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Government Sachs
We can’t help but share the “shocking”
news we came across in the Sunday
Times that former US Treasury Secretary (and former Goldman Sachs
CEO) Hank Paulson does not believe that banning proprietary trading at
large banks (i.e. Goldman Sachs) insured by tax payer dollars is a good
idea. Since most of those in Washington with the power to formulate
financial reform have spent most of their careers on Wall Street, and
maintain close ties with their former pals, this “shocking” news should
not come as a surprise. But it still makes us sick to our stomach.
But perhaps even more appalling is the
fact that Hank Paulson led the Wall Street Charge to reduce capital
requirements on investment banks in 2004, while he was CEO of Goldman
Sachs. This exemption led to a predictable explosion of debt and
leverage ratios, resulting in the greatest credit bubble in modern
history. The NYT provided an excellent recap of the events at the time
in a must
read article published in October 2008.
Unfortunately, our current Treasury Secretary has not exactly been an
obvious improvement thus far. Timmy Geithner insists that his actions
to date – actions best described as printing trillions of dollars to
“save” our financial system – have cost far less than the alternative.
We’ll acknowledge that the joint blunders of Bernanke and Geithner have
managed to avoid Financial Armageddon. But our praise stops there.
We’ve done nothing to correct the previous structural imbalances.
Consumer deleveraging has just begun. Unemployment will remain high and
sticky for years. Small business continues to struggle. And the only
thing we can see that is experiencing a v-shaped recovery is bank
profits and the bonuses of Paulson’s old cronies. What’s wrong with
this picture?
Disclosure: At the time of
publication, the author was short Goldman Sachs, although positions may
change at any time.
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GS theme song:
http://www.youtube.com/watch?v=GWXDjiKVs2U
4th stanza applies.
It is looking more and more that Goldman Sachs / JP Morgan
bought off our president and many senators.. this will end badly.
make sure to watch the new video by William Black
go to >>> goldsilver.com scroll down to William Black.
he explains this looting very well... He is honest, and tells it
like it is.. Tim Guitner out.....>> Willaim Black in = problem solved
If his epitaph doesn't include the words "Rent Seeking Thief", spray paint can remedy that.
That a bank has its former employees running the US government for the benefit of said bank is corruption on a gargantuan scale. Why are heads not being piked, or are you Americans too used to bending over and taking it from your betters? Where is the rage?
Long past due for some more brave kamikaze pilots like the one in Austin. Just a thought. Oh wait, maybe I'll 'call my congressman' yeah that'll really get the scumbag's attention, huh?
I'm sorry to say, just sorry to say...I think only violent reaction is going to effect any change. I'm casting my vote for some good hot times like the summer of '68. Burn the mother down, just burn the whole thing down...
Some things never change. All I can say is Paulson and company suck. And that goes for that idiot in the White House. Obama trashes the banks in public but shines their shoes behind the scenes.
good to see people have an understanding of the political game. politicians always side with the people in public for the whole world to see while they sleep with the enemy and laugh at the people behind closed doors. too bad more people don't get this.
Goldman Sachs has reached the apogee in perfecting the 'something for nothing' strategy of getting ahead in American life. These people are as void as everything else has become in this joke of a country. We were given everything and look what was done with it.
"A nation of sheep will be governed by wolves."
Edward R. Murrow
I can't figure out why he changed his mind? Oh, that's right, he's on the other side of the trade now.
F--k this. I'm going to get that lady with the f--ked up hat to teach me how to collect 32 dividend checks per month.
Rusty..... that's the funniest thing I've read all day. THANKS!
333
there was a little bald pervert who stole and thieved from his neighbors for years. He often claimed to be doing the "work of G-D" as he pretended to help his neighbor, all the while stealing him blind. He developed a nasty form of cancer, that ate at his rectum, causing shit to flow past open sores. Scabs razed open by the acidic flow. Still, diaper on, he stole and he stole, using his cancer as a means to gain the trust of others. He underwent chemotherapy, and this prolonged his bitter and useless life. He continued to work for the king of sheol, as he proclaimed his honest intent to all he knew. His daughter died a violent death, unexpectedly. His son, fell victim to an adulterous whore. His rectum slowly rotted away. Yet still he stole, and he stole, and he stole. One day, the cancer spread. Yet his life was prolonged, so that he would live to see the suicide of another seed. His bitterness vailed his soul, yet still he was a thief. Theft was his God. He was finally beaten over the head to his death with a golden candle stick, six unused candles lay about him on the floor. The blood blew in spurts from his open hairless dome, and flowed towards his mantle on an uneven floor. Nobody missed him and he was replaced by another thief. His soul hangs in the infinity, lonely and scarred, bitter as wormwood.
BRILLIANT !
You should publish.
^^^ Do I know you?
Hank.
Unnnnghhhhhhhh huh mmm shuft gnorfp mhhh
Timmy Geithner insists that his actions to date – actions best described as printing trillions of dollars to “save” our financial system – have cost far less than the alternative.
The alternative would have meant restructuring the TBTF zombies, after making them show their losses. It would have cost the financial sector superclass Billions, and that simply could not have been permitted to happen.
That bald headed fuck needs to be in prison
I'm thinking more like a 30-06.
It has been asserted in several places that Hank Paulson was an Eagle Scout.
Once upon a time (perhaps more than once) he raised his right hand and swore:
"Upon my honor I will do my best;
To do my duty to God and my Country and to obey the Scout Law;
To help other people at all times;
To keep myself physically strong, mentally awake and morally straight."
Surely there must be some mistake.
Perhaps he would be able to repeat that for a televised interview?
I pulled my 7 year old out of cub scouts after only 2 meetings. The second meeting consisted of a 45 minute sales pitch about popcorn sales, which felt uncomfortably like a time-share presentation. I guess 14 years of such indoctrination resulted in a fine specimen like Hank Paulson. I guess I'll mention that the sexual ambiguity of the pack leaders creeped me out, too.
That's a good one.
I think these guys also all symbolically swear to uphold and protect some other ideal which just happens to escape me right now.
Yeah - that whole "Treasury Secretary swearing in" thing. Whatever happened to that?
Although crude, there is something beautiful about your statement.....
Don't you mean "elegant"? That's the latest in overused, "in" jargon to describe this kind of critical analysis.
You didn't need the first "in" or the comma in that sentence.
And "bald headed" should be hypenated; that is, "bald-headed". Nonetheless, the comment is a substantial achievement.
On second thought, both the comma and the first "in" are fine as they were first written.
The kvetch about the comma is justified, not so the first in.
CONgress caught him in blatant lies during questioning and while he should have left the questioning in steel bracelets, Hanky Panky Paulson is set free. Odds are he, like the Bush family currently has, a nice home in a non-extradition country.