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(Marketwatch)   Goldman Sachs spoils the party for everyone by suggesting that the bond insurer bailout will fail spectacularly   (marketwatch.com) divider line 22
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1334 clicks; posted to Business » on 25 Jan 2008 at 5:45 PM (6 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-01-25 06:28:39 PM
Can someone please explain?

1. Mortgage lenders "repackage" risky loans into SIVs -- basically repacking spoiled food into a new container, changing the freshness date and the nselling it as class A product.

2. Government bails out borrowers and lenders to the tune of billions.

3. Management of these firms still walk away with annual bonuses in the billions (collectively).

Um...why aren't these thieves who orchestrated this massive money laundering hung out to dry?
 
2008-01-25 06:36:43 PM
Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

But hey, if you're willing foot the bill to teach these guys a lesson for the long term good at astronomical cost, go nuts.
 
2008-01-25 06:48:19 PM
I do wonder how that pitch would go down, though:

"Dear American people, we're going to bite the bullet and let the economy tank to weed out the companies that totally noobed it up in the past few years. Things are going to really really suck for about 11 months, and many of you will lose your jobs and see your 401ks tank bigtime, but hey, it's all for the greater good!"
 
2008-01-25 06:59:07 PM
How about:

Dear Bank Execs and Managers:

Your annual bonuses?

Not yours.

KTHXBYE.

The IRS.
 
2008-01-25 07:28:27 PM
Hi, we are just some of the criminals running the show! (new window)

Mark Carney's, Canada's next Bank of Canada governor, joins a long list of powerful global economic policy makers formerly employed at Wall Street powerhouse Goldman Sachs.
Mr. Carney, 42, was the managing director of Goldman Sachs' Canadian operation before opting to join the public service in 2003, as deputy governor of the Bank of Canada. Here are other former Goldman Sachs players now making their name on the economic policy front:
• Henry Paulson, the U.S. Treasury Secretary, was formerly chairman and chief executive at Goldman Sachs.
• Mario Draghi, Italy's central bank governor, was a Goldman Sachs vice-chairman and managing director.
• David Watson, who was Goldman Sachs' chief European economist before joining the Bank of England's monetary policy committee.
And let's not forget Robert Rubin, the former U.S. treasury secretary under President Bill Clinton, who previously served as Goldman Sachs' co-chairman.
All these former high-level Goldman Sachs people getting key economic jobs has kept conspiracy theorists busy throughout the years. Mr. Carney's appointment will only add fuel to the fire.
 
2008-01-25 09:09:09 PM
FireZs: Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

But hey, if you're willing foot the bill to teach these guys a lesson for the long term good at astronomical cost, go nuts.


Mm-kay, this is how it goes. See link here: Goldman Sachs sees US 'falling into recession' (new window)


There is NO WAY that GS makes this call without already being positioned to benefit from said recession.

Q. So would GS help save the bond insurers and help avoid said recession?
A. Nope.
 
2008-01-25 09:24:12 PM
franjime: Q. So would GS help save the bond insurers and help avoid said recession?

And how, pray tell, would they achieve such an insurmountable task?
 
2008-01-25 11:12:52 PM
The bond insurer bailout may fail but the stock index went up for a couple days so there will be no long term ramifications.
 
2008-01-26 02:02:27 AM
franjime: FireZs: Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

But hey, if you're willing foot the bill to teach these guys a lesson for the long term good at astronomical cost, go nuts.

Mm-kay, this is how it goes. See link here: Goldman Sachs sees US 'falling into recession' (new window)


There is NO WAY that GS makes this call without already being positioned to benefit from said recession.


Like, perhaps, I don't know, shorting the markets like they did for the subprime mess?
 
2008-01-26 05:45:41 AM
That will help the stock market monday! Seriously, it's gonna be farking ugly for the US dollar and the stock market next week.
 
2008-01-26 11:50:08 AM
No more farking bailouts! Do you hear me Washington? Let the inefficient businesses die and let the good ones continue on! It's the only way we'll compete in a global economy!
 
2008-01-26 12:08:35 PM
FireZs

Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

But hey, if you're willing foot the bill to teach these guys a lesson for the long term good at astronomical cost, go nuts.


Yes I am because I'm prepared for it.

And too damn bad because it's going to happen anyway. We bail them out to the tune of billions keeping an inefficient reckless company afloat. Or we recess, lose billions, and destroy these morons. It would be TEMPORARY and if it was PERMANENT it was going to happen ANYWAY and you'll have way more important things to worry about than your 401(k).
 
2008-01-26 12:34:36 PM
ptelg: No more farking bailouts! Do you hear me Washington? Let the inefficient businesses die and let the good ones continue on! It's the only way we'll compete in a global economy!

Easier to inflate their way out of the mess and blame the inflation on the Chinese and their evil lead toy paint, Iran, and the Boogyman. Now go out there and amass some debt, citizen! It is the only way the house of cards will stand!
 
2008-01-26 12:47:16 PM
Goldman's Sac.

content.answers.com

/It was a bionic sac.
 
2008-01-26 05:17:50 PM
lohphat: Um...why aren't these thieves who orchestrated this massive money laundering hung out to dry?

Or shot in front of a firing squad.

Seriously, some of these people deserve death. They've arguably done their part to bring it upon American citizens.
 
2008-01-26 05:18:54 PM
FireZs: Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

Perfect logic. "The system is broken, so we'll just ride it until it's completely destroyed beyond all repair, instead of taking the time to fix it right now."

It certainly worked for Rome.
 
2008-01-26 07:42:43 PM
that's my company... leave em alone!

/lovin the paychecks, and I don't even make positions!
 
2008-01-26 10:39:22 PM
It's more like 'pointing out' than 'suggesting that'
 
2008-01-27 12:44:45 AM
-------------------------------
FireZs 2008-01-25 06:36:43 PM
Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?
-------------------------------

It's not my wealth. I'm not an officer in any of these companies. fark them, fark them hard, and fark them in the ass.
 
2008-01-27 05:07:59 AM
rtadoyle: that's my company... leave em alone!

/lovin the paychecks, and I don't even make positions!


Buy me a Rolex.
 
2008-01-28 11:21:01 AM
puffy999: FireZs: Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?

Perfect logic. "The system is broken, so we'll just ride it until it's completely destroyed beyond all repair, instead of taking the time to fix it right now."

It certainly worked for Rome.


Exactly. I agree with that. My point is that people don't want to suffer the short term losses for the long term health of the economy. In a democracy full of short-sighted people, this is the kind of solution you get.
 
2008-01-28 11:26:25 AM
SpacePunk: -------------------------------
FireZs 2008-01-25 06:36:43 PM
Because they're afraid of the corresponding destruction of wealth and loss of confidence in the economy?
-------------------------------

It's not my wealth. I'm not an officer in any of these companies. fark them, fark them hard, and fark them in the ass.


Do you have a job?

Want to lose it?

The health of large corporations, like it or not, have non-trivial effects on the health of the economy, and that ties directly to your own prosperity.
 
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