Tag Archives: Goldman Sachs

The Secret Recordings of Carmen Segarra

hero
segarra

NPR – The Secret Recordings of Carmen Segarra
.
.
the crooks
.
.
Michael Silva don-h-kim

Mike Silva                               Jon Kim

.
.

keep her safe
.
.
.
.
npr and tal have a way of white washing a number of the details,
you know it’s more than what they are telling,
mostly due to both being so much a part of the system.

they are in fact funded by the banking institutions,
keep that in mind.

but do you know what the real sadness of all this is?
absolutely nothing will change,
nothing will happen to any of the players,
the wrong doers.

this folks,
is as good as it’s ever going to get,
we’re stuck.

however,
if by chance you find a way to free yourself,
please,
drop me a note,
let me know how you did it.

thanks
.
.
.
.
.
addendum
bought journalism
.

Advertisements

1 Comment

Filed under business, congress, debt, education, history, News, politics, war

listen

The man who started the 99% movement

.
Ampedstatus
Ampedstatus Network
#OWS News
#OWS Network

.
.

know who you are dealing with

.
.
.

A Voice From The Past

.

“A traveling salesman offered two patent medicines. One was ‘High Popalorum;’ which was taken from the bark of a tree from the top down. The other tonic was ‘Low Popahirum;’ which was taken from the bark of a tree from the bottom up. The only difference I’ve found in Congress between the Republican and Democratic leadership is that one of them is skinning us from the ankle up and the other from the ear down.” -Huey Pierce Long

.
.
A Voice In The EU

The American People needs to hear such voices in the media and from elected officials; in the US lobbyist who work for corporations along with former politicians spin the revolving door between DC and Wall Street, it’s a corrupt exclusive club.
.
.
Our media is owned by these very same unelected corporations and bankers running our political system, even down to our local elections. It is time to stand up and speak out.
.
.
what you could be watching and reading
what you could know
.
.
“In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.”
― Mark Twain

.
.
Most UnParliamentary Language

.
.

Truth Through Humor

.

.

.
.
.

Leave a comment

Filed under #OWS, business, politics, social epistemology, SPREAD IT!, vigilance

Greece

Hotspots Greece

.
To Eλληνικά

.
.
part 1

.
.
part 2

.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
………………..

.
.
.
.

Leave a comment

Filed under art, history, international, justice, media, News, politics

austerity

awake

Fed’s Dudley Got Waiver to Keep AIG Holdings

.
.
fraud larceny theft
the potters picking up some bargains
don’t panic – stick together – SAY NO! To Austerity

Picture #1 – Under Bush
US Treasury Secretary Paulson (Goldman Sachs)
NY Federal Reserve President Geithner (IMF)
Federal Chairmen Bernanke

Picture #2 – Under Obama
US Treasury Secretary Geithner (NYFR & IMF)
NY Federal Reserve President Dudley (Goldman Sachs)
Federal Chairmen Bernanke

.
.
Ideas for Revolution
.
.
Hitmen Come home

.
.
.

Leave a comment

Filed under art, business, congress, education, history, justice, music, News, obama, politics, video, vigilance, war

Watching the Wealthy Crooks

Scrutiny of Goldman’s Role in Greek Debt Crisis Intensifies in US
By Kevin Connor

Goldman Sachs appears to be testing the limits of its special talent for avoiding all accountability following revelations of its role in exacerbating the Greek debt crisis.

The bank has come under heavy criticism from European political officials over its role in helping Greece hide its debts, and on Wednesday, Greek labor unions staged a historic strike that shut down the country’s national infrastructure in response to economic policies urged by bankster elites. The European turmoil has forced US officials to take notice, and scrutiny of the bank is now coming from the unlikeliest of quarters, with Ben Bernanke telling Congress on Thursday that the Federal Reserve is looking into Goldman and questions surrounding the bank’s swap transactions with Greece.

Bernanke was vague about what, exactly, the Fed is investigating, and it is possible that the inquiry will go nowhere. But the fact that the Fed chair would make remarks that amplify concerns about Goldman’s role in Europe is a sign that the political winds have shifted significantly since Matt Taibbi’s “vampire squid” metaphor first captured the public imagination last summer. The populist outcry against bankster fraud and collusion finally shows signs of steering the authorities towards a more oppositional, watchdog role.

