goldman sucks
Monday, April 26th, 2010
Mr. Levin said, referring to testimony given by Mr. Blankfein in January. “They were self-interested promoters of risky and complicated financial schemes that were a major part of the 2008 crisis. They bundled toxic and dubious mortgages into complex financial instruments, got the credit-rating agencies to label them as AAA safe securities, sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the financial instruments that they sold, and profiting at the expense of their clients.”
They bet against what they sold!? That is legal?! Is this what we are trying to stop in this financial regulations bill? If America is a giant casino and we are the players, does Goldman Sachs (et al) own the casino? Are you investor types out there OK with that?
The more I read about this the more confused I get. I think, well they must not have understood the huge impact this betting would cause us out here in the trenches. Then I think, no, they are amazingly intelligent people, they knew, they just didn’t care; and they never will. We can’t ever expect the casino to do what is right for us, they will always do what makes them money. We can’t even shake our pointy fingers at them because we have admired them this whole time for their wealth and power while they plotted our demise. Half of us still admire them, and those are the ones arranging a filibuster right now in the senate.
So we need to pay attention to what our senators are paying attention to.
http://www.senate.gov/general/contact_information/senators_cfm.cfmP
