The Secrets To Goldman Sachs' Success: Contrary Bets, Predatory Lending, Government Connections, Offshore Tax Havens

McClatchy:

WASHINGTON -- In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

Read the whole story: McClatchy

Comments

[enquiringmind]

Mostly connections..

A law unto themselves and whose interests are served?

[MyWhiteHouse]

WHERE ARE THE JOBS YOU PROMISED, OBAMMI?

good articles: http://financeopinionss.blogspot.com

[tuberider]

When Matt Taibbi at Rolling Stone first had the guts to tell it like it is at Goldman Sachs, they pretty much laughed it off. The mind-blowing escalation in bonuses there illustrates not just how "short term" they view their own futures but also the future of the economy they were instrumental in imploding. The writing is on the wall...

[enquiringmind]

Agree about the expose..and it's as if nothing happened. GS seems above it all. Did you see the Dyland Ratigan rant on GS , the Goldman profits belong to the people who lent the money to buy assets at rock bottom prices. The America people should claw the profit back.

[xenophrenia]

I keep wondering when someone tries to blow them sky high. This sort of story keeps coming out as regularly as these are it's bound to happen. They are certainly painting themselves a target for the angry peasants with their pitchforks and torches. I wouldn't want to work there right now - no matter how good the bonuses - anyone working there has to fear for their lives with all of this coming out. I'd recommend they find other jobs - people are getting cornered and it's only a matter of time before they lash out.

[RRoadrunner]

This is sick. What else don't we know?

[comicpro]

Goldman sachs: the modern day robber baron with friends in all the right places.

[marignymitch]

Goldman Sachs success is thanks to its influencial friends in high place (see the Treasury and the Fed) in both Junior's and Obama's administrations.

[texastrixie]

In history, the outrage of this economic disaster will be the failure of the government to regulate the financial markets and the banks, AND THE FAILURE OF THE GOVERNMENT TO PUNISH (TRY & IMPRISON) THE INDIVIDUALS WHO TOOK THE COUNTRY DOWN THROUGH REPUDIATION OF THEIR FIDUCIARY DUTIES.

[StickMarket]

need to stop the admixure of money & politics. Time 4 the peopel to get the reform they need. heath care, education, a stable well paying job, and housing.

good articles; http://financeopinionss.blogspot.com

Lets hope Obama will succeed

[denny8844]

Now that the Dems have control of the WH and Congress exactly how many of the horrible things that were pushed by the Clinton Admin in 1999 such as expansion of derivatives etc and repeal of Glass Steagall have been changed? None zilch nada zip Any Questions

[PlayTOE]

betting the housing market will drop while planning to destroy that market with planned foreclosures ..

that is insider trading.

[gorgol]

Goldman is a CRIME SYNDICATE with the blessing of our Government....and why not?? Its Goldman people that are making the decisions IN our government...We have become a financial plague on the world...

[FHTB]

Yes they are, and that in itself is a crime...shameful racket that would make the mob proud...

[Cogs]

Goldman is pro-business and anti-American.

[FHTB]

SO true...I am tired of hearing about their criminal and repellent behavior and how this government has aided and abetted it, chiefly in the form of Tim Gheitner...the man mooches off a buddy for hosuing, effs up his taxes, and coddles the main engineers of the meltdown who are still continuing their scandalous ways...just inexcusable...I use to think Obama just didn't seem to get how bad Gheitner was, but now I know he obviously fully condones what is going on. After all, Goldman bought and paid his Presidency, and if you believe otherwise, you are even stupider than anyone imagined.

[vinny]

when do we start holding people accountable?

[shivasquest]

Thats THE question.

[BrotherTheodore]

Too big to fail = too many high administration cronies.

PERIOD.

[FHTB]

They all deserve to be ousted...if Obama doesn't do it, you know then he is in league with them, and that is a very sad state of affairs...