The truly scandalous story with respect to Goldman Sachs and Greece — that the bank may have been speculating heavily in the Greek debt markets at the same time it was trying to help the country hide its debt — is also starting to gain traction. During his testimony, Bernanke raised concerns about speculative activity in the Greek debt markets and said that the SEC was investigating, and Phil Angelides, chair of the Financial Crisis Inquiry Commission, said that he was particularly concerned about Goldman’s role in betting against securities that it had helped create.

On Thursday the New York Times published a story with the headline “Banks Bet Greece Defaults on Debt They Helped Hide.” The article reported that a company backed by Goldman and other banks set up a new index in September of this year that investors could use to bet on the likelihood that Western European countries like Greece would default on their debt.

This is history repeating itself: the very same company that created this index set up a similar index in early 2006 that allowed investors to bet on the likelihood of defaults in the subprime bond market. That index was a collaboration between Markit and CDS IndexCo, a consortium of 16 banks, including Goldman Sachs, which has since been acquired by MarkIt. The acting chairman of CDS IndexCo was Goldman Sachs managing director Bradford S Levy, suggesting that Goldman has significant power within Markit now.

Guess which investors cleaned up on that index in 2006 and 2007? Goldman Sachs and partner-in-crime John Paulson, the hedge fund manager who made billions betting against the subprime sector.

The sovereign index and its subprime predecessor would be less troubling if there was some transparency around Markit, the pricing mechanisms it uses, its owners (including Goldman Sachs), and so forth, given the critical informational role it plays in markets which threaten global financial stability quite frequently. The Department of Justice opened an investigation of the company for possible anti-trust violations last summer.

If Goldman is, in fact, using swaps to bet heavily on the likelihood of a Greek default at the same time that it is helping the country hide its debts, the parallels to its corrupt, cynical, and incredibly greedy housing bubble investment strategy extend beyond the Markit index. The game plan is fairly simple: stuff some entity full of hidden liabilities by devising securities that mask true levels of exposure, collect enormous fees for doing it, then find ways to make enormously profitable bets against the financial carcass created in the process.

Goldman Sachs and John Paulson did this with AIG, devising complex securities known as “synthetic CDOs” which were composed entirely of bets on a set of mortgage pools. Paulson (not to be confused with former Treasury Secretary Hank Paulson) picked the mortgage pools, selecting the ones that were most likely to experience high levels of foreclosure. Goldman then created the securities and sold them to investors like AIG. The bets were essentially designed to fail, with Paulson (and Goldman) on the winning end. The hidden exposure was massive enough to take down AIG, threaten the world financial system, and necessitate a government bailout. These bailout funds were then passed through to Goldman Sachs.

Carolyn Maloney has noted these parallels and is now calling for a Congressional hearing on Goldman’s involvement in the Greek crisis.

Greece is far less likely to implode than AIG, and the liabilities that Goldman tucked into its national accounts are less severe. But now that the country is dealing with the prospect of financial ruin, Paulson and Goldman appear to share the same vulture flight pattern, once again. Paulson & Co is reported to have been speculating heavily in Greek debt markets with a team of 20-30 traders focused on the country. Goldman is also rumored to have been one of these speculators.

According to the Wall Street Journal, Paulson has since exited his large bearish bet on Greek debt. But in a sign that Paulson’s Greek adventures haven’t ended, Goldman recently took representatives of his hedge fund on a “field trip” to Greece:

On Jan. 28 and 29, analysts from Goldman Sachs Group Inc. took a group of investors on a field trip to meet with banks in Greece. The group included representatives from about a dozen different money managers, say attendees, including Chicago hedge-fund giant Citadel Investment Group, the New York hedge fund Eton Park Capital Management, and Paulson, which sent two employees, say people who were there. Eton Park declined to comment.

During meetings with the Greek deputy finance minister and executives from the National Bank of Greece, among other banks, some investors raised tough questions about the state of the country’s economy, according to these people.

Greece appears to have been negotiating for its economic future with Goldman Sachs and its network of hedge fund colluders, many of whom have taken large speculative positions on Greek debt. This amounts to an unofficial diplomatic mission, a negotiation between a sovereign country and the sociopathic financiers who hold sway over its economic fortunes. Is Europe really ok with that?

The Wall Street Journal article goes on to report on a Manhattan dinner party where a group of hedge fund managers discussed their bearish bets on the Euro. The article suggests that the funds are partnering on their trades, and includes a somewhat confusing sentence: “There is nothing improper about hedge funds jumping on the same trade unless it is deemed by regulators to be collusion.” So it isn’t collusion unless regulators have “deemed” it as such? And Madoff wasn’t actually running a Ponzi scheme before the SEC noticed?

