AfricaSpeaksHowcomyoucomRaceandHistoryRootsWomenTrinicenter
Homepage
Message Board
Buy Books
RELATED LINKSCOMMUNITYREASONING FORUMCHAT ROOMARCHIVES
Photo Gallery | About Us | Terms of Use | Register/Create a Profile  
This is a new script for this board. Some posters would have to re-register.
We are sorry for the inconvenience.
Contact us at: rastafarispeaks@yahoo.com


Follow us on twitter and on facebook at:
AfricaSpeaksRastafariSpeaksCheik Anta Diop

Rastafari Speaks

Re: Goldman Sachs *LINK*
In Response To: Goldman Sachs *LINK* ()

WASHINGTON - Goldman Sachs developed a strategy to profit from the housing meltdown and reaped billions at the expense of clients, a Senate investigation has found.

Top Goldman executives misled investors in complex mortgage securities that became toxic, investigators for a Senate panel allege. They point to e-mails and other Goldman documents obtained in an 18-month investigation. Excerpts from the documents were released Monday, a day before a hearing that will bring CEO Lloyd Blankfein and other top Goldman executives before Congress.

Blankfein says in his own prepared remarks that Goldman didn't bet against its clients and can't survive without their trust.

The Securities and Exchange Commission this month filed a civil fraud case against the bank, saying it misled investors about securities tied to home loans. The SEC says Goldman concocted mortgage investments without telling buyers they had been put together with help from a hedge fund client, Paulson & Co., that was betting on the investments to fail.

Goldman disputes the charges and says it will contest them in court.

At the hearing, Blankfein will repeat the company's argument that it lost $1.2 billion in the residential mortgage meltdown in 2007 and 2008 that touched off the financial crisis and a severe recession.

He also will argue that Goldman wasn't making an aggressive negative bet — or short — on the mortgage market's meltdown.

"We didn't have a massive short against the housing market, and we certainly did not bet against our clients," Blankfein says in the prepared remarks released by Goldman. "Rather, we believe that we managed our risk as our shareholders and our regulators would expect."

But Sen. Carl Levin, D-Mich., chairman of the Senate Permanent Subcommittee on Investigations, said Monday: "I think they're misleading the country. ... There's no doubt they made huge money betting against the (mortgage) market."

Goldman "knew of Paulson's involvement in the selection" of securities, Levin told reporters. "They knew Paulson was going short."

"Need to decide if we want to do 1-3 (billion) of these trades for our book or engage customers," a December 2006 e-mail exchange between two Goldman executives says.

On one group of securities, "I'd say we definitely keep for ourselves. On (another), I'm open to sharing to the extent that it keeps these customers engaged with us."

The subcommittee provided excerpts of e-mails showing a progression from late 2006 through the full-blown mortgage crisis a year later. Levin said they show Goldman shifted in early 2007 from neutral to a short position, betting that the mortgage market was likely to collapse.

"That directional change is mighty clear," Levin said. "They decided to go gangbusters selling those securities" while knowing they were toxic.

The issue of how much Goldman executives pushed such policies and were aware of the mortgage trading department's practices is a key one emerging before the Senate hearing.

Some experts say damage to Goldman's reputation has already been done and might be long-lasting.

Regardless of the outcome of the SEC's case, "Goldman Sachs has lost," said James Cox, a Duke University law professor and securities law expert. "It's lost in the arena of public opinion."

The 140-year-old investment house's trading strategy in recent years enabled it to weather the financial crisis better than most other big banks. It earned a blowout $3.3 billion in the first quarter.

Even before the SEC filed its fraud charges on April 16, Goldman denied that it bet against clients by selling them mortgage-backed securities while reducing its own exposure to them by taking short positions.

By the Senate subcommittee's reckoning, Goldman made about $3.7 billion from its short positions in several complex mortgage securities called collateralized debt obligations in 2006-2007. The short positions made up about 56 percent of its total risk during the period, the investigators found.

But the company says it lost $1.2 billion when it sold home mortgage securities in 2007 and 2008.

The firm's correspondence to the SEC dated Oct. 4, 2007 includes this: "During most of 2007, we maintained a net short subprime (mortgage) position and therefore stood to benefit from declining prices in the mortgage market."

