It is possible the many people have never heard of this Belgian Bank until recently. Even if you haven’t heard about it until you stumbled upon to this article, you can be forgiven. At the outset, this appears to be a complicated story. Or at least the apologists of the banking crime syndicate will tell […]
Remember this colorful exchange between Senator Carl Levin (D-MI) and Dan Starks of Goldman Sachs, who described in an internal e-mail that the securities Goldman sold was (on Timberwolf) is “one shitty deal?” Watch this video on YouTube ————- Watch this video on YouTube Well now, chickens are coming home to roost and Goldman could […]
On April 18th, I posted this note about Goldman’s take on S&P’s outlook change on US debt. There is a saying in Telugu, “dongalu dongalu oollu panchukunntlu” (Just like thieves divided the villages among themselves to rob). True to this age old maxim, Wall Street banks and the ratings agencies robbed us of our retirement […]
A must read article in Rolling Stones: To recap: Goldman, to get $1.2 billion in crap off its books, dumps a huge lot of deadly mortgages on its clients, lies about where that crap came from and claims it believes in the product even as it’s betting $2 billion against it. When its victims try […]
You must watch this – It sums up all my economic rants in less than 7 min.
Remember the phrase “giant vampire squid wrapped around the face of humanity” that described Goldman Sachs? The man who phrased this apt description of the biggest vulture on Wall Street has come out with another investigative piece on FraudClosure Gate. Friends – you have to read this piece and see how corrupt this system has […]
There is nothing better than comedy, a well delivered comedy to drive a strong point across. It applies to one of my pet topics: Focus on the fraud perpetrated by the for-profit colleges in US. In last night’s episode of Colbert Report, Stephen reinforces my arguments against the outfits who soak students with excessive debt […]
The essence of Capitalism is that you take risk and ‘invest’ via ownership or debt in a venture. If the venture goes bust, then: If you are a shareholder, you could lose all you invested; If you are a bondholder, you get some back (say your fair share of whatever is remaining, after liquidation); and […]
Ah! Goldman Sachs games and shenanigans explained in 10 min. [media id=59 width=500 height=370]
There is a valid place for the financial sector in the economy. But it should be the cart pulled by a horse called manufacturing economy. Not the other way round as it has been in the last 7 to 10 years. In other words, the economic activity has to be based on production and sale […]
Remember the infamous slip of tongue by Goldman’s CEO Lloyd Blankfine that Goldman is doing “God’s work?” This PBS report sheds some light on that “God’s work.” You will know what front-running is. Pay particular attention to what former insider Nomi Prins and hedge fund manager Jeff Macky are saying. I agree with Jeff’s defense […]
Finally the only economist on this planet who has really succeeded in battling dire economic conditions with a series of tough measure is having his say in regulating US financial institutions. The following is an excerpt from Mr. Volker’s interview with the Financial Times on Feb 11th. Excerpts: “The implication for Goldman Sachs or any […]
Do yo want to know how fraud and corruption happens at the behest of the government, in United States? The issue is how to channel money from tax-payer to a pseudo banking organization without having to raise alarm bells. In this case, the Government agency in focus is FDIC. Of course, you can expect a […]
Recent slide in markets is mainly attributed to the implosion of economies in PIGS (Portugal, Ireland, Greece and Spain). While this is going on,rumor is that Goldman is incurring significant losses YTD (year-to-date) on carry trade and may have to place stop-loss orders. One might ask, “What is a carry-trade?” I was going to explain. […]
Gretchen Morgenson of NY Times is a great business reporter. She is one of the few financial reporters who went against the market hype during the dot com does real work. In her latest NY Times piece (Testy Conflict With Goldman Helped Push A.I.G. to Edge) she exposed Goldman Sach’s sleazy maneuvers that may have […]
