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Why I hate Goldman Sacks


JohninCebu

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broden

funny thing about high risk and low risk

 

in my wifes previous job when they brought in their financial experts to counsel them on 401k's and their various investment options (as the clinic she worked in was bought out by the large local hospital)

 

they advised each and everyone of the workers .. with out taking various ages financial situations and pay rates in to account at all.. to indeed invest totally with the highest risk options available (using those actual words)

 

my wife came home and told me that .. and i told her they were crazy .. when they come back you can tell them where to stick that

 

 

we're very careful with our money

 

 

on a side note .. messing with someones money or even the appearance of doing such is as dangerous a game as messing with someones family .. illegal immoral or not all it takes is one pissed off crazy who doesn't care of even give thought to getting caught to go batshit on your ass .. and well that could ruin your whole weekend

 

i've known alot of con men .. they generally prey on peoples greed .. secondarily on their ignorance

 

not everyone is greedy .. but everyone is ignorant about something

 

none of us need someone we hire to do a service for us to bet against us at the same time

Edited by broden
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  • Alan S

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Alan S

The trouble with the banking sector in recent years is two-fold.

 

Firstly, several very clever guys thought they had found a way to invest without risk. These guys, or some of them, really were rocket scientists, some having worked for NASA.

What they forgot was that, like rockets, markets go up AND DOWN.

Hence, LTCM, which cost the US govt and many many banks and investors, billions.

 

However, others soon realised that one could take risk as long as it was packaged correctly and, all being well, the spread of risk would mean that no-one lost out.

 

ALL BEING WELL.

 

It wasnt.

 

It was all built on a house of cards with no substance behind it.

 

Governments and regulators tacitly approved as it was bringing in massive tax revenues, and creating jobs and wealth.

Or so they thought.

 

(Some in the banking / finance sector knew there was a risk and said so. They were shouted down and most people ignored them.)

 

As usual, some made money, others, mainly "us" lost a lot and will be paying for it for a long time.

 

The really sad thing is that nobody has learned any lessons from it.

That must surely be the height of stupidity...or an example of unbridled greed.

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samatm

palsonao6.jpgmr-burns.JPG

 

 

exxcelllent smithers

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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.

 

Jesse, I'm glad you have your priorities straight in that you value the more important things in life like family, friends, etc.... However, by following your logic, you don't want others to profit from the buildings or homes you are constructing. Why don't you work for free? That way, you are not profiting from the poor guy that has to buy the home you are building, or pay rent for the office space you actually built? That is what you are doing right, you are profiting somehow from somebody that has to occupy that space, otherwise, there would be no need for your hard work, right? And, guess what, you wouldn't have a job.

 

The fact is, not everybody has the same pay for their labor and this is a good thing, really. If you want communism, it has proven itself as a failure, no examples necessary. Just because someone makes more than you, who cares? We all want our children to have opportunities for a better life than our own and thats the way it should always be unless we allow the idiots in government to take it away for what is popular at the moment and destroy our way of life.

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Alan S

I'm going to jump in here as I really dont think that you have got the point that Jesse was making.

 

When you invest your money, or even have your wages paid into a bank, you expect and have the right to expect, that they will take reasonable care of it.

It should be invested prudently safely.

 

What many banks were doing is putting YOUR money on the Kentucky Derby.

With even worse odds than the lame horse with three legs.

 

Except for one major point, many/most of those deals were structured so that the actual investor (that is you, me, and all the "little people") got zilch, whilst those at the top of the chain got some massive payouts, IRRESPECTIVE OF THE OUTCOME.

 

I spent some years in the banking sector and still know many people there.

From what I have learned, a large number should be behind bars for some of the things they have done.

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Jess Bartone

Davey, more clever spin is not getting you out of this one. Alan put it better than I ever could.

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Arkanmo

The reason Western Governments do not seem to care about things that anyone with a brain cares about is because they know something that you don't. In World War III over 6 billion people will be killed off. The currency and debt situations do not matter to them because it is only a temporary thing. If you did not already know this then you are one of the 6 billion+ selected for termination.

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Alan S

We've been expecting WW3 since soon after Churchill coined the term "Iron Curtain" and when we had the Berlin Airlift, or about 1948.

 

It hasnt happened yet, so all those who have spent 60+ years worrying about it have wasted their time.

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Jess Bartone

We've been expecting WW3 since soon after Churchill coined the term "Iron Curtain" and when we had the Berlin Airlift, or about 1948.

 

It hasnt happened yet, so all those who have spent 60+ years worrying about it have wasted their time.

 

Too right.

 

I tend to think that China is the next "superpower", already is in a sense, but they are playing their cards close to their chest. If there is ever a WW3, it will be because someone awoke the Sleeping Dragon.

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musicman666

We've been expecting WW3 since soon after Churchill coined the term "Iron Curtain" and when we had the Berlin Airlift, or about 1948.

 

It hasnt happened yet, so all those who have spent 60+ years worrying about it have wasted their time.

 

Too right.

 

I tend to think that China is the next "superpower", already is in a sense, but they are playing their cards close to their chest. If there is ever a WW3, it will be because someone awoke the Sleeping Dragon.

 

the dragon isnt sleeping... it has been hard at it for years ..why do they need to go to war when they can acheive what they want through the regular channels. I think the chinese are masters at the passive long term drip drip approach ..they arent a warlike nation like the usa...but they will get their way in the end. They are happy for the next generation or the one after that to take the spoils.. they dont want it all for themselevs today.

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thebob

We've been expecting WW3 since soon after Churchill coined the term "Iron Curtain" and when we had the Berlin Airlift, or about 1948.

 

It hasnt happened yet, so all those who have spent 60+ years worrying about it have wasted their time.

 

Too right.

 

I tend to think that China is the next "superpower", already is in a sense, but they are playing their cards close to their chest. If there is ever a WW3, it will be because someone awoke the Sleeping Dragon.

 

the dragon isnt sleeping... it has been hard at it for years ..why do they need to go to war when they can acheive what they want through the regular channels. I think the chinese are masters at the passive long term drip drip approach ..they arent a warlike nation like the usa...but they will get their way in the end. They are happy for the next generation or the one after that to take the spoils.. they dont want it all for themselevs today.

 

Ha! China has already won. The US is still squabbling about it's worthless paper dollars, and which of it's politician is the most popular. In the mean time China controls US debt and strategic materials.

 

China builds rare-earth metal monopoly

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Arkanmo

China only controls a small fraction of US debt. China is as big and powerful as we want them to be.

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Alan S

China owns, and hence controls, almost 25% of US government debt, the largest single holder.

 

However, perhaps of more concern, the Chinese public hold massive amounts of US non-government debt, including shares etc. The total of these isnt known but is believed to be at least as much as the Chinese holding of Govt debt.

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