Well, Hush My Mouth

Who could ever believe such a thing?

WASHINGTON — Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing market.

A senior Goldman executive disclosed the “bilateral” wagers on subprime mortgages in an interview with McClatchy, marking the first time that the Wall Street titan has conceded that its dealings with troubled insurer AIG went far beyond acting as an “intermediary” responding to its clients’ demands.

[..] A McClatchy examination, including a review of public records and interviews with present and former Wall Street executives, casts doubt on several of Goldman’s claims about its dealings with AIG, which at the time was the world’s largest insurer.

6 thoughts on “Well, Hush My Mouth

  1. Susie, I really want to compliment you on being mentally stabile enough to continually read and comment on this type of shit. I get angry as hell when I read this stuff that I don’t NEED to read b/c I already know we’re being being fucked. But you keep up the good work—-someone of character has to monitor the crooks.

  2. “its own money”
    And today I only breathed my own air and enjoyed my own sunshine.
    Assholes are due to be revolutioned.

  3. We really shouldn’t be surprised by any of the banking buggery found when turning over rocks on Wall St. They all participated, they all raked in obscene profits, and they all came forward, (cap in hand) for guv’mint help when the Ponzi scheme collapsed. And now they use OUR MONEY to lobby for softer reforms.

    Fuckers. Each and every one.

    I also want second Dandy’s opinion: Thanks for reading way more crap than I would ever have time for, and filtering it all into your succinct site. Bravo Susie. You go, girl.

  4. My God…it seems there actually are some journalists around, but it seems they all work for McClatchy. Helllooooo NYT.

  5. For a long time I wanted to believe that these words they used like “betting” and “wagers” we sort of metaphorical shorthand, and that it was not really just betting like at Los Vegas or the dog track. That it was actually some kind of thing that had an important function in the workings of international economic systems.

    Surely people could not be doing things that cause strangers to lose their homes or be thrown into unemployment or get kicked out of a hospital just on a BET, a spin of the wheel, the turn of a card. Surely debts created by such acts cannot be regarded as legally binding, bank destroying contracts that must be paid back.

    If that were true then there are no ethical standards binding anyone except those related to money which are absolute and unquestioned.

    This is beyond criminal. It is beyond all humanity.

  6. I could use a break, frankly. I feel like I need a spiritual shower by the end of the day, there’s so much crap attached to my psyche from reading this stuff.

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