You gotta see this video on Goldman Sachs

Why is it that an honest view like this appears on France 24 instead of CNN, MSNBC, or a US network.

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They're SCUM!

Wow! Well, while we have corporate cable, we have blogs which few read! ;)
I don't know why France is complaining, their bank was funneled way more $$$ than GS through AIG in 100% CDS payout or maybe that's why he was defending it somewhat.

I don't know about the threat to crash the system if they audit the Fed but something is going on and if they don't want to be audited to this extent, it tells me they have something very serious to hide.

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Krugman Blasts GS plus says another crisis more likely

Wow, we're getting some plain talk coming out of the woodwork as of late.

The Joy of Sachs :

Over the past generation — ever since the banking deregulation of the Reagan years — the U.S. economy has been “financialized.” The business of moving money around, of slicing, dicing and repackaging financial claims, has soared in importance compared with the actual production of useful stuff. The sector officially labeled “securities, commodity contracts and investments” has grown especially fast, from only 0.3 percent of G.D.P. in the late 1970s to 1.7 percent of G.D.P. in 2007.

Such growth would be fine if financialization really delivered on its promises — if financial firms made money by directing capital to its most productive uses, by developing innovative ways to spread and reduce risk. But can anyone, at this point, make those claims with a straight face? Financial firms, we now know, directed vast quantities of capital into the construction of unsellable houses and empty shopping malls. They increased risk rather than reducing it, and concentrated risk rather than spreading it. In effect, the industry was selling dangerous patent medicine to gullible consumers.

Goldman’s role in the financialization of America was similar to that of other players, except for one thing: Goldman didn’t believe its own hype.

i.e. "rigged game" but more importantly, by turning the U.S. economy into a glorified gambling casino, Krugman is saying the U.S. is still vulnerable to another implosion.

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how soon they forget

Coming up as "top news" on Google is this Seeking Alpha article and it's just astounding, it completely denies the $20B, with documented $5.6 AIG 100% payout after the bail out on CDSes.

(See the real screw job).

Even more amusing is this blog post, so desperate to defend GS on the AIG bail out and subsequent payouts @ 100% of CDSes he's trying to argue 80 cents on the dollar in a bankruptcy (don't think so!) is as good as 100.

I've always found "blind loyalty" to the corporate bizarre, CEOs treated like celebrities, rock stars who can get away with anything but this reaction is just having a case of amnesia.

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SEC investigates GS on CDSes

GS have received inquiries from various governmental agencies and self-regulatory organizations regarding credit-derivative instruments.

How long have we been writing about this? Since the site started, which on an active scale is about a year.

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