"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.
2 comments
Nov 03, 2009
Al said...
Great! And what is RBS doing with these hundreds of billions of pounds of our money? Financing the disastrous extraction of unconventional fossil fuels such as the Alberta Tar Sands. Publicly promoting itself as "The Oil & Gas Bank", RBS has provided oil corporations with the cash to build and operate drilling rigs, pipelines and oil tankers in some of the world’s most sensitive and unstable places. Bank loans play a key role in forcing open the new carbon frontier. RBS has financed oil projects in Nigeria, Angola and Ecuador that cause environmental destruction, disruption of indigenouspeoples and increase conflict http://tinyurl.com/y8z9rlg
http://oyalbankofscotland.com/
http://www.guardian.co.uk/business/2009/oct/18/rbs-vedanta-loan-court-case
Nov 03, 2009
Simon Collery said...
Here in Kenya if you steal very large amounts of money, you become rich and untouchable. If you are even suspected of stealing a small amount you risk being covered in petrol and set alight. I guess the principle is similar.S
