By Wil Martindale of Let Them Fail >>
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Wil's story archive on the Daily Bail >>
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The Predictable Odor of the Goldman Sachs Seepage
As mainstream media can no longer contain the bubbling slime of depravity, the predictable odor from this seepage begins to smell familiar.
Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs
Not that it should come as any surprise to most of us, but even the most stalwart and civic-minded of the naive should wake up to the article above, with snippets like:
The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released. That lack of disclosure shows how the government has obstructed a proper accounting of what went wrong in the financial crisis, author and former investment banker William Cohan says. “This secrecy is one more example of how the whole bailout has been done in such a slithering manner,” says Cohan.
Or how about this gem:
The public can now see for the first time how poorly the securities performed, with losses exceeding 75 percent of their notional value in some cases. Compounding this, the document and Bloomberg data demonstrate that the banks that bought the swaps from AIG are mostly the same firms that underwrote the CDOs in the first place.
Now, what this should help most folks to realize–for example– is that firms like Goldman Sachs, who made 300 million on the front end of Greece’s now infamous debt swaps (to help hide their insolvency from E.U. accounting) went right around to their backside with knife in hand and teamed up with fellow predator JPMorgan, and assorted hedge funds, to mount the most massive short position on the Euro in it’s history. Who knows what other weaknesses they “helped” hide–and then, armed with this inside knowledge of their own deception, they attack the currency. This kind of back-handed double dealing knows no bounds in the snake-in-the-grass world of Casino banking.
And Goldman’s spokesperson excuses this away as, and I quote:
There is nothing terribly new about this, unfortunately. Certainly, those practices have been around for decades, if not centuries.
Yep, as old as Sodom and Gomorrah I suspect. Greed, deceit, betrayal and financial swindles have been around since Jesus was shittin’ green, so why stop now? It may seem difficult to comprehend the twisted nature of the scheme taking place here, but let me stop you right now, and put your mind at ease by saying simply: “Stop trying to understand it and TRUST ME, this is morally reprehensible behavior beyond the comprehension of most decent people like yourself”.
Or … you can trust Goldman Sachs–good luck with that!
The great “talent” we reward with million dollar bonuses is the ”art” of committing extortion, thievery and RICOH violations in a manner just complex enough to be considered technically legal by our current deplorable regulatory and accounting standards.
What this should also help most people to realize is that if we apply the 25% REAL VALUE toward the notional value of the worlds derivatives, as with the AIG example cited above, what we are to understand is that our “intellectual elites and world bankers”, like Goldman, expect middle class taxpayers the world over to “bail-out” the other 75%, which is well over One Thousand Trillion dollars in fraudulently contrived “rigged bet winnings” - much in the same manner that American taxpayers bailed out Goldman Sachs to the tune of 75% of 62 billion dollars.
Basically my friends, the dwindling American middle class had 46.5 billion dollars extorted from their children’s economic futures (never to be paid back or seen again) by our Federal Government, and the NY Federal Reserve on behalf of Goldman Sachs to pay out the bonuses of the world’s most despicable criminals. And that is just the tip of a very large iceberg, from one Too Big to Fail Insurer, their cronies and their counterparties.
There is no word in our current lexicon to appropriately describe the atrocious, loathsome, heinous, malevolent, malicious, nefarious, repulsive, vile behavior, and character, of these people. They are literally re-inventing this area of our vocabulary, for want of a descriptive term to match their nature.
Which is basically what we’ve been saying for over a year. If you’re ready to obligate your grandchildren’s children to bailing out the rest of their global derivative swindle, let your conscience, and the status quo, be your guide.