NYT:Banks Bundled Bad Debt, Bet Against It and Won

[ggirod]

In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm.

Mr. Egol, a Princeton graduate, had risen to prominence inside the bank by creating mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.
Goldman’s own clients who bought them, however, were less fortunate.

This long article is excellent and worth a read.

[jneal3]

Re: NYT:Banks Bundled Bad Debt, Bet Against It and Won

This long article is excellent and worth a read.

A quote from the reader response comments:

Please, NY Times, keep this piece of news in front of the public eye for as long as it takes a critical mass of disgusted, appalled citizens to read about it and create enough momentum to bring these characters down for their outrageous and immoral manipulations. Consider this my contribution in that direction.

This is the issue for me; we keep seeing these Gretchen Morgensen articles about what is in essence fraudulent activity, but nothing happens. I won't have faith that our country can be relatively rational again until Goldman Sachs goes down for the count.

[jneal3]

Re: NYT:Banks Bundled Bad Debt, Bet Against It and Won

Goldman to their own clients: 'buyer beware':

http://www2.goldmansachs.com/our-fir...onse-scdo.html

How do you calculate the square of shameless?

(shameless)^2=Goldman Sachs

[GRG55]

Re: NYT:Banks Bundled Bad Debt, Bet Against It and Won

A quote from the reader response comments:



This is the issue for me; we keep seeing these Gretchen Morgensen articles about what is in essence fraudulent activity, but nothing happens. I won't have faith that our country can be relatively rational again until Goldman Sachs goes down for the count.

Oh, something is happening alright...

...For all of these reasons, both positive and negative, the Financial Times has chosen Lloyd Blankfein as its Person of the Year. His job and his personality have made him the public face of Wall Street during its most testing period since the 1930s...

More here...if you can stand it...;)

[raja]

Re: NYT:Banks Bundled Bad Debt, Bet Against It and Won

Oh, something is happening alright...

...For all of these reasons, both positive and negative, the Financial Times has chosen Lloyd Blankfein as its Person of the Year. His job and his personality have made him the public face of Wall Street during its most testing period since the 1930s...

More here...if you can stand it...;)

When I talk to the highly religious people here in Middle Tennessee about Golman's billions in bonuses in the face of everyone else losing jobs, homes and retirement savings, I always mention Lloyd Blankfein's claim that the Bankers are doing God's work. This invariably provokes a strong reaction of disgust.

The higher these Vampire Squid a**holes go, the further they will fall.
Let's hope they keep up the arrogance so that when the pimple finally pops, it will be with sufficient vigor to drain all the toxins.

This fight against the Financial Elite and their Politician Enablers is one that ALL can support: Left/Right, Republican/Democrat, all races and creeds. Everybody's getting ripped off :eek::eek::eek: