I looked that up but unfortunately went off of the early reports, when it was breaking news, instead of looking up the hedge fund itself, so I thought it was strange, same name but it's also common.
Anywho, please keep those coming. EP is now being picked up on by Google news, as a credible news source, so these sorts of errors that get by are "uncool" and need to be corrected.
All this site has is it's content and I am notorious to flip around words, typos and wrong labels. Rare if I make a data error though, it's proper nouns, titles.
I'd say a point of consensus is to break up the big banks or at least do the "Volcker rule". Sen. Lincoln introduced a new bill, which I'm trying to look at, from 1st principles because frankly when it comes to legislation I don't trust any pundit's recommendation, including Ratigan, who has been "on the mark" on financial reform.
Then, supposedly Obama is claiming he'll veto anything w/o derivatives "reform" and last but not least, we hear the GOP will act in concert to try to block....well, the usual, anything, including debate.
All of this requires a major blog piece update on what's happening but I am sure sick of reading over and over and over again, gotta be going on for 30 years, glorified white collar crime either being "civil" or legal. and I'm disgusted that corporate crime, which is GS here, over and over again, almost gets a gov. kickback, as a fine, or a small cut of the take.
If anyone else is really researching into the latest in the Senate, i.e. reading the bills, an in depth blog post would be most welcome. It's a lot of research to dig in deep and not just repost some newspaper or pundit view.
This is how these always play out. The Justice Department, if even asked, will say criminal charges were too difficult and expensive to prove so they went civil for the lower standard of evidence. Fines will be paid and there will be no admission of guilt. Of course they would spend more money than they will on this to get someone that B&E'd Loyd Blankfein's home and the criminal RICO Act could put anyones grandmother away for murdering Kennedy so neither of the DOJ's reasons hold water.
Government not only refuses to use the tools they have to prosecute the wealthy they created an alternate justice system for them.
A good team of prosecutors with some cash for investigation could easily prove a conspiracy on Wall Street tied to predicate acts. They prosecuted Miliken this way (I believe the first and only use against a Wall Streeter) but of course demurred against Drexel. As another poster said its the sacrificial lamb when the very nature of RICO is to bring in all the people involved in the conspiracy.
If this was a criminal RICO Act charge all of Goldman's assets would be immediately frozen or a huge bond would have to be posted.
So basically the big banks and big firms are not only too big to regulate they are also too big to prosecute. In effect by not breaking them up the government is saying they are okay with the financial sector committing crimes.
I haven't researched out the entire Cap & Trade but last things i dug around in found it to create basically another exchange where financial sectors, i.e. GS, JPMorgan Chase, our usual suspects were going to rake it in on fees.
I agree. Citigroup did outrageous gaming of IPOs and got a fine that was little of the money actually made. Nothing happened to the "executives" of absurd start ups. They made millions in IPOs while they had no real business model or product.
But, at least it's "something" and from the market reaction and public relations front it's good.
If you do not pay your mortgage you are stealing from someone - you dumbass. Some one gave you money, and you promised to pay them back. Then you do not pay them.
Banks? Really? They are just buildings. That money you stole belonged to your neighbors.
Simple enough for you? Or do I need crayons?
The honorable thing to do is move out of the house.
And beg forgiveness.
And not give excuses on your way out. It only demeans you more.
It's nice to think something would actually happen. But this is a press-staged event so the public hears "case", "charges", and "Goldman Sachs" all in one sentence.
It's civil, not criminal.
Goldman will arrange for Tourre to be the lone wolf bad guy.
Goldman will pay a small fine (well, small to them) that amounts to nothing more than a rounding error on the billions they skim.
The regulatory agency and the pols can say they "did something".
Goldman returns to business as usual.
Tourre will be in some other cush Wall Street job within a year or two.
And life goes on for a few years until the next big banking scandal.
Really, I highlighted that in the COP overview of the report.
