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Why I hate Goldman Sacks


JohninCebu

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Frightening. They are really just squeezing as much money out of the system as they can. Better just take it away from them and use it for something useful.

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I have always said that they should reintroduce the Glass-Steagall Act.

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Having reread the article it seems the government officials are either corrupt, stupid or both. I mean, who would set up a committee to advise on what to do and load it with bankers.

 

What is Obama playing at, other than into their hands?

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Well the next crash will come for sure, I hope nobody will be "rescued" that time with our tax money.

Although I think it's ok to feed and give shelter to the unemployed former investment bankers then (after they have used up their savings).

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  • 1 month later...
joepitts42

Now you have 1 BILLION !!!! more reasons....Marcy Gordon, AP Business Writer, On Saturday April 17, 2010, 5:36 am EDT

WASHINGTON (AP) -- The government on Friday accused Wall Street's most powerful firm of fraud, saying Goldman Sachs & Co. sold mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting on them to fail.

 

And fail they did. The securities cost investors close to $1 billion while helping Goldman client Paulson & Co., a hedge fund, capitalize on the housing bust. The Goldman executive accused of shepherding the deal allegedly boasted about the "exotic trades" he created "without necessarily understanding all of the implications of those monstrosities!!!"

 

... and then the market CRASHED... these are the EDUCATED a..holes who run are govenment.

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TheMatrix

the link did not work for me, but here's my two cents:

 

It's a bunch of malarkey that our Banks of the U.S. are posting records profits. These banks a year ago were on the brink of collapse and now they are postings the results having growth of 55 %.

 

The fact is very sure that they are using the Repo 105 tool extensively and at the same time the income they are showing under the head of Fixed Income is completely wrong and there is a huge misappropriation in that, you are supposed to be careful while reading such results bez the intention of the SEC is only to prove that Banking System in US is now out of recession and at postings great profits. Today JPMorgan declared the results with 55 % growth and that is fully incorrect, they are showing a growth in the fixed Income Segment of the Bank.

 

At the same time do you think there is so much increase in the economy that Banks can earn 55 % growth and that too on Fixed Income Segment which got hit hard in recession and even today there is no scope of the revival of the same ?

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SkyMan

I think the banks need to come up with a $700B gov't bailout.

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Jack_be_nimble

I see a rebirth of "The Sons of Liberty" in our future.

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Emails, released Saturday, show executives and other employees at Goldman Sachs knew that the firm was making money on the collapse of the housing market, largely by betting on the failure of mortgage securitizations and derivatives like the ones it bundled and sold to investors, whose failure led to the financial crisis

http://www.marketwatch.com/story/goldman-emails-show-need-for-bank-reform-dodd-2010-04-25

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How about if I speculate in, for example, the derivatives market, and I use YOUR money to gamble. Now, if I am successful, I make one hell of a lot of money, but you are no better off. If, on the other hand, my gamble goes bad, YOU lose the money (or the U.S. government pays for it), and I get off "scott free" to do it again. That, in a nutshell, is what the big banks have been doing since Reagan engineered the repeal of the Glass-Steagal Act in the 1980's.

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mello874

Wallstreet and the Banks still have more then their share of crooks left.Big money speaks.

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In watching the hearing, I don't think there were any laws broken by Goldman Sachs. They create markets and what is wrong with hedging risk or for making money on others who made the wrong investment decisions? I love how that bozo kept repeating, 'you sold this shitty deal and then bet against it', shows to me that he has absolutely no idea what he is talking about. Well, there are winners and losers like it or not. Sad thing is the damage they can inflict on this company and abuse their authority and rewrite laws and change markets. If Congress wants to destroy this company, they can and maybe they will, otherwise this is a $200+ stock sitting in the 140's and probably going lower until this hopefully blows over.

 

For you traders out there, try to look at it this way, you want to buy stock in xyz but you want to hedge yourself with 'put' options to protect your downside and define and limit you risk on the trade. So, if the xyz stock drops you will lose money on the stock but you will make money with your 'put' option protection, therefore limiting your loss. Do you want Congress to tell you that you can only be 'long' the stock? And you can't buy the 'put' protection for the position? Or maybe you want Congress to tell you that you can't short stocks? What will be next? If you want to sell something and there is a willing buyer meeting you at a certain price, we have a market. GS people are smart but NOBODY could have predicted what happened in the housing market. Sure, we all had our own ideas of where the market was going but NOBODY has the crystal ball. I hope they survive this.

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broden
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