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gruffydd

Goldman Sachs - The Vampire Squid Wrapped Around The Face Of Humanity

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http://ftalphaville.ft.com/blog/2009/07/16...trated-edition/

Matt Taibbi’s description of Goldman Sachs being †a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money†seems to have really captured the world’s attention (at least if this Google news search is anything to go by).

http://ftalphaville.ft.com/blog/2009/07/16...dman-sachs-way/

The anti-Goldman website http://www.goldmansachs666.com will be allowed to live.

The bank and www.goldmansachs666.com proprietor, Mike Morgan, had been engaged in a legal scuffle, centring around copyright issues, since April. Now, however, the site will be permitted to continue — albeit with one giant disclaimer to clarify that it is not in anyway affiliated with the actual IB.

Yo

Edited by gruffydd

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Guest X-QUORK

The GS spivs will probably be beating off in their cubicles over that description, makes 'em seem even more omnipotent.

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Agreed, the people that write and read this nosh leave a lot to be desired

We await your detailed defence of Goldman Sachs with interest.

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We await your detailed defence of Goldman Sachs with interest.

That will be a very long wait I predict.

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It will indeed, because I know very little about them. Just like the vast majority of the kugelsack writers out there.

How do you know that the writers know very little about them?

I know very little about the writers or GS.

Or much in general, if I'm honest...

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The GS spivs will probably be beating off in their cubicles over that description, makes 'em seem even more omnipotent.

+1 :lol::lol::lol:

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...did GS not call the bubble internally and throw overboard all their toxic debt by the end of 2006 well before the crash...one of the few Bank's to do so.....?.....correct me if I have it wrong.... <_<

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Just a hunch.

I know that Noel is fond of agreeing. There are a few things we can agree on here.

I think we can say with confidence that they received explicit and implicit back stops from the US taxpayer via a variety of mechanisms.

I think we can say that they received 13 billion dollars via the AIG bailout.

I think we can say that Paulson lobbied and got removal of leverage limits from Congress before he entered government himself.

I think we can say that they are a bunch of *****.

N'est pas?

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I know that Noel is fond of agreeing. There are a few things we can agree on here.

I think we can say with confidence that they received explicit and implicit back stops from the US taxpayer via a variety of mechanisms.

I think we can say that they received 13 billion dollars via the AIG bailout.

I think we can say that Paulson lobbied and got removal of leverage limits from Congress before he entered government himself.

I think we can say that they are a bunch of *****.

N'est pas?

* Applause *

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I know that Noel is fond of agreeing. There are a few things we can agree on here.

I think we can say with confidence that they received explicit and implicit back stops from the US taxpayer via a variety of mechanisms.

I think we can say that they received 13 billion dollars via the AIG bailout.

I think we can say that Paulson lobbied and got removal of leverage limits from Congress before he entered government himself.

I think we can say that they are a bunch of *****.

N'est pas?

:D

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I know that Noel is fond of agreeing. There are a few things we can agree on here.

I think we can say with confidence that they received explicit and implicit back stops from the US taxpayer via a variety of mechanisms.

I think we can say that they received 13 billion dollars via the AIG bailout.

I think we can say that Paulson lobbied and got removal of leverage limits from Congress before he entered government himself.

I think we can say that they are a bunch of *****.

N'est pas?

What will Grandma say when she finds out you have been sniffing her sherry?

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...did GS not call the bubble internally and throw overboard all their toxic debt by the end of 2006 well before the crash...one of the few Bank's to do so.....?.....correct me if I have it wrong.... <_<

impossible...it was Impossible for the forthcoming crash to be predicted.

Any GS exec would have had to explain very carefully to shareholders why they were doing this or A: their shares would have plummeted, and B: the market would have noticed and the crash would have occured much sooner.

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impossible...it was Impossible for the forthcoming crash to be predicted.

This site is impossible!

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oops

link

In October 2008, I figured out part of the big secret: Goldman had insured all of its subprime exposure via AIG. This allowed it to book huge profits on its subprime investments long before they were actually paid off because the bonds were insured. Of course, it was all a sham – AIG didn't have nearly enough money to pay off any of the insurance. (See the October issue of PSIA for more details.) A source close to the company even told me how big the exposure to AIG really was – $20 billion. That's roughly 100% of the profit Goldman claimed in 2006 and 2007, at the height of the credit bubble. Goldman completely denied my report and claimed it had zero exposure to AIG.

As was subsequently revealed in the spring of 2009, my report was right on the money. Goldman had roughly