The beleaguered Wall Street bank Goldman Sachs boasted that it was making tens of millions of dollars of profits daily by betting against its own clients’ investments, according to internal emails released yesterday by a US senator.
Posts Tagged ‘financial fraud’
Goldman Sachs ‘made fortune betting against clients’
Posted by seumasach on April 25, 2010
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Mortgage madness: financial fraud in the housing market
Posted by seumasach on April 25, 2010
Mike Whitney
24th April, 2010
Housing has been going sideways for seven months now, mainly due to lax lending standards (at FHA), the Firsttime Homebuyers Credit, and the Fed’s mortgage-backed securities (MBS) buyback program. But once the props are removed, the market will fall sharply.
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Computerized Front Running and Financial Fraud
Posted by seumasach on April 23, 2010
Ellen Brown
23rd April, 2010
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain.
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The Goldman Sachs indictment
Posted by seumasach on April 23, 2010
“The trillions in ill-gotten wealth of Wall Street operators must be re-appropriated and used to help fund public works programs to provide jobs for the unemployed and rebuild the social infrastructure. This money, stolen from the American people, must be used as well to provide relief for the millions victimized by the financial robber barons”.
Patrick O’Connor(WSWS)
23rd April, 2010
The Securities and Exchange Commission (SEC) filed a civil case Friday against giant investment bank Goldman Sachs charging “fraudulent misconduct” in relation to $1 billion of worthless sub-prime mortgage securities Goldman palmed off to its clients in 2007.
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Big Fat Greek Debt: Engdahl on bailout way out
Posted by seumasach on April 22, 2010
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Goldman Sachs Sued by SEC for Fraud Tied to CDOs
Posted by seumasach on April 17, 2010
16th April, 2010
Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to collateralized debt obligations that contributed to the worst financial crisis since the Great Depression. The firm’s shares tumbled 13 percent and financial stocks slumped.
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Looting Main Street: how the nation’s biggest banks are ripping off American cities
Posted by seumasach on April 13, 2010
“in one key area, a swap deal differs from a home mortgage. Imagine a mortgage that you have to keep on paying even after you sell your house. That’s basically how a swap deal works.’
This article is absolutely brilliant and extraordinarily illuminating. It is also one of the funniest article ever written about anything and certainly the funniest ever written about the last days of American “capitalism”. If you can read this without being able to control your laughter you might just have what it takes to survive what is coming to us.
Matt Taibbi
12th April, 2010
Click here to see Matt Taibbi on Russia Today
How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece
If you want to know what life in the Third World is like, just ask Lisa Pack, an administrative assistant who works in the roads and transportation department in Jefferson County, Alabama. Pack got rudely introduced to life in post-crisis America last August, when word came down that she and 1,000 of her fellow public employees would have to take a little unpaid vacation for a while. The county, it turned out, was more than $5 billion in debt — meaning that courthouses, jails and sheriff’s precincts had to be closed so that Wall Street banks could be paid.
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More Toxic paper: New subprime bonanza in the housing market
Posted by seumasach on April 4, 2010
Another Stealth Bailout for Pudgy Banks
Mike Whitney
4th April, 2010
Whew. That was fast. It didn’t take long for Wall Street to figure out how to game Obama’s new mortgage modification program, did it? The plan was hyped as help for “struggling homeowners”, but it turns out, it’s just another stealth bailout for pudgy bank-execs. It’s funny, the program hasn’t even kicked in yet and, already, bigtime speculators are riffling through their filing cabinets looking any garbage paper they can find to dump on Uncle Sam. Take a look at this on today’s Bloomberg report:
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Max Kaiser on the rotting core of US finance
Posted by seumasach on April 3, 2010
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Financial Crisis: The Next Big Bank Bailout is on the Way
Posted by seumasach on March 17, 2010
Mike Whitney
17th March, 2010
Housing is on the rocks and prices are headed lower. That’s not the consensus view, but it’s a reasonably safe assumption. Master illusionist Ben Bernanke managed to engineer a modest 7-month uptick in sales, but the fairydust will wear off later this month when the Fed stops purchasing mortgage-backed securities and long-term interest rates begin to creep higher. The objective of Bernanke’s $1.25 trillion program, which is called quantitative easing, was to transfer the banks “unsellable” MBS onto the Fed’s balance sheet. Having achieved that goal, Bernanke will now have to unload those same toxic assets onto Freddie and Fannie. (as soon as the public is no longer paying attention)
Posted in Financial crisis | Tagged: failing banks, financial fraud | Leave a Comment »
The Battle of the Titans: JP Morgan Versus Goldman Sachs Or Why the Market Was Down for 7 Days in a Row
Posted by seumasach on January 30, 2010
Ellen Brown
30th January, 2010
We are witnessing an epic battle between two banking giants, JPMorgan Chase (Paul Volcker) and Goldman Sachs (Geithner/Summers/Rubin). Left strewn on the battleground could be your pension fund and 401K.
Posted in Financial crisis | Tagged: financial fraud, Goldman Sachs, Obama agenda | Leave a Comment »
In These New Times 