How And Why Goldman Sachs Defrauded Investors While Homeowners Went Broke

(10 pm. – promoted by ek hornbeck)

In this first video Greg Gordon of McClatchy News reports that Goldman knew that mortgages were not being properly reviewed



Real News Network – November 1, 2009

GOLDMAN SACHS’ SECRET BETS

McClatchy’s Greg Gordon reports that Goldman knew that mortgages were not being properly reviewed

Here Paul Jay interviews Gordon who explains that a five month McClatchy investigation has found that Goldman’s failure to disclose those secret bets may have violated securities laws – that in 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers that it also was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.



Real News Network – November 1, 2009

How Goldman secretly bet on the U.S. housing crash

Goldman didn’t tell buyers of $40 billion in securities it was secretly betting the other way

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    • Edger on November 1, 2009 at 2:17 pm
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    Obama and Geithner are going to run out of people to bail out, soon.

    No wonder Geithner rejected a $1 trillion limit on the new bailout authority and continues to demand unchecked authority.

    • Arctor on November 1, 2009 at 5:23 pm

    the destruction of Bear Stearns and Lehman by their competitor Goldman using their “plants” in the Fed and the Bush admin. I am so excited waiting for Holder and Obama to prosecute! I’m going to hold my breath for that event…gotta check out Orange now for some more Obama Kool Aid…later, Edger!

    • TMC on November 1, 2009 at 6:45 pm

    started bailing out Goldman “Sacks” long before Bernanke and Paulson went crying to Congress last fall. Did anyone ask them THEN how much had already had been handed over? No, And now Bernanke, who has been anointed by Obama to remain as Fed Chairman, and Geithner, a GS alumnus, are having hissy fits about transparency and auditing the Federal Reserve, like it’s their private bank. Durbin was so right when he said, “They own us” and Obama is continuing in that tradition. I gotta laugh at the Hillary Clinton critics who were worried about HER economic policies. This country is so screwed.

    • Inky99 on November 1, 2009 at 8:15 pm

    There.  I said it.  After watching that Frontline doc, and realizing that Obama has knowingly gone along with the massive corruption that is the Fed and Goldman, that Geithner and Summers should be BARRED FROM FOREVER WORKING in the finance industry OR government, but are instead running the show from Obama’s ship, I hope this eventually brings down ALL THE PLAYERS, including Obama.  

    This is bipartisan fraud at the highest levels of government.  

    Obama is an accomplice to ALL OF THIS.

  1. When will there be a global currency other than the dollar.

    What are the NASA figures on iridium/rhodium space dust.

    Is the hole in the magnetosphere in the southern hemisphere growing.  Is the earth’s magnetic field decreasing.  Will this extra radiation affect people with swine flu.

    Why are there no sunspots when we should be entering the peak solar cycle.

    Same Apocalypse,new day.

  2. “The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser and then goes out and actively markets that product or very similar products to unsuspecting customers without disclosing its true opinion,” said Laurence Kotlikoff, a Boston University economics professor who’s proposed a massive overhaul of the nation’s banks. “This is fraud and should be prosecuted.”

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