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Perhaps something will: Senator Carl Levin, releasing the findings of a two-year inquiry yesterday, said he wants the Justice Department and the Securities and

by jsm386 16y ago

Perhaps something will: Senator Carl Levin, releasing the findings of a two-year inquiry yesterday, said he wants the Justice Department and the Securities and Exchange Commission to examine whether Goldman Sachs violated the law by misleading clients who bought the complex securities known as collateralized debt obligations without knowing the firm would benefit if they fell in value. The Michigan Democrat also said federal prosecutors should review whether to bring perjury charges against Goldman Sachs Chief Executive Officer Lloyd Blankfein and other current and former employees who testified in Congress last year. Levin said they denied under oath that Goldman Sachs took a financial position against the mortgage market solely for its own profit, statements the senator said were untrue. http://www.bloomberg.com/news/2011-04-14/goldman-sachs-misled-congress-after-duping-clients-over-cdos-levin-says.html http://www.bloomberg.com/news/2011-04-14/goldman-sachs-misle...

phlux 16y ago
If this moves forward, I expect Mr. Levin's tragic death in a small plane crash. Edit, apparently people are not familiar with cases like that of Paul Wellstone, or documentaries like "Conspiracy of Silence"
- maukdaddy 16y ago
  Maybe people are just tired of the stupid conspiracy theories that seem to run rampant throughout the tech community.
  - phlux 16y ago
    Maybe if people weren't actually dying mysteriously when they were opposed to totalitarian / oligarchs, then we'd stop bringing it up.
functionoid 16y ago
Was financial melt down even caused by CDO's? It was caused by sub prime mortgages mainly by Fannie and Freddy and everyone knows that however people those who are in power want to look other way because they want to continue with that, finally they have to put the blame on something, and this is something.
- alexqgb 16y ago
  Sub-prime mortgages - even in the billions - were not enough to cause total financial implosion. However, CDO's (the value of which exceeded, I believe, $45 trillion), most certainly could. So yes, yes, a hundred times yes. Fraudulently-rated CDOs were the heart and soul of the Crash. That, and extreme regulatory capture (which is something else that people who can't even afford home payments are unlikely to buy).

by jsm386 16y ago

phlux 16y ago

If this moves forward, I expect Mr. Levin's tragic death in a small plane crash. Edit, apparently people are not familiar with cases like that of Paul Wellstone, or documentaries like "Conspiracy of Silence"

maukdaddy 16y ago
Maybe people are just tired of the stupid conspiracy theories that seem to run rampant throughout the tech community.
- phlux 16y ago
  Maybe if people weren't actually dying mysteriously when they were opposed to totalitarian / oligarchs, then we'd stop bringing it up.

functionoid 16y ago

Was financial melt down even caused by CDO's? It was caused by sub prime mortgages mainly by Fannie and Freddy and everyone knows that however people those who are in power want to look other way because they want to continue with that, finally they have to put the blame on something, and this is something.

alexqgb 16y ago
Sub-prime mortgages - even in the billions - were not enough to cause total financial implosion. However, CDO's (the value of which exceeded, I believe, $45 trillion), most certainly could. So yes, yes, a hundred times yes. Fraudulently-rated CDOs were the heart and soul of the Crash. That, and extreme regulatory capture (which is something else that people who can't even afford home payments are unlikely to buy).