I was going to write about the state of Arizona passing some really ugly, racist legislation, bordering on insane legislation, but suddenly, the Senate hearings with Goldman Sachs employees came to light and I couldn’t let it slide.
Tactics used by Goldman Sachs to bilk shareholders out of millions of dollars confound the sensibilities but even worse, these guys fail to understand why this is even an issue.
Senator Carl Levin’s remark “How about the fact that you sold hundreds of millions of that deal after your people knew it was a [EXPLETIVE DELETED] deal? Does that bother you at all?” seems to have fallen on deaf ears during the hearing.
Ever watch the movie Wall Street? Remember the famous (or perhaps infamous line) uttered by Michael Douglas’ character, Gordon Gekko “Greed is good.”
We’re now living it...
Fabrice Tourre, executive director, Structured Products Group Trading also commented during the Senate hearings “I deny categorically the SEC’s allegations, and I will defend myself in court against this false claim.”
Well, bravo, Tourre. A number of people are wondering when the fat cats are going to pony up their share of the profits to help “Main Street.” Care to toss a few million into the pot?
The spillover into every facet of American life has only begun. Even worse, the global spillover has brought many a state to it’s knees... Greece’s economy is currently trashed and quite possibly Greece will not repay 411 billion U.S. dollars worth of debt hidden by tricky accounting. Now more countries are caught in the same web. Portugal, Ireland, Italy and Spain are also facing budget crises which potentially could cause another worldwide credit freeze.
This crisis occurred because a few investment firms decided to ramp up the greed factor.
Way to go, Wall Street! To those Senators in charge of the hearings... let the perp walk begin.
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