Confessions Of A Wall St. Nihilist: Forget About Goldman Sac

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Egg
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Confessions Of A Wall St. Nihilist: Forget About Goldman Sac

Post by Egg » Fri Nov 25, 2011 7:05 pm

Long article. Worth your time. More at the link.

Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud


There was a strange moment last week during President Obama’s speech at Cooper Union. There he was, groveling before a cast of Wall Street villains including Goldman Sachs chief Lloyd Blankfein, begging them to “Look into your heart!” like John Turturro’s character in Miller’s Crossing…when out of the blue, the POTUS dropped this bombshell: “The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will fail this scrutiny.”

The Big Secret, of course, is that every living creature within a 100-mile radius of Cooper Union would fail “this scrutiny”—or that scrutiny, or any scrutiny, period. Not just in a 100-mile radius, but wherever there are still signs of economic life beating in these 50 United States, the mere whiff of scrutiny would work like nerve gas on what’s left of the economy. Because in the 21st century, fraud is as American as baseball, apple pie and Chevrolet Volts—fraud’s all we got left, Doc. Scare off the fraud with Obama’s “scrutiny,” and the entire pyramid scheme collapses in a heap of smoldering savings accounts.

That’s how an acquaintance of mine, a partner in a private equity firm, put it: “Whoever pops this fraud bubble is going to have to escape on the next flight out, faster than the Bin Laden Bunch fled Kentucky in their chartered jets after 9/11.”

And that’s why this SEC suit accusing Goldman Sachs of fraud is really just a negotiating bluff to give Obama’s people some leverage—or it’s supposed to be, anyway—according to the PE guy. He dismissed all the speculation that the fraud investigations would turn on other obvious villains like Deutsche, Merrill, Paulson & Co., the Rahm Emmanuel-linked Magnetar and so on.

“You don’t get it, Ames. Even Khuzami, the SEC guy in charge of the Goldman case, is a fraud; the fucker was Deutsche’s general counsel when they pulled the same CDO scam as Goldman. You have no idea how deep this goes.”

And it’s clear that a lot more people here are aware of how fundamentally rotten things are but they’re not willing to face the big fraudonomics bummer yet, preferring instead to stick with specific accusations.

My position on this was, “Good, throw the book at those crooks too, I don’t see what the problem is here.”

This was exactly what I argued a week ago, during a verbal slapfight with that acquaintance of mine. We were making a scene in a Midtown yuppie restaurant, arguing over just how much damage Wall Street had caused, and what to do about it.

His position was indefensible, and he knew it, so he switched tactics:

“OK Ames, which bankers would you throw the book at? Because you’re arguing that they’re all guilty. So which ones do you go after? Two of them? Three? Half of them?”

“Every last one of them. Lock ’em up in one of their private prisons.”

http://exiledonline.com/confessions-of- ... -on-fraud/


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Pigeon
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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Pigeon » Fri Nov 25, 2011 7:23 pm

I think every knows that it is not going to be fixed. (except a few dreamers)

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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Mur » Fri Nov 25, 2011 7:25 pm

Good read

Sure ....the whole system is built on fraud.

But rather than let the fraud continue...it needs to be unwound.

Step one.....Default on the federal Reserve debt of 1 plus trillion.

Step two....Unwind the too big to fail banks as insolvent

Step three.....I'm open to suggestions

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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Egg » Fri Nov 25, 2011 7:27 pm

You may say I'm a dreamer, but I'm not the only one... ;)


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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Egg » Fri Nov 25, 2011 7:28 pm

I think any economy built on debt is doomed to fail, I don't care what the reasoning behind it is.


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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Mur » Fri Nov 25, 2011 7:29 pm

Ron Paul is our last best hope for.........................



Hope

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Pigeon
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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Pigeon » Fri Nov 25, 2011 7:30 pm

Oh bama doesn't have the guts or ethics.

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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Egg » Fri Nov 25, 2011 7:32 pm

I think you're right.

The final straw for me is the fact that he gave a speech for the ears of the Egyptian government in 01/2011 telling them to not get violent with the protesters but has said nothing to the mayors and police chiefs here about the same.

Meanwhile, batonned, pepper sprayed, miscarried, etc and not a peep from that putz.


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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Pigeon » Fri Nov 25, 2011 7:32 pm

The only hope is for people to remove their money from the stock market and investors. That won't happen either, they still think they will get a big payout some day. The corruption is not going to be stopped.

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Re: Confessions Of A Wall St. Nihilist: Forget About Goldman

Post by Egg » Fri Nov 25, 2011 7:34 pm

Most of America has no to little money in the market any longer.


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