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Thursday, April 29, 2010

Nothing like watching rich white men squirm

Hello, I'm from Goldman Sachs. I would like to sell you a 'financial product' that whilst unbeknown to you, I'll be betting will fail in the derivatives market. Pay me my huge offensive bonus now please.

Greece stands on brink of financial abyss
ATHENS - Greece was yesterday pushed to the brink of a financial abyss and started dragging another eurozone country - Portugal - down with it, fuelling fears of a continent-wide debt meltdown. Global stocks tanked after ratings agency Standard & Poor's downgraded Greek bonds to junk status and downgraded Portuguese bonds two notches, showing investors Greece's financial contagion is spreading.

Wasn't it wonderful watching corporate maggots like Goldman Sachs getting roasted on Capital Hill yesterday? There's nothing like rich white men squirming as Goldman Sachs get caught out turning Sovereign Funds into the new sub-prime mortgages. Their financial weapons of mass destruction have caused a crises in capitalism, without much more heavy regulation of derivatives and stopping these types of maggots causing economic damage that hurt us all.

Grilled squid
A ghastly day on Capitol Hill for Goldman Sachs’s top brass
“ONE of the worst days of my professional life” was Lloyd Blankfein’s characterisation of April 16th, when the Securities and Exchange Commission (SEC) filed civil fraud charges against Goldman Sachs. The bank and an employee were accused of failing to disclose that a hedge fund that had influenced the composition of a complex mortgage-debt transaction was also shorting it. April 27th was surely not much better, either for the Wall Street firm’s boss or any of the six other current and former Goldman investment bankers who testified before the Senate Permanent Subcommittee on Investigations. The roasting, which lasted more than ten hours, was as dramatic as any hearing focused largely on synthetic collateralised-debt obligations (CDOs) could be.


At 29/4/10 7:02 pm, Blogger peterquixote said...

In a sitiation like this Tim Selwyn used to give opinion on financial matters general.
Like maybe he could add that the Euro dollar is going to get a bloody hiding shortly.
You know things like that.
A Socio economic opinion to go with your rampant angry anti capital violence.
Euro takes a pounding soon.
Overweight Euro about to drop.


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