In his prepared remarks, Blankfein acknowledges, "We have to do a better job of striking the balance between what an informed client believes is important to his or her investing goals and what the public believes is overly complex and risky."

He adds, "If our clients believe that we don't deserve their trust, we cannot survive."

Messages In This Thread

Rothschild & Freshfields founders linked 2 slaver *LINK*
Re: Rothschild & Freshfields founders linked 2 sla
Re: Rothschild & Freshfields founders linked 2 sla
Only Scythians are allowed to collect scalps... *LINK*
For Africans an apology will suffice. *NM*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Featherless Vultures *LINK*
Re: Featherless Vultures
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps..
Re: Only Scythians are allowed to collect scalps..
Iceland emerges without capitulating to bankers *LINK*
Re: Iceland emerges without capitulating to banker *NM* *LINK*
The Prince and his Consort were attacked today
This is COLD *NM* *LINK*
Icelandic measures might be necessary *LINK*
Re: Icelandic measures might be necessary *LINK*
Re: Icelandic measures might be necessary *LINK*
The making of Africa's Housing Crisis *LINK*
Re: The making of Africa's Housing Crisis *NM* *LINK*
Greece isn't all we have to worry about *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
The "Unforgivable Blackness" of Lebron James.
Re: Only Scythians are allowed to collect scalps.. *LINK*
THE CHOSEN ONE *LINK*
Re: THE CHOSEN ONE *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
Re: Only Scythians are allowed to collect scalps.. *NM* *LINK*
Re: Only Scythians are allowed to collect scalps.. *LINK*
The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *LINK*
Re: The "Nature" of the Semite. *NM* *LINK*
Re: Rothschild & Freshfields founders linked 2 sla *LINK*
Re: Rothschild & Freshfields founders linked 2 sla
Re: Rothschild & Freshfields founders linked 2 sla *LINK*
Goldman Sachs *LINK*
Re: Goldman Sachs
Re: Goldman Sachs
Re: Goldman Sachs
Cash for Gold...
A.I.G. Credit Default Swaps... *LINK*
If the public wont accept your choice... *LINK*
not sure if this is connected . . . *LINK*
Re: not sure if this is connected . . .
"PAY TO PLAY" at the expense of U.S. citizens *LINK*
Re: not sure if this is connected . . .
Re: not sure if this is connected . . .
Re: not sure if this is connected . . .
Why no punishment for CEO greed *LINK*
Extreme Capitalism *NM* *LINK*
Re: Extreme Capitalism *LINK*
Former V.P. Dick Cheney has heart transplant *LINK*
Where will this "Innovation Explosion"...
gee whiz, kween...
Nothing ventured, nothing gained *LINK*
Re: Nothing ventured, nothing gained *LINK*
No Guitar Superhero! *LINK*
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Re: No Guitar Superhero!
Viva Chavez *LINK*
One man's vision; gotta love those Capricorns. *LINK*
Re: One man's vision; gotta love those Capricorns. *LINK*
less glamorous and brilliant *NM* *LINK*
Re: less glamorous and brilliant
Re: less glamorous and brilliant
Re: No Guitar Superhero! *LINK*
Vox Idiotai!
Re: Vox Idiotai!
Re: Vox Idiotai!
The Problem with Socialism...
Re: The Problem with Socialism...
A time to sow... *NM* *LINK*
A Dutch with the name KOCH... *LINK*
Tea Party Financiers Owe Their Fortune to Stalin *LINK*
re: *NM* *LINK*
The "Kochtopus"
Why Obama is a radical? *LINK*
Re: Why Obama is a radical? *LINK*
The Billionaires Bankrolling the Tea Party *LINK*
Reclaiming the Dream and Brand Obama *NM* *LINK*
Re: The Billionaires Bankrolling the Tea Party
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party
Re: The Billionaires Bankrolling the Tea Party
Re: The Billionaires Bankrolling the Tea Party *NM* *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
How to change a liability into an asset... *LINK*
Re: How to change a liability into an asset... *LINK*
Re: The Billionaires Bankrolling the Tea Party *LINK*
