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Biggest German State-Owned Lender Just Sued Goldman Sachs Over Davis Square CDO
BN *LANDESBANK ALLEGES FRAUD OVER GOLDMAN'S DAVIS SQUARE VI CDOS
BN *LANDESBANK BADEN-WUERTTEMBERG SUES GOLDMAN SACHS OVER CDOS
BN *LBBW IS GERMANY’S BIGGEST STATE-OWNED LENDER :2525Z GR, GS US
So... now what?
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Lawyers bitchez!
movie opens this friday
Inside job ---- see preview
http://www.investorvillage.com/smbd.asp?mb=3532&mn=40382&pt=msg&mid=9589699
I feel really sorry for GE. They seem to be just all like. Damnit we just want to make turbines and crap and not have to deal with this sick stupid crap.
case held in a Federal Court in NYC. good luck, Landesbank.
I'm not sure there chopper...This might be not even remotely close to a senate Abacus BS hearing or another shitty deal with the usual suspects. This is not about politicians on the take defending financial mobsters; how can they possibly help.
On the other hand i may be about a corrupted judicial system paid for by GS at least it gives us a opportunity to find out.
I just hope they don't settle and finally see a ruling of some sort.
LMAO
Goldman will settle for a paltry $14 million or something.
Equal to bonus of one mid-level prop desk trader.
And they will deny any wrongdoing.
Stock dropped about $1.50 and was immediately snapped up by "bargain hunters".
LOL...
http://www.marketwatch.com/investing/stock/gs
Yep. Hell, the stock is even up a bit AH.
It seems fair that you should not be punished for doing God's work. Christ almighty: We should be offering these guys saint hood. (In reality, I'd like to spray some of my own holy water on their faces.)
You haven't read the suit. You don't pee before pulling down your zipper do ya?
When is some asshat gonna get taken down a few pegs? When are some of these asswipes gonna get a perp wallk?
Trillions down a rat hole for borrowers, lenders, investors while Goldman and JP reap billions in fees and bonuses paid for the the little taxpayer.
Conditions for revolution:
1-Class/income inequality
2-Socio-economic disruption, e,g, war, market crash
3-A promise by the powerful to rectify the disparities
4-Failure of the powerful to keep the promises made in #3
Delenda est Carthago
Conditions for continuation of status quo:
1. Population can only move to place of revolt when seated on a motorised conveyance.
2. Population glued to Tee-Vee and MSM "happy stories" (because they can't read a newspaper or blog).
3. Leaders (Lady Gaga, Britney, Glenn Beck, CNBC hosts) say "all is well".
4. Population so doped up on Prozac, HFCS, fluoride, flu vaccine and other chemicals that they have no fucking idea who promised what or what day it is.
What the hell took them so long to file the suit? And yeah, GS will settle, deny wrongdoing, pay a puny penalty, and the beat goes on.
I will only say that in places like Germany, the prosecutors show up at the most surprising moments.
Classic...
Hopey McChange is on board...
Is this the new forever stamp? I ask because there is no value on it.
He looks a little like Krushev.
The revenge of the 'stupid Germans'. This time based in Stuttgart, not Duesseldorf.
I wouldn't call the Germans "stupid". That's like hitting an unchained sleeping dog with a stick. They are the second largest exporting country after China. The rest of Europe is going to need them to help bailout most of the continent.
IMHO, this is heading towards the German people being told down the road that future austerity measures imposed on them by the German government are the direct result of a corrupt banking and financial system in the West (New York and London). Goldman Sachs may start out as the poster child, but the Germans will see the American (and British) way of life, spending way beyond our means, as guilty as Wall Street. The last thing the world needs is the German people fanning the flames of hate once again demanding retribution.
With the debt problems in the EU and Germany being the strongest fiscally it seems likely we will once again see Germany rise to power. Not just economically.
The EU looks to begin discussing shared military responsibilities. And, guess who's going to ulitimately call the shots when they're all sitting at the table with their hands out asking Germany for bailout money?
Lots of NATO missiles combined with a European continent full of ticked off lower and middle class. Plus, the need for Middle East oil to sustain the German industrial economy.
God bless us.
