Goldman Sachs accused of fraud

[Tubthumper]

Great isn't it - someone finally gets the gumption to start nailing these pirates, rogues and thieves, and our world is rocked because the stock market tumbles - because it's run by the same pirates, rogues and thieves!!
Northern Rock chaps fined and banned in the UK: I hope that's just the start, I hope the whole stinking cesspit of the 'financial industry' are pooping in their drawers while they tot up the millions they've got stashed in tax havens.
There's a reckoning a-coming boys and girls!!

[bagpuss]

too little too late alas

[wicker8]

the sooner the better

[Sara Jevo]

We're all keen to see MPs locked up for dipping their fingers in the till for a few thousand quid, so what punishment for these reptiles whose actions have caused real hardship and misery for thousands, nay millions, around the world?

In November last year, the chief executive of the investment bank Goldman Sachs defended enormous bonuses. It would be wrong, he said, to cap the pursuit of wealth. When the journalist suggested this sort of greed was at the root of a lot of problems, he said he was just a banker "doing God’s work".

Source: Wall Street Journal

Yesterday, the authorities in the US charged Goldman Sachs with fraud of $1 billion. The bank is said to have packaged up sub-prime mortgages and sold them on, knowing that one of their associates in the deal had bet on their value collapsing. When their value did indeed collapse, those involved in the deal made $1 billion; Goldman Sachs trousered $20 million; and those who bought the package lost $1 billion.

Source: Guardian

The greedy bankers at RBS, lead by the esteemed Sir Fred, thought they could make a buck out of these dodgy mortgages, but ended up losing $800m in this scam.

Source: BBC

God's work?

I hope they rot in hell for the impact their greed has had on the lives of millions around the world.

[Tubthumper]

I watched the US government select committee tearing into the Goldman Sachs executives in utter disbelief. The arrogance and contempt they have shown is beyond anything I'd ever expected. They set up a crap product they knew would fail, sold it to poor gimps like RBS, BET on it failing though hedge funds, and then got multi-million dollar bonuses when it fell apart and took the entire world economy with it!
And they just don't care!