I've got one too. I am noticing that just to barely meet the basics is costing me an absurd amount of money. I wrote up all of those CPIs each month but something at least where I am in seriously wrong! I think I can blame health insurance the most, but truth is everything has gone up, including a horror show when I did my taxes to the point I got an extension thinking I have surely missed a host of things.
I also got hit with a major whammy on taxes to the point I am panicked! I thought I would supposed to get a bunch of tax breaks (cough, cough) and I ended up getting an extension because something was so amiss.
This article is good evidence of why HAMP is failing.
Consider that, in February, there were 170,000 “permanent” loan mods and, last month, another 60,000 joined their ranks. A quick calculation reveals that, in order for the new graduates to raise the overall median from 59.8 percent to 61.3 percent, the median back-end debt-to-income ratio for the next 60,000 had to be somewhere around 65 percent!!
How can these people possibly afford to pay their taxes, service their debt, and then have enough money left over to put food on the table and pay their utilities, let alone buy gasoline, clothes, and sock away a little money for retirement?
The government must be living in some kind of loan mod “bizarro world” to think that these “permanent” loans won’t go bad on a massive scale.
someone that says, I am against cap and trade and love dirty air. In fact I don't think I've ever met someone that likes air pollution. The differences are in how to go about keeping it clean, how fast, how costly, etc.
In the early 70's when I was in the LA basin it was always a messy looking sky full of pollution. Last time I visited, it looked a lot better.
today, this very day the gov could force everyone to go solar, passive and photovoltaic with battery back-up. It would release us from a lot of cool and oil. The problem, the cost would be enormous and create chaos to the people's financial well being.
There will be a day that you will see solar all over the place but it will happen in baby steps. Most things outside of war are done in baby steps.
What it sounds like to me is yet another great round up to push the poverty and desperate under the uber-rich Manhattan Island rug. In other words, drive 'em out of town.
So unpleasant having to step over those people sleeping in your door entrance. Ruins the shoes.
The reason Paulson & Co., the hedge fund, wasn't charged is because they did not represent the actual CDO to investors, oh no, see, they held CDSes on the cDO!
Then, it appears only one employee of GS was charged. So, we'll get the infamous "hung out to dry" of one guy, without the fact GS has a rigged ponzi scheme, documented here on these things and SIVs which are fiction, CDOs which don't make any sense.... should be plain banned.
Their stock is tanking at the moment, so that will hurt if they don't recover. Fraud, I'm not sure if that is a criminal charge and usually the corporate structure protects officers (executives) and employees from any liability for actions of a corporation.
Right now it's a civil lawsuit, i.e. no one being rounded up in handcuffs and when they did that, i.e. Arther Anderson was charged as a corporation, as accounting fraud, it destroyed the company and got a whole hell of a lot of innocent people fired. On the other hand a corporation in the business of committing fraud, shouldn't be allowed to stay in that business I think.
That said, if it's criminal, I know one can go past the law and get individuals (think Enron, Tyco, Worldcom), but I don't know yet if this will be the case down the road. I know SIGTARP has a host of investigations, some criminal that they are working on, surrounding the financial meltdown and then on the actual bail out itself.
I mean the case is clear, GS is busted by rigging a CDO, especially designed for a hedge fund client, who then shorted the crap out of it by buying up a bunch of CDSes, all the while peddling that same CDO to unsuspecting suckers as an investment vehicle.
This is the type of thing we said was possible with these CDOs earlier. See this one for even the mathematics and the computer science on how rigging CDOs is possible.
I'm just impressed the SEC proved one of these! The things are perfect to leave no paper trail, CDOs, by their structure alone.
But I'll be pissed if it's your typical fine, which so often is just like a toll road on the way to ripping people off, i.e. something makes billions and the fine is 0.0001% of that profit. We've seen this repeatedly, just in the mine disaster it's mentioned, the fines don't come close to even making a dent in the profits.