The growing turmoil in Europe and Bernanke’s comments may signal that we’ve reached a tipping point — that these financial firms will no longer be able to avoid all substantial inquiries into their business practices, and that they’ll no longer hold sway over economic policies here and abroad. Not that Bernanke himself will follow through. But the need for a significant, public investigation of these individuals and their firms has become so pressing that even the most compromised US officials are paying it lip service.

Whether it happens here or in Europe, Goldman’s day in court is drawing near.
.
.

Kevin Connor – Time 13:22

.
.

Secretary Geithner’s Got Some Explaining to Do

Leave a comment

Filed under blog, business, congress, obama, politics, take back your country

Hoffa In Da House

Hoffa Says Goldman Sachs Driving YRC Into Bankruptcy
17 DEC 2009 – International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that would profit from the bankruptcy of YRC Worldwide Inc., the trucking company trying to avert failure with a debt exchange.

The most profitable securities firm in Wall Street history “is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy,” Hoffa, the union leader, wrote in a letter dated yesterday to Goldman Sachs Chief Executive Officer Lloyd Blankfein.

YRC, the biggest U.S. trucker by sales, is extending the exchange offer deadline to Dec. 23, after investors holding 75 percent of its debt initially agreed to the exchange, below the 95 percent required by bank lenders. As of 5 p.m. in New York yesterday, participation fell to 57 percent, the Overland Park, Kansas-based company said in a statement. The company said it believes some bondholders have withdrawn because they want to tender their notes only on the expiration date.

The company has faced opposition to its plan to exchange $536.8 million of notes for equity from bondholders who also own derivatives that pay out in a default, according to people familiar with the matter. The Teamsters’ pressure comes as Goldman Sachs is under fire from other labor groups over its role in the subprime mortgage crisis.

YRC, which has posted more than $1.7 billion in losses in the past five quarters, must complete the exchange offer as part of agreements with its bank lenders, the Teamsters and multi- employer pension funds, according to a Nov. 24 regulatory filing. more…
.
.

Then Hoffa told Goldman Sachs he’d tell the Feds where all the bodies are buried…

.
.

Goldman Sachs Helps YRC Avert Bankruptcy Following Hoffa’s Plea
1 Jan 2010 Goldman Sachs Group Inc. helped YRC Worldwide Inc. complete a debt swap to avert bankruptcy after the Teamsters union said the bank was trying to profit from a failure of the largest U.S. trucker by sales.

A group consisting of Goldman Sachs, Deutsche Bank AG, Aristeia Capital LLC, Silverback Asset Management and a Smith Management LLC unit, “got us over the goal line by going into the market, buying bonds and tendering them,” YRC Chief Executive Officer Bill Zollars said yesterday.

YRC extended the deadline for the bond exchange six times in December as it sought to overcome resistance from bondholders owning derivatives that would pay out if the company defaulted. YRC, which has posted $1.7 billion in losses in the past five quarters, needed to complete the exchange by Dec. 31 to avoid a bank payment that would have left the trucker in an “unsustainable” position, the Overland Park, Kansas-based company said in a regulatory filing two weeks ago.

International Brotherhood of Teamsters President James Hoffa said in letters last month to regulators and lawmakers that Goldman Sachs and Deutsche Bank were among banks that “have a history of making markets in these types of derivative financial products.”

Goldman Sachs spokesman Michael DuVally said Dec. 17 that the bank was “actively exploring ways to help” YRC.

Bondholders with 70 percent of YRC’s $150 million of 8.5 percent notes due in April offered to tender, meeting the required threshold, the company said yesterday in a statement. That’s an increase over the 59 percent that participated by Dec. 29. Holders of 88 percent of all of the company’s outstanding bonds, with a face value of $470 million, participated in the exchange, the company said. more…

Maybe the American People could hire Hoffa to take care of the banks.
Mr. Hoffa, if every working and unemployed American gave you $1.00 (that’s roughly $200 million in cash), would you do it?

1 Comment

Filed under business, congress, history, News, obama, politics

Goldman Sachs Owns Obama

surendergs

Is it too late?

Unless you’re waiting for Goldman Sachs,  Bernanke, Geithner and the Bankers on Wall Street to spontaneously grow halos and wings there are few options left to avoid indentured-slavery.

Here’s One

Leave a comment

Filed under business, computers, congress, just wrong, News, obama, SPREAD IT!