Shouldn't Someone Go To Jail.....even if it is God's work???
How Goldman Sachs Made Tens Of Billions Of Dollars From The Economic Collapse Of America In Four Easy Steps
Step 1: Sell mortgage-related securities that are absolute junk to trusting clients at vastly overinflated prices.
Step 2: Bet against those same mortgage-related securities and make massive bets against the U.S. housing market so that your firm will make massive profits when the U.S. economy collapses.
Step 3: Have ex-Goldman executives in key positions of power in the U.S. government so that bailout money can be funneled to entities such as AIG that Goldman has made these bets with so that they can get paid after they win their bets.
Step 4: Collect the profits - Goldman Sachs is having their "most successful year" and will end up reporting approximately $50 billion in revenue for 2009.
According to the New York Times, firms like Deutsche Bank and Morgan Stanley also created mortgage-related securities and then bet that they would fail.....
Goldman was not the only firm that peddled these complex securities — known as synthetic collateralized debt obligations, or C.D.O.’s — and then made financial bets against them, called selling short in Wall Street parlance. Others that created similar securities and then bet they would fail, according to Wall Street traders, include Deutsche Bank and Morgan Stanley, as well as smaller firms like Tricadia Inc..
Sorta funny how we bail out the bankers and let the rest of America rot.................welcome to 1.01.10.....it now happens.......higher taxes, lower incomes, higher prices, millions of businesses shutting down and tens of millions of jobs lost......as the politicians keep getting paid with borrowed money and hand trillions to their banker buddies.
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Maybe if they keep telling us the recession is over, the rest of our retirement dollars can siphoned off the the bankers as well......guess where Goldman's profit came from?????
Guess how much of your income and assets need to be taxed so the politicians and bankers can keep getting paid??????