Goldman Sachs‘s Predations Redux
“The clear theme is that Goldman Sachs loves its clients with the same lip-smacking love that any predator has for incautious prey. If Blankfein is right that Goldman Sachs is doing God’s work it follows logically that God hates Goldman’s clients.” (quoted from William K. Black, New Economic Perspectives)
What kind of predation does Goldman Sachs engage in? Here’s a brief list from Black’s article:
1. Goldman used derivatives to help the Greek government hide its deficit;
2. Goldman was sued for assisting in Enron‘s control frauds which helped Enron avoid paying taxes;
4. Goldman has had numerous regulatory actions and investigations that culminated in their paying $550 million to settle SEC charges in 2010;
5. Goldman settled with regulators and paid fines for illegal foreclosures and robo-signing forgery;
6. The FHFA had evidence of “pervasive” appraisal fraud by Goldman during its securitiations of subprime mortgages;
7. Goldman disregarded underwriting guidelines in order to increase profits;
8. Goldman purchased fraudulent mortgage originators’ loans and resold them to Fannie and Freddie;
9. Goldman leveraged information in its warehouse lending business to increase its profits;
10. Goldman forced lenders to repurchase defective loans that were still on Goldman’s books;
11. Goldman realized that the securitizations they had helped create were no longer safe and began to “short” the “junk” mortgages;
12. By shorting the market, Goldman profited from its clients’ losses;
13. Goldman knew about the devastation that its securitizations would inflict on the economy but, rather than warn everyone against the coming crisis in the mortgage market, it stayed quiet and profited enormously by shorting the market!
Mea Maxima Culpa Silence in the House
An unholy coincidence? Pope Benedict‘s once-in-600-year ‘abdication’ is highly suspicious in context to the timing of the ‘Mea Maxima Culpa’ doc release. Alex Gibney took some 4 years in researching this well crafted and informative film, which exposes an endemic, global,
cover-up of deviant Catholic priests, Bishops, Cardinals and Popes:
primarily on one prolific paedophile priest who operates a reign of terror at a
school for deaf children in the US, then widens the story out to expose the
Catholic church’s complicity on a jaw-dropping scale.As a top Cardinal at the time, Ratzinger took ‘ownership’ of the
hundreds/thousands of abuses reported – and locked them deep within the Vatican
archives. A gobsmacking expose by the award-winning doc maker (Enron,
Taxi to the Dark Side, among others), which merits a very public spotlight.
I urge believers and non-believers alike to get to a screening and spread a ‘call to action’, before he takes cover (tho’ if one was to be generous, it m
What deregulation means
In the “free” market in electricity, grabbing water systems was a sure bet: Governments had already paid for the pipes and the market is captive, customers undeserved and thirsty. Thatcher’s England led the way with the first privatizations. In Britain, water bills shot up astronomically for consumers .
Once deregulation comes rest assured gas ,water and the cost of electric services will rise in an ever upward spiral
Workers were fired en masse, allowing Enron to pocket their pay, in violation of the company’s solemn promises to invest. Without maintenance workers, water mains were left broken. Enron’s profitable neglect of the system left water contaminated.
“Maintaining our water infrastructure in public ownership is of major importance for future generations. It is essential that we ensure that this asset is maintained under democratic control and not allowed to fall into the hands of those who would wish to exploit this resource for private profit at the expense of the public interest,” said Jack O’Connor, president of Services industrial professonal and technical union (SIPTU).
SIPTU Sector Organiser, Michael Wall, said: “The alliance will focus on the role of staff in the new company and highlighting the consequences for the country if the process of privatisation of water services is continued.
“The unions will develop a joint policy and actions across the country as the efforts to reduce public ownership of water services is rolled out.”
The unions involved in the new alliance are SIPTU, UNITE and the TEEU.
What IMF loans mean
Take the case of Ecuador
While trying to pay down the mountain of IMF obligations, Ecuador foolishly “liberalized” its tiny financial market, cutting local banks loose from government controls and letting private debt and interest rates explode. Who pushed Ecuador into all of the nonsense why none other than the IMF so their corporate friends could benefit
Statement from SIPTU Ireland
Maintaining our water infrastructure in public ownership is of major importance for future generations. It is essential that we ensure that this asset is maintained under democratic control and not allowed to fall into the hands of those who would wish to exploit this resource for private profit at the expense of the public interest,” said Jack O’Connor, president of Services industrial professional and technical union (SIPTU).
Don’t turn the tap off and let the IMF benefit from Ireland’s utilities
IMF image produced by Alec Foley