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The Hogs are Still Feeding on Wall Street
The Hogs are Feeding on Wall Street
The Wall Street Bankers who Cooked up the Toxic Subprime Mortgage Brew that Contributed to the Worldwide Recession are Again Feeding at the Big Bonus Trough.
Wall Street is back to paying big bonuses again, and not one of bankers has gone to jail for their role cooking up the toxic stew of CDOS and other deravitive "weapons of mass destruction" that sent world economies around the world into a tailspin.
The American taxpayers bailed out the banks and gave a huge gift to Goldman Sachs, ostensibly to save AIG from collapse, but which passed through AIG straight into Goldman's pockets. Goldman and several other name Wall Street banks have paid huge fines to settle civil fraud suits, in each case, "neither admitting nor denying guilt" while "doing the Lord's work," as a smiling Lloyd Blankfein, Goldman CEO put it so memorably in his testimony before Congress. The only individual criminally charged was a low level Goldman manager who, upon request of hedge fund operator John Paulson, cooked up a batch of doomed artificial mortgage derivatives and sold them to its unsuspecting customers while Paulson placed his bet against the toxic bundle. .
In the largest Securities and Exchange settlement in history ($550 million) Goldman agreed to settle the S.E.C.’s charges without admitting or denying the allegations by consenting to the entry of a final judgment that provides for a permanent injunction from violations of the anti-fraud provisions of the Securities Act of 1933.
More recently Rajat Gupta, a former Goldman Sachs and Procter and Gamble director, has been charged with furnishing material insider information on Goldman and Procter and Gamble to Raj Rajaratnam, operator of the Galleon hedge fund who is currently being tried on criminal insider trading charges.
11-6-12Wall Street Journal "Goldman Partners Pocket $22 Million"
- Goldman Partners Pocket $22 Million - WSJ.com
Business is tough at Goldman Sachs, but the past is paying off: More than 30 executives, including CEO Lloyd Blankfein, recently cashed in stock options awarded in the afterglow of the company's initial public offering in 1999.
Goldman-Paulson CDO Mortgage Scheme Stinks of Fraud
- Goldman-Paulson Deal Stinks
Beyond the moral issue, how is this not illegal? Certainly, these were largely unregulated markets, but is there no standard for disclosure? Were investors on the other sides of these trades informed that Paulson had actually played an integral role
3-11-11NYTimes--The Crisis is Over, but Where's the Fix?
- The Financial Crisis Is Over, but Wheres the Fix? - NYTimes.com
The economic recovery in most developed countries is stuttering at best, and governments are struggling with finances. It is time for remorse and second-guessing.
7-15-210 NYTimes--Goldman Settles Subprime Mortgage Fraud Charbe for $550 Million
- Goldman Settles With S.E.C. for $550 Million - NYTimes.com
Update: Goldman Sachs has agreed to pay $550 million to the Securities and Exchange Commission over a securities fraud case involving a mortgage-linked security.
Goldman Charged with Fraud in Mortgage Deal With Paulson
- Goldman Sachs Charged with Billion Dollar Subprime Fraud - Paulson Sub Prime Hedge Fund Scandal
Today saw the headline many anti Goldman Sachs crusaders had been waiting for, Goldman Sachs Charged with Billion Dollar Subprime Fraud. The Securities and Exchange Commission charged Goldman Sachs Group Inc...
Goldman Director Accused of Leaking Inside Information
- Ex-Goldman Sachs Director "Doing the Lord's Work" Accused of Providing Insider Trading Tips
Rajat Gupta, ex-Goldman Sachs director and, until he resigned last week a director of Procter and Gamble was charged by the Securities and Exchange Commission with giving inside information to Raj Rajaratnam...
NPR 1-21-11 Wall Street Bonus Season in Full Swing
- Wall Street Bonus Season Is In Full Swing : The Two-Way : NPR
Experts expect bonuses to be down 5 to 10 percent, but to the layman the numbers still seem astronomical.
Who Poured Water on the Bonfire? by Andrew Ross Sorkin in the NYTimes 6-24-08
- Bonfire of the Vanities Out?
Tom Wolfe says: "We may be witnessing the end of capitalism as we know it....Sherman McCoy would probably be selling his 12-room Park Ave. apartment...the word "credit" comes from the Latin credere, "to believe"...it only works if people believe it."
Goldman Chairman Gets a Bonus of $53.4 Million!
The Chairman of Goldman Sachs received a bonus for 2006 of $53.4 million based on the firm's record profit of $9.5 billion. Average compensation per employee at Goldman was $622,000. John J. Mack at Morgan Stanley, took second in the Wall Street hog race with a paltry $41.1 million. He was followed by Richard Fuld, Jr. of Lehman Brothers who will be paid $189 million over 10 years.
Bush Administration Treasury Secretary Henry Paulson who came from his position of Chairman of Goldman last year has been whining lately that Wall Street is suffering a big disadvantage due to over-regulation and too many law suits. Ousted AIG Chairman Hank Greenberg financed a blue ribbon committee report supporting Paulson's conclusions. And the Bush Justice Department and SEC quickly moved to relax procedures for prosecution of violators and interpretations of Sarbanes-Oxley. Reporting on these moves by mainstream media was less than clear.
MORGAN STANLEY DESTROYED AND WITHHELD EMAILS IN INVESTOR ARBITRATION CASES ACCORDING TO NASD
12-25 CHRISTMAS ON WALL STREET