The 'stupid Germans' line was a reference to how the Landesbanken were described, according to GS and others, in Michael Lewis' 'The Big Short'. It has passed into legend, to some extent. I am well aware this is not the case in reality...
http://bigcharts.marketwatch.com/charts/big.chart?symb=axp&compidx=aaaaa%3A0&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=4&size=2&state=8&sid=497&style=320&time=7&freq=1&comp=NO%5FSYMBOL%5FCHOSEN&nosettings=1&rand=3089&mocktick=1
Maybe we need playing cards with their pix? I'll sign up for a pack or two.
Someday, these guys might try to melt into the general population or go into witness protection.
Neurenberg the bitchez!
you can't eat gold
can't eat paper either.
oh yes you can, I had to eat some of my articles where I called for gold to go to 600
Nuremberg. Learn some history.
Seems that many commenters here want courts to rule in favor of idiots simply because they are stupid.
I would prefer that idiots are weeded out of the financial business.
Uhm, no. The whole cartell including banks, corrupt regulators, rating agencies, political whores and last but not least a government censored and controlled media machine needs to be put out of power.
The "American Dream" was financed by loot. That's the way pirates finance their lifestyles and not so called "citizens" of a supposedly "free country" where every visitor needs to leave a finger print and declare their "purpose of the trip". Where at least a half dozen government spy agencies gather data on their citizens and keep track of just about every move they make. Where a government fabricates evidence to declare war on another nation or where a government creates a patsy to kill their President.
Your comments are irrelevant to the point.
This is about Goldman Sachs selling a CDO product to a Landesbank and rewarding failure.
Said bank was either:
#1 deliberately misinformed about the nature of the product (Goldman's problem)
#2 they didn't understand what they were buying (their problem)
#3 understood the product but were crushed by collapsing cashflows (their problem).
Good luck proving #1. They shouldn't be rewarded for #2 or #3.
GS is the US government's finance firm. Their cronies are at every central bank on the planet or at least have their tentacles (hence squid) in every balance sheet that matters.
The CDO mess was deliberate and calculated.
What's the best way to fuck your so called friends? Sell them garbage paper and wait for it to implode.
Straight from the Trojan playbook.
Face it, the US is fucked beyond redemption. It's loosing status and more importantly, it's loosing leverage and friendly relations. Who wants to make a deal with the devil? That's why Europe, Russia and China are secretly working at a new currency and isolation of the US network whereever and whenever necessary.
Americans actually might have a chance to come out ahead once the squid is dead.
LOL @ everything you say.
If the US is "fucked beyond redemption", getting "loose", and much more become the "devil", then you would be best served leaving, no?
Europe, China, and Russia with all that super-secret machination planning need your imagination. They need you, man. Go get with the winning team!
German Banker #1:
"Give us ze money, Lloyd or ve fuck you up!"
German Banker #2:
"Ve vant ze money Lloyd or ve'll cut off your Johnson!"
German Banker #3:
"No funny stuff..."
"Ve have ways of making you talk! Heinrich, THE VAYS!"
"I thought you had them."
"Stop f$#%ing around and break out THE VAYS - this f#$%er must talk!"
"I'm not kidding, Herr Banker, I can't find them - the VAYS are missing!"
"Well, then, do you have the VAYS TO SAN JOSE?" <entire troop breaks into song>
Now what?
Now, it's time for record bonuses complete with a taxpayer bailout on Christmas.
In other words, nothing new.
Sweep it under the big rug. Next.
Germans suing a bunch of Jewish bankers for screwing them over? Who woulda thunk?
....Didn't hear what that suit is about.... but, didn't Goldman Sacks (sic) cook the books for Grease (sic) to show more soveriegn asshats (sic) than they actually had to get them in the EU?
This might be poetic.
Germans suing a bunch of Jewish bankers for screwing them over? Who woulda thunk?
....Didn't hear what that suit is about.... but, didn't Goldman Sacks (sic) cook the books for Grease (sic) to show more soveriegn asshats (sic) than they actually had to get them in the EU?
This might be poetic.
Blitzkrieg, bitchez!
Roll the panzers, herr Rommel and crush those Yankee c***s!
I would be more inclined to see these guys "doing God's work" to be "sprayed" with something a little more substancial, say .50 BMG.
You accidentally slipped an 'r' into 'spayed'...and bravo on your marksmanship.
Actually, this is a sideshow compared to the shitstorm that is RAPIDLY evolving in the mortgage foreclosure fraud controversy. Denninger has some excerpts out of a class action suit with some truly mind-blowing repercussions. "Empty" MBSs with no mortgage securities legally transferred at closing, i.e, at the time of the creation of the "investments" - tip of iceberg being the fact of the defective formations is discovered by zealous attnys on behalf of foreclosed debtors. In other words, the problem may be bigger than the foreclosed loans, it's ALL OF THEM in these REMIC style MBSs. These MBSs may not have anything in them, as the transfers in at closing are defective, and no transfers in can occur later without breathtakingly devastating tax consequences.
Stay tuned 'cause this one looks bad.
Along the same lines...
http://www.getsmartaboutbanks.com/?p=835
“Since no evidence of MERS’ ownership of the underlying note has been offered, and other courts have concluded that MERS does not own the underlying notes, this court is convinced that MERS had no interest it could transfer to Citibank. Since MERS did not own the underlying note, it could not transfer the beneficial interest of the Deed of Trust to another. Any attempt to transfer the beneficial interest of a trust deed without ownership of the underlying note is void under California law.”
If here are "empty MBS" then where in the HELL IS THE SEC???
MIA AGAIN!!!!!
If there are traded secutrities that have no properties in them then across the board secruities fraud hass been committed (and we know it has becasue of those very same "class action lawsuites" that have already been litigated "ane WON!!!) why is the SEC asleep at the switch????
Why the hell have "regulations" and "regulators" if the later does not enfore the former????
Why are there more prisons per capita in the US than any other country in the world?
Ever checked who gets the contracts to build prisons?
Same logic as to why the US has the largest military budget per capita in the world.
Wall Street is about fraud and theft. That is how much of the US lifestyle and US politics are financed. That is why a regulatory body for that industry is as effective as liposuction for anorexic people.
Bingo! Everyman
"If there are traded secutrities that have no properties in them then across the board secruities fraud has been committed..."
Lloyd: But if we destroy the mortgage notes, nobody can prove we securitized the same mortgage multiple times...
Jamie: But then we will have trouble foreclosing when all these shitty mortgages default...
Lloyd: That's JPM's problem...
Lloyd: Jenna (Former Porn Star Secretary = No SEC questions), get me MERS on the line...
Ah, now the recent panic announcements make sense.
Imminent terrorist attacks in "Europe" (whereever, whenever..no further details given).
To fucking bad that Osama the CIA darling BIN LADEN didn't produce any such message when he actually supposedly did strike against the US.
GS is the White House, is the US financial hydra.
How do you slay hydras? Cut of one head, three new heads will grow back. That's Wall Street.
This lawsuit is not going away quietly. The fact that American banks sucked alot of wealth from Europe in general and Germany in particular will not be forgotten.
Europe got sucked into buying the garbage paper. China got sucked into financing the US budget so their economy could sell more garbage paper.
China and France already talking cozy cozy kissy kissy. Germans are 10x further ahead in China's market than the US. All the US got to offer are a reserve currency, fraud, theft, greatest nuclear arsenal on the planet and fake boobs. Big deal.
Fake money, fake mortgages, fake bonds, fake elections, fake wars. Fake boobs seem rather benevolent in comparison.
Fake Boobs is the only thing on that list that makes both the person with the fake boobs, and those that interact with the fake boobs; happy!
I vote for QE(Fake Boobs) and a Fake Boobs tax credit in the next Stimulus...
We haven't reached Peak Silicon yet have we?
QE(Fake Boobs) as opposed to Bernank-ster and the Fed who are just QE(Boobs)...
It never ceases to amaze me. The European socialists have their tentacles into every part of the EU economy. At least they should have the pride to admit that they failed in their fiduciary duty to the beneficiaries of the funds entrusted to their State-owned "bank"
Yep, the euro-socialist grifters cannot survive without easy money. And they get it by hook or by crook. Reputed Fed charter author Paul Warburg was the brother of Max Warburg who was head of German Intelligence during WW1 who was friends with William Wiseman who was head of British Intelligence during WW1 who was on the board of Max's bank. They cannot put in an honest day's work. They just can't.