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Quack Off
by
Free
Market Duck
Goldman Sachs creates subprime slime with left hand, shorts subprime slime
with right hand
(Dec 18,
2007)
Conflict
of interest?
New York, NY
– According to the WSJ, Goldman Sachs mortgage department was a major
underwriter of complex bundled securities of subprime mortgages. When
those securities plunged in value this year, Goldman's customers suffered
major losses, as did units within Goldman's banking and investment group.
However,
simultaneously down the hall, Goldman was busy "shorting" billions of
dollars of these same subprime slime securities, betting that their value
would fall. The big question is: how could Goldman legally
peddle subprime slime to their customers while their own traders were busy
betting that bundled subprimes would collapse? If this isn't a
conflict of interest, then what is?
This is not free
market capitalism, folks. This is collectivist interventionism in
which our central bank, the Federal Reserve -- whose previous Goldman Sachs
management
include Fed Chief Ben Bernanke and U.S. Treasury Secretary Henry Paulson --
injects billions and billions of non-backed dollars into their buddy-buddy
member banks so the bankers can create more and more exotic monetary
instruments such as bundled subprime mortgages, and rake in billions and
billions in profits by simultaneously selling their subprime slime "long"
and "short."
Welcome to Wall
Street, America's new gambling casino where the Federal Reserve provides
trillions and trillions of our worthless National Toilet Paper for their
friends to place bets at the Craps Table, betting simultaneously on the Come
and Don't Come. -- FM Duck
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