“The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”. That includes the recent sub-prime mortgage crisis, to the tune of $3.4 Billion profits last year betting against the mortgage bundles they were peddling. Infuriating, no doubt, but bear in mind they profited from the crisis, NOT caused it.
Current plans for finance reform have Goldman Sachs in the hot seat, but fail to address the root issues stemming from the lending practices of Fannie and Freddie. And the consumer protection clauses are particularly troubling. Take the populist anti-profit view and get the ‘fat cats’ if you must, but unintended consequences of this proposed legislation ultimately adversely affect small business when they need it the least. Besides, some investors actually want to partake in riskier investments to reap the potentially larger rewards. Unlike us taxpayers who were roped into investing in GM without our consent.
If Goldman Sachs broke laws, they should be held accountable. I’m just not buying that every “reform bill” this congress touches will return taxpayer gold….
Current plans for finance reform have Goldman Sachs in the hot seat, but fail to address the root issues stemming from the lending practices of Fannie and Freddie. And the consumer protection clauses are particularly troubling. Take the populist anti-profit view and get the ‘fat cats’ if you must, but unintended consequences of this proposed legislation ultimately adversely affect small business when they need it the least. Besides, some investors actually want to partake in riskier investments to reap the potentially larger rewards. Unlike us taxpayers who were roped into investing in GM without our consent.
If Goldman Sachs broke laws, they should be held accountable. I’m just not buying that every “reform bill” this congress touches will return taxpayer gold….
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