A tea party message in Patriot Act defeat *LINK*
a DHS response . .. *NM* *LINK*
Re: A tea party message in Patriot Act defeat *LINK*
U.S. Is Set to Sue a Dozen Big Banks *LINK*
Re: U.S. Is Set to Sue a Dozen Big Banks *LINK*
Re: U.S. Is Set to Sue a Dozen Big Banks
Re: U.S. Is Set to Sue a Dozen Big Banks
Re: U.S. Is Set to Sue a Dozen Big Banks
Wall St. shifts away from Obama *NM* *LINK*
Another eye-opening phrase... *NM* *LINK*
Re: The Problem with Socialism...
The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
We live in an Information Age
Re: We live in an Information Age
Re: We live in an Information Age
Re: We live in an Information Age
Re: We live in an Information Age *NM* *LINK*
Re: We live in an Information Age *LINK*
Re: We live in an Information Age *LINK*
The Empire needs slaves... *LINK*
Re: The Empire needs slaves... *LINK*
Re: The Empire needs slaves... *LINK*
Re: We live in an Information Age *LINK*
more centrism . . . *NM* *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . .
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . .
Re: more centrism . . . *LINK*
Re: more centrism . . .
The war for drug money? *LINK*
Foundational Change for... *LINK*
Re: Foundational Change for... *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Argentinians Advice to Greeks *LINK*
Re: Argentinians Advice to Greeks *LINK*
Lets see how long Holder stays in office... *LINK*
Re: Lets see how long Holder stays in office... *LINK*
What's the penalty for crimes against the State? *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *NM* *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
Re: What's the penalty for crimes against the Stat *LINK*
chorus calling for Eric Holder’s resignation *LINK*
Re: more centrism . . . *LINK*
Re: more centrism . . . *LINK*
Re: We live in an Information Age *LINK*
Re: We live in an Information Age
Re: We live in an Information Age
Re: We live in an Information Age *LINK*
What can happen when we use information... *LINK*
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed
Re: The Scion vs The Seed *LINK*
Re: The Scion vs The Seed
Re: The Scion vs The Seed
stem cells vs progenitor cells
please elaborate...
Re: please elaborate...
Re: stem cells vs progenitor cells *LINK*
Re: The Scion vs The Seed
Pirates of the Caribbean
Re: The Scion vs The Seed
Postal Style Healthcare *NM* *LINK*
Update
Re: Update *LINK*
Re: The Scion vs The Seed *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism... *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *NM* *LINK*
Re: The Problem with Socialism...
Re: The Problem with Socialism... *LINK*
Yuh get nothing, and yuh like it! *NM* *LINK*
Re: Vox Idiotai! *LINK*
Re: Vox Idiotai! *LINK*
Health Care and Radical Monopoly *NM* *LINK*
The Next Wave *LINK*
Warren Buffet: Voice in the Wilderness? *LINK*
Re: Vox Idiotai!
Re: Vox Idiotai! *LINK*
Re: Vox Idiotai!
Re: Vox Idiotai! *NM* *LINK*
Great Observation
Naive but principled.
OPERATION COOPTATION *NM* *LINK*
Re: OPERATION COOPTATION *LINK*
American Idol? *LINK*
Re: American Idol? *LINK*
American made ... Chinese owned *NM* *LINK*
Re: gee whiz, kween... *LINK*
Separate and Equal *LINK*
Re: Separate and Equal *LINK*
History's Lost Black Towns *LINK*
Re: Where will this "Innovation Explosion"... *NM* *LINK*
Re: Where will this "Innovation Explosion"...
Wall Street Sees World Economy Decoupling From U.S *LINK*
Re: Wall Street Sees World Economy Decoupling From *LINK*
Re: Where will this "Innovation Explosion"... *LINK*
Re: Where will this "Innovation Explosion"... *LINK*
Re: Goldman Sachs *LINK*
Goldman Sachs vs Michael Jackson *LINK*
Re: Rothschild & Freshfields founders linked 2 sla *NM* *LINK*


FAIR USE NOTICE:
This site may at times contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml


Copyright © 2003-2014 RastafariSpeaks.com & AfricaSpeaks.com