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Goldman Sachs sold sub-prime junk as "no risk AAA" then gambled for prices to tank
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We hold these Truths to be self-evident...
Goldman Sachs was at the heart of the sub-prime market, which was the impetus that began this financial crisis. Here’s what GS did: they promoted and sold sub-prime junk as “zero risk AAA” investments, then they bet the value of those very same investments would plunge. Award-winning McClatchy investigative reporter Greg Gordon spent 5 months researching before documenting this explosive information (and here). When the payor of GS’ gamble, AIG, couldn’t pay, we taxpayers bailed-out GS’ gamble through AIG.
A factor that should jump out is the inherant conflict of interest in a company paying another to rate their product. McClatchy investigated how one ratings agency, Moody's, made billions selling "AAA" ratings.
Goldman Sachs (GS) “trades” like Enron “traded.” Neither produced life-supporting wealth. Bailout overseer Elizabeth Warren calls this gambling “reckless.” Trend forecaster Gerald Celente calls it “mafia-style looting.” And we taxpayers are transferring unprecedented amounts of our labor to these financial parasites. This only occurs through collusion with “leadership” of both political parties in our duopoly and the five corporations who control information in the so-called mainstream media. As you may know, GS CEOs have had a revolving door through the highest offices of the US Treasury Department.
The solution begins with recognizing how money is created, and that we have a Robber Baron-era structure created by the banks for the banks – not for the public good. When we understand how money is created, we have the power of our voice and vote to stop an oligarchic system for banksters and begin a system for the public. The benefits are paying-off the national debt easily and gaining over a trillion dollars a year.
That’s it. Please learn the information embedded in these links if you want competent economic management. If not, you risk the fall of our republic. Below is a 9-minute video walking through McClatchy News' 5-month investigation and reporting on Goldman Sachs.
As always, please share this article with all who claim they are economically competent citizens. If you appreciate my work, please subscribe by clicking under the article title. Please feel free to use my archive of work to help build a brighter future.
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