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Why I hate Goldman Sacks


JohninCebu

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jaybeee777

Reagan engineered the repeal of the Glass-Steagal Act in the 1980's.

 

Actually it was Clinton who signed the repeal of the Glass-Steagal Act on November 12, 1999, but I guess who want to be confused with the facts...smile.gif

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Alan S

It doesnt really matter who it was, both the US and UK (who dropped similar controls) are the worse off because they dropped what had worked for many years.

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Jess Bartone

.....GS people are smart but NOBODY could have predicted what happened in the housing market.....

 

Oh really, are you serious? (sarcastic rhetoric of course)

 

I'm just a dumbarse shit-kickin' construction worker, nowhere near as astute or knowledgeable as you, but the writing was on the wall as far as I'm concerned, handing out money like there was no tomorrow, to whomever put their hand up, people who had no hope of making repayments. Then some "spin doctor" called it the "sub prime mortgage market" to make it sound better than "handing out huge amounts of money to bums". Sub Prime indeed.

 

I lost $14,000 from my retirement fund because the fund managers got greedy and listened to spin from people like you. "Chicken feed" you say? Not to me. Some people here lost a lot more, while most of the lowlifes who wreaked this havoc doubled or tripled their wealth.

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musicman666

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.

 

except Michael Burry ... really great article in vanity fair about how this guy pratically invented a method to place bets on the housing bubble bursting which as far as he was concerned was a when and not an if. He made a ton of cash and some guys who copied his approach also did well.

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eggnoggin

In colorado and arizona 30 pr cnt of subprime morts were made to illegal aliens with no id..or income...who lived 20 to 30 in a house for 6 months to a year never making a payment ..leaving with the toilets air conditioning units light fixtures...the realtors knew it..the appraisers knew it...the local banks knew f and f knew it and would buy and sell the paper no matter what..it was a hysterical frenzy ...at first nobody could believe it was legal..after nobody was arrested it was off to the races for everyone..the europeons went nuts leveraging at 50 and 60 to 1 thinking that they were covered with cds...putin made and lost 40 billion ...if youve ever made or had real money you know that spending it gets old fast...what you really like is being rich..safe ..envied..and covered up with gold diggers wholl do anything to get at it..most of the curremt wall street dog and pony show is kabuki for the rubes like barney frank dod obama and his crew who think theyre scamming the proletariat with century old marxist bullshit...the whole world is held together with the blood treasure and innovation of the united states..from europe to korea japan where u s forces and taxpayers defend them from one another the russian bear the next fuhrer the next demented baby raper from north korea...nothing lasts forever..most of what youre seeing is theatre to entice and frighten the world into struggling against just sitting on their ass and letting uncle sam keep them wiped and fed :D

Edited by eggnoggin
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musicman666

i wonder what the world would be like without the usa?.... it would probably impload.

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sperry

i wonder what the world would be like without the usa?.... it would probably impload.

 

A lot worse. A lot lot worse (except for guns and food).

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.....GS people are smart but NOBODY could have predicted what happened in the housing market.....

 

Oh really, are you serious? (sarcastic rhetoric of course)

 

I'm just a dumbarse shit-kickin' construction worker, nowhere near as astute or knowledgeable as you, but the writing was on the wall as far as I'm concerned, handing out money like there was no tomorrow, to whomever put their hand up, people who had no hope of making repayments. Then some "spin doctor" called it the "sub prime mortgage market" to make it sound better than "handing out huge amounts of money to bums". Sub Prime indeed.

 

I lost $14,000 from my retirement fund because the fund managers got greedy and listened to spin from people like you. "Chicken feed" you say? Not to me. Some people here lost a lot more, while most of the lowlifes who wreaked this havoc doubled or tripled their wealth.

 

Well, first 14k IS certainly a lot of money and if you're talking about stock market losses, we all know the horror stories of people losing retirement funds. My point is that GS has nothing to do with how the real estate market cratered. So, John Paulson a mediocre hedge fund manager, until the collapse, saw something and acted on it, so he bought up insurance on the cdo's he THOUGHT would not perform and he capitalized big time to the tune of 13b. Good for him. Folks like GS and others created markets for these securities, yes, ofcourse, but that is what they do as market makers. They saw a demand and created the product, what is wrong with that? You're looking at this after the fact, so what if the real estate market continued higher still to this day? Then, it would be ok? Don't just hate these people because they are extremely wealthy, who cares? Don't you want opportunities open to you that you might see today?

 

 

Don't forget it was the Congress who pushed banks into lending money to anybody with a pulse, to those with lower credit scores etc... Now, you want them to destroy a company like this? The GS people were the smartest people in the room while being questioned for their 'evil ways', but they are not all that you think, they are just people with ideas and a view to capitalize and hedge risk. We should be supporting these guys and free markets.

 

By the way, if you 'saw the writing on the wall', why then, did you not protect your retirement fund better? The answer probably is that you TOO, could not predict which way the market was going. The difference with these guys and the reason they are wealthy is that they acted on their view.

Edited by daveyc
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Jess Bartone

.....By the way, if you 'saw the writing on the wall', why then, did you not protect your retirement fund better? The answer probably is that you TOO, could not predict which way the market was going. The difference with these guys and the reason they are wealthy is that they acted on their view.

 

The whole thing was like a Shakespearian tragedy, we all know the outcome, but nevertheless sit enthralled as each scene unfolds.

 

I have my money in a compulsory Superannuation fund, set up by the construction industry, for the construction industry. By law, my employer must contribute the equivalent of 9% of my wages to a fund which is locked until maturity, that is, as each individual retires. I thought all that "sub prime" crap was confined to America, in fact a few of us laughed at how badly managed the largest economy in the world was, and almost cried at how the American monetary system is geared to make the rich richer. I had no idea the fund had invested my money in this rort until I got my annual statement. A few heads rolled.

