Goldman Sachs execs grilled today
Some of the past head honchos at Goldman Sachs are being questioned by congress today in an attempt to get to the bottom of what most see as the largest fraud perpetrated on unsuspecting investors, while a few bet that the collapse would happen.
We know now, that some at the SEC, the group charged with oversight were busy watching porn, so much so, that in one case, an SEC employee's computer was filed to the max, while others were viewing 8 hours a day, at the very same time, our financial world was on the brink of total collapse.
As I've written in the past, the SEC is just as guilty in letting Goldman and others create a world of synthetic risky bets that were sold knowing that failure was at hand.
And as we know now, financial reform has stalled on Capital Hill mainly because of the lobbying being done by those who benefit the most from fraud, greed and unethical business practices.
posted by Jim Pillsbury @ 1:38 PM
5 Comments
5 Comments:
Are you assuming it is the lobbyists stalling this financial reform stuff, or do we actually know that to be the case? Contact our Senators people and let them know that we will not stand by for this mess not being fixed. I owe my kids better than that. They should not see their retirement wiped out by unethical people the way I did. My kids will be supporting me in my old age, not because I did not plan, but because I trusted the big finanical firms to be honest and ethical. I won’t do that ever again.
We can not close the door after the chickens are out of the coop and expect that to solve the issue of lost chickens. All we can do is make sure that we keep the gate locked going forward, and that means these financial reforms are what we need to do. How any member of Congress can not support these is beyond me. And the fact that the very people who created this disaster in the first place are manipulating our elected officials to make sure they can do this again makes me sick.
This is going to get pretty ugly I think and it is already over my head, at least most of it is. So, I will just rely on you to sum it up here and keep me informed about anything I need to know. Been quiet here for a while. Nice to see you back.
So what is the outcome of all of the grilling? I think the senators just grandstand to make it look like they are upset, and then they do nothing about the financial reform regulations in front of them for a vote. This is all done for show, nothing will happen to those Goldman Sachs guys and congress will never reign those guys in.
The timing of this hearing is foreplay for banking reform.. mysteriously ... approved by the Republicans today.... after three days of foolishness and not allowing it to come to the floor.
The R's are supporting the idea that wall street is to be left alone and these hearings are the way to rev things up for the D's.
Most Americans are outraged over Goldman Sachs and Wall Street and to defend them.. is a kiss of death.. to R''s or D's.
In civil court, public opinion will matter in this case. These stuffed shirt gamblers who rigged the game did themselves a great disserve by not apologizing to this country.
Wall Street reform must happen now, before we end up bailing out more Wall Street casinos. And the hearings were just to let us know, they get it. Unfortunately, most of them receive large sums of campaign money from the very same people they're trying to rein in.
Most Americans could not afford another financial meltdown in this life time and now is the time for reform.
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