HockeyDad wrote:That is not it at all.
I just still believe in innocent until proven guilty and you have declared them all guilty without trial.
If guilty, I want them hung at the corner of Wall and Broad. You want them all hung now because they got over on you and must have cheated.
Incorrect. I don't want them all hung now. I want them prosecuted. The evidence is there. Read the Levin Report. Here's a short summation of just one aspect of the deception, fraud, and thievery that Goldman Sachs was perpetrating:
The evidence discloses troubling and sometimes abusive practices which show, first, that
Goldman knowingly sold high risk, poor quality mortgage products to clients around the world,
saturating financial markets with complex, financially engineered instruments that magnified risk
and losses when their underlying assets began to fail. Second, it shows multiple conflicts of interest
surrounding Goldman’s securitization activities, including its use of CDOs to transfer billions of
dollars of risk to investors, assist a favored client make a $1 billion gain at the expense of other
clients, and produce its own proprietary gains at the expense of the clients to whom Goldman sold
its CDO securities.
Under Goldman’s sales policies and procedures, an affirmative action by Goldman
personnel to sell a specific investment to a specific customer constituted a recommendation of that
investment.2007 Under federal securities law, when acting as an underwriter, placement agent, or
broker-dealer recommending an investment to a customer, Goldman had an obligation to sell
investments that were suitable for any investor and were not designed to fail. When acting in those
roles and affirmatively soliciting clients to buy securities, Goldman also had an obligation to
disclose material information that a reasonable investor would want to know, including material
conflicts of interest or adverse interests in connection with its sale of a security.2008
In 2006 and 2007, when selling subprime CDO securities to customers, Goldman did not
always disclose that the securities contained or referenced assets Goldman believed would perform
poorly, and that the securities themselves were rapidly losing value. Goldman also did not disclose
that the firm had built a large net short position betting that CDO and RMBS securities similar to
the ones it was selling would lose value. In the case of the Hudson, Anderson, and Timberwolf
CDOs, Goldman failed to disclose to potential investors that it was shorting the very securities
Goldman was selling to them. In the case of the Abacus CDO, Goldman failed to disclose to
potential investors that it had allowed an interested party to help select the CDO assets and act as
the sole short party, with the expectation that the selected assets would lose value and that party
would make money at the expense of the long investors to whom Goldman had sold the securities.
Goldman created these and other conflicts of interest with its clients in connection with its CDO
activities.
Source:
http://hsgac.senate.gov/public/_files/Financial_Crisis/FinancialCrisisReport.pdf
The question is why aren't prosecutions being moved forward? Do you think it's because there's no evidence? Why are politicians and the supposed regulators of the people that were responsible for the massive fraud pressuring the NY AG not to prosecute, but to agree to backroom deals that will shield them from any future prosecution? Is it because they didn't engage in the fraud that is clearly documented in a large portion of the Levin report? No it's because their advocates have pervaded the highest levels of government, torn down the regulatory apparatus, and bribed key politicians via massive campaign contributions.
**** Goldman Sachs and their organized criminal enterprise. They've done trillion times more damage to America than some protesters taking a dump in the park, but you want to shine the light away from that.
Do you work for Goldman Sachs. Anybody who'd work for a bunch of thieves like that once they were aware of what was involved is a POS.