially Goldman Sachs is preparing to pay record bonuses.
We need CHANGE, and this blog is not serving any purpose if the bread lines are getting longer at the same time when Goldman is paying a record average of $700,000 in bonus to each employee this year ! That's our tax money there !
So maybe picketing might work, BUT I assure you, America has lost its glitter and while everyone's complaining, no one's gonna be picketing in the snow to stop these irresponsible bonuses being paid out. We've turned into a nation of whiners so we deserve to be pooped on. Get a life people, either act or shut up.
Too late guys, Goldman declared record bonuses in Asia this morning! The American people lost the war. Now we ask Geitner to quit for failing to stop both Merrill's and now Goldman's bonus payout. Someone needs to be the fall gyuy and it aint't gonna be Blankfein. Obama is not taking our voices seriously and the only way is to make this president accountable !!
ReplyDeleteEven though bank CEO's are making a lot of money these days in the millions, hedge fund managers such as John Paulson and John Arnold are making billions. There's always someone else outdoing someone else somewhere. The most resentful thing is the powerless and helpless feeling that most people in this country feel with regards to the ruling plutarchy.
ReplyDeleteDid goldman short cdos at the same time they were selling to clients. Did anyone from goldman in the Gov.gain by the deal Paulson did with aig. Did they disclose.
ReplyDeleteThank you Mike for being there. I'm shocked you web site with the truth hasn't been shut down yet by the greater crime syndicate in charge.
ReplyDeleteI say Wall Street is like a cancer in the body that is the United States. Until you kill the cancer the body will never get better and subsequently died.
Death to Wall Street.
(Typo?)Larry Rubinoff writes:- "....We should have let them fail and used the trillions of dollars on our own citizens. Every trillion dollar would have given about $300 to every person in this country and that is money they would have put back into the economy..." (Goldman Sachs Lending to Aircraft Leasing Company Owned by AIG)
ReplyDeleteA Trillion Dollars divided by the population of America, $1,000,000,000,000 divided by 333,000,000 = $3,000 (not $300)
Yes, typo - two actually. Thank you for noticing and bringing to my attention.
ReplyDeleteI just saw here that the woman who wrote the report yesterday on China buying gold from the IMF had no official sources:
ReplyDeletehttp://www.goldalert.com/gold-price-blog.php
- big surprise
Hi Mike,
ReplyDeleteIt's Nathan from Nathan's Economic Edge and SwarmUSA.com...
I notice that you put up a link to the Swarm Site, appreciate it a lot, I am hoping I can return the favor and add you to our supporter's page with your permission...
Please contact me at nmartin@swarmusa.com, thanks!
Nate