 

Unlike you, I make lasting, tangible edifices, you deal in people's misery and loss. The biggest mistake my industry made was hiring people like you to take care of our money. I don't care what spin you put on it, I am hearing that you, too, profited handsomely from the whole debacle, else you wouldn't be defending such moral depravity. How many billions can one man spend in a life time? How rich do you really need to be?

 

Easy enough for you and your ilk to sit up in your ivory towers, and spit down on the people like me who built them for you.

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.....By the way, if you 'saw the writing on the wall', why then, did you not protect your retirement fund better? The answer probably is that you TOO, could not predict which way the market was going. The difference with these guys and the reason they are wealthy is that they acted on their view.

 

The whole thing was like a Shakespearian tragedy, we all know the outcome, but nevertheless sit enthralled as each scene unfolds.

 

I have my money in a compulsory Superannuation fund, set up by the construction industry, for the construction industry. By law, my employer must contribute the equivalent of 9% of my wages to a fund which is locked until maturity, that is, as each individual retires. I thought all that "sub prime" crap was confined to America, in fact a few of us laughed at how badly managed the largest economy in the world was, and almost cried at how the American monetary system is geared to make the rich richer. I had no idea the fund had invested my money in this rort until I got my annual statement. A few heads rolled.

 

Unlike you, I make lasting, tangible edifices, you deal in people's misery and loss. The biggest mistake my industry made was hiring people like you to take care of our money. I don't care what spin you put on it, I am hearing that you, too, profited handsomely from the whole debacle, else you wouldn't be defending such moral depravity. How many billions can one man spend in a life time? How rich do you really need to be?

 

Easy enough for you and your ilk to sit up in your ivory towers, and spit down on the people like me who built them for you.

I'm not sure where your hostility comes from but whatever, and your assumptions about me personally are wrong. But, I would always defend free markets and capitalism, we all should.

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jaybeee777

My point is that GS has nothing to do with how the real estate market cratered.

 

Agreed! GS was not creating any mortgages. Greedy mortgage banks gave mortgages to greedy homeowners and these mortgages were bought by greedy fund managers all over the world. GS was just making the market.

 

If you lost 14k of your retirement fund and it is alot of money for you, it is probably because of you being bit greedy yourself. Retirement money should be invested conservatly!

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Jess Bartone

My point is that GS has nothing to do with how the real estate market cratered.

 

Agreed! GS was not creating any mortgages. Greedy mortgage banks gave mortgages to greedy homeowners and these mortgages were bought by greedy fund managers all over the world. GS was just making the market.

 

If you lost 14k of your retirement fund and it is alot of money for you, it is probably because of you being bit greedy yourself. Retirement money should be invested conservatly!

 

So by insinuating 14k is not a lot to you, but is to me, you attempt to position yourself as my superior... so typical. Learning to spell might lend you some authority.

 

Did you actually read my post?

 

"I have my money in a compulsory Superannuation fund, set up by the construction industry, for the construction industry. By law, my employer must contribute the equivalent of 9% of my wages to a fund which is locked until maturity"

I had no say in it, but you were right about greedy fund managers, and all the greedy billionaires who have absolutely no regard for the lives they destroy in the quest for another billion

 

 

"OMG I'm down to my last 50 billion, quick now, fire 5,000 employees and liquidate the assets, foreclose on 2 million homes, if my wealth falls below 50 billion you're fired".

 

 

The topic of this thread is "Why I hate Goldman Sacks", so I have, in my own simple way, told you. By siding with these people, you lose all credibility with me. They knew exactly what they were doing, period.

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jaybeee777

[quote name='Jesse' date='04 May 2010 - 12:08 PM'

So by insinuating 14k is not a lot to you, but is to me, you attempt to position yourself as my superior... so typical.

 

14k loss of 5 million protfolio = less than 1% loss, not so bad...

14k loss of 50 thousand protgolio = almost 30% loss!

 

All I am saying is that if your loss is closer to 30% you probably were a bit too greedy (same as GS and others in wall street...) and took too much risk. High risk can get you high rewards but somtimes you can lose your money... It is always good to play safe with retirement money. I don't know how super annuaitation is working so I assume it is like american 401k - the money is locked until retirement but you can decide the type of funds you are investing in (hi/lo risk).

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Jess Bartone

You're missing the point JB.

 

I had no idea the fund was investing in sub prime. Our industry fund pays people to manage our money, if I had've known where they were throwing it, I would have screamed bloody blue murder at the monthly Union meeting. There has been a "reassignment", as your people call it, of staff at the office since the shit hit the fan.

 

I have never been greedy, I value far more important things in life than money, such as family, friendship, and loyalty. All I ask is for what is mine, what I work so damn hard for. I don't ever wish to ride a money tide earnt off the backs of people like myself.

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Headshot

14k loss of 5 million protfolio = less than 1% loss, not so bad...

14k loss of 50 thousand protgolio = almost 30% loss!

 

All I am saying is that if your loss is closer to 30% you probably were a bit too greedy (same as GS and others in wall street...) and took too much risk. High risk can get you high rewards but somtimes you can lose your money... It is always good to play safe with retirement money. I don't know how super annuaitation is working so I assume it is like american 401k - the money is locked until retirement but you can decide the type of funds you are investing in (hi/lo risk).

 

Jaybee, I think what Jesse said is that his "investment" was in a union retirement fund that was controlled by others, and NOT by him. Therefore, there is no way that anybody could call him greedy. His money was sucked down a rathole, and he had no way of controlling it. It appears that those who were in charge of investing the retirement fund have now been replaced, but that doesn't bring the money back to Jesse. I can see why he is pissed.

Edited by Headshot
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