"Fraud" suggestion laid at Goldman Sachs' door while £38bn more bunged at the banks
These articles do not make easy reading, but follow if you wish, the shenanigans of Goldman Sachs.
The company is planning on paying out £16bn in bonuses at the end of the year. http://www.guardian.co.uk/business/2009/oct/15/goldman-sachs-announces-profits-boom These are the people who practically invented the subprime mortgage, sold worthless securities to less well-informed punters while hedging the losses they (allegedly) knew were coming, and then repossessed the houses of the poor, who were bankrupted by uncapped balloon payments. Mike Lux at Huffington calls it "fraud". http://www.huffingtonpost.com/mike-lux/fraud-at-goldman-sachs_b_342710.html He cites two extensive pieces of investigative journalism: Matt Tabbi's "Great American Bubble Machine" http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine and Greg Gordon's McClatchey series "Goldman Sachs: xxMarket Manipulation" http://www.mcclatchydc.com/goldman/ Tabbi documents the revolving door between Goldman's and governments. Gordon focuses on the dispossessed. But, it is the same story. And, when the wheels started coming off the trolley we (the British tax payers) bunged £3,000 each into a package to rescue their "industry". And today? 38 billion more to Lloyds and RBS on top of the 180 billion we have already given the banks. http://www.guardian.co.uk/business/2009/nov/02/lloyds-banking-group-royalbankofscotlandgroup Bent over a barrel, raped, pillaged and paying for their pleasure while schools, universities and just about every other service of the state is told to just suck it up and deal with budget cuts of 10%-15% year on year for the next few years coming.
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