I looked that up but unfortunately went off of the early reports, when it was breaking news, instead of looking up the hedge fund itself, so I thought it was strange, same name but it's also common.
Anywho, please keep those coming. EP is now being picked up on by Google news, as a credible news source, so these sorts of errors that get by are "uncool" and need to be corrected.
All this site has is it's content and I am notorious to flip around words, typos and wrong labels. Rare if I make a data error though, it's proper nouns, titles.
Anyway, I need more eyeballs like yours.
It was John Paulson - not related to the former Treas. Secretary.
Just looking out for your credibility. ;)
is also higher than the rest of the nation. California's unemployment rate just keeps rising.
I'd say a point of consensus is to break up the big banks or at least do the "Volcker rule". Sen. Lincoln introduced a new bill, which I'm trying to look at, from 1st principles because frankly when it comes to legislation I don't trust any pundit's recommendation, including Ratigan, who has been "on the mark" on financial reform.
Then, supposedly Obama is claiming he'll veto anything w/o derivatives "reform" and last but not least, we hear the GOP will act in concert to try to block....well, the usual, anything, including debate.
All of this requires a major blog piece update on what's happening but I am sure sick of reading over and over and over again, gotta be going on for 30 years, glorified white collar crime either being "civil" or legal. and I'm disgusted that corporate crime, which is GS here, over and over again, almost gets a gov. kickback, as a fine, or a small cut of the take.
If anyone else is really researching into the latest in the Senate, i.e. reading the bills, an in depth blog post would be most welcome. It's a lot of research to dig in deep and not just repost some newspaper or pundit view.
This is how these always play out. The Justice Department, if even asked, will say criminal charges were too difficult and expensive to prove so they went civil for the lower standard of evidence. Fines will be paid and there will be no admission of guilt. Of course they would spend more money than they will on this to get someone that B&E'd Loyd Blankfein's home and the criminal RICO Act could put anyones grandmother away for murdering Kennedy so neither of the DOJ's reasons hold water.
Government not only refuses to use the tools they have to prosecute the wealthy they created an alternate justice system for them.
A good team of prosecutors with some cash for investigation could easily prove a conspiracy on Wall Street tied to predicate acts. They prosecuted Miliken this way (I believe the first and only use against a Wall Streeter) but of course demurred against Drexel. As another poster said its the sacrificial lamb when the very nature of RICO is to bring in all the people involved in the conspiracy.
If this was a criminal RICO Act charge all of Goldman's assets would be immediately frozen or a huge bond would have to be posted.
So basically the big banks and big firms are not only too big to regulate they are also too big to prosecute. In effect by not breaking them up the government is saying they are okay with the financial sector committing crimes.
I haven't researched out the entire Cap & Trade but last things i dug around in found it to create basically another exchange where financial sectors, i.e. GS, JPMorgan Chase, our usual suspects were going to rake it in on fees.
The civil statutes include fraud just to keep the wealthy from going to jail.
This is a joke.
IMO all a market does is increase costs to feed a middleman which in this case will be Goldman Sachs.
I agree. Citigroup did outrageous gaming of IPOs and got a fine that was little of the money actually made. Nothing happened to the "executives" of absurd start ups. They made millions in IPOs while they had no real business model or product.
But, at least it's "something" and from the market reaction and public relations front it's good.
If you do not pay your mortgage you are stealing from someone - you dumbass. Some one gave you money, and you promised to pay them back. Then you do not pay them.
Banks? Really? They are just buildings. That money you stole belonged to your neighbors.
Simple enough for you? Or do I need crayons?
The honorable thing to do is move out of the house.
And beg forgiveness.
And not give excuses on your way out. It only demeans you more.
It's nice to think something would actually happen. But this is a press-staged event so the public hears "case", "charges", and "Goldman Sachs" all in one sentence.
It's civil, not criminal.
Goldman will arrange for Tourre to be the lone wolf bad guy.
Goldman will pay a small fine (well, small to them) that amounts to nothing more than a rounding error on the billions they skim.
The regulatory agency and the pols can say they "did something".
Goldman returns to business as usual.
Tourre will be in some other cush Wall Street job within a year or two.
And life goes on for a few years until the next big banking scandal.
Really, I highlighted that in the COP overview of the report.
I've got one too. I am noticing that just to barely meet the basics is costing me an absurd amount of money. I wrote up all of those CPIs each month but something at least where I am in seriously wrong! I think I can blame health insurance the most, but truth is everything has gone up, including a horror show when I did my taxes to the point I got an extension thinking I have surely missed a host of things.
Did you really ex-pat?
I also got hit with a major whammy on taxes to the point I am panicked! I thought I would supposed to get a bunch of tax breaks (cough, cough) and I ended up getting an extension because something was so amiss.
@&*)$!@
Welcome back!
This article is good evidence of why HAMP is failing.
So, this past year while I was unemployed, I actually managed to pay more taxes than GE.
What a country......
someone that says, I am against cap and trade and love dirty air. In fact I don't think I've ever met someone that likes air pollution. The differences are in how to go about keeping it clean, how fast, how costly, etc.
In the early 70's when I was in the LA basin it was always a messy looking sky full of pollution. Last time I visited, it looked a lot better.
today, this very day the gov could force everyone to go solar, passive and photovoltaic with battery back-up. It would release us from a lot of cool and oil. The problem, the cost would be enormous and create chaos to the people's financial well being.
There will be a day that you will see solar all over the place but it will happen in baby steps. Most things outside of war are done in baby steps.
People, don't forget to uprate posts you want to see on the front page.
Really? Who else charges the homeless with rent?
What it sounds like to me is yet another great round up to push the poverty and desperate under the uber-rich Manhattan Island rug. In other words, drive 'em out of town.
So unpleasant having to step over those people sleeping in your door entrance. Ruins the shoes.
The reason Paulson & Co., the hedge fund, wasn't charged is because they did not represent the actual CDO to investors, oh no, see, they held CDSes on the cDO!
Then, it appears only one employee of GS was charged. So, we'll get the infamous "hung out to dry" of one guy, without the fact GS has a rigged ponzi scheme, documented here on these things and SIVs which are fiction, CDOs which don't make any sense.... should be plain banned.
Their stock is tanking at the moment, so that will hurt if they don't recover. Fraud, I'm not sure if that is a criminal charge and usually the corporate structure protects officers (executives) and employees from any liability for actions of a corporation.
Right now it's a civil lawsuit, i.e. no one being rounded up in handcuffs and when they did that, i.e. Arther Anderson was charged as a corporation, as accounting fraud, it destroyed the company and got a whole hell of a lot of innocent people fired. On the other hand a corporation in the business of committing fraud, shouldn't be allowed to stay in that business I think.
That said, if it's criminal, I know one can go past the law and get individuals (think Enron, Tyco, Worldcom), but I don't know yet if this will be the case down the road. I know SIGTARP has a host of investigations, some criminal that they are working on, surrounding the financial meltdown and then on the actual bail out itself.
I mean the case is clear, GS is busted by rigging a CDO, especially designed for a hedge fund client, who then shorted the crap out of it by buying up a bunch of CDSes, all the while peddling that same CDO to unsuspecting suckers as an investment vehicle.
This is the type of thing we said was possible with these CDOs earlier. See this one for even the mathematics and the computer science on how rigging CDOs is possible.
I'm just impressed the SEC proved one of these! The things are perfect to leave no paper trail, CDOs, by their structure alone.
But I'll be pissed if it's your typical fine, which so often is just like a toll road on the way to ripping people off, i.e. something makes billions and the fine is 0.0001% of that profit. We've seen this repeatedly, just in the mine disaster it's mentioned, the fines don't come close to even making a dent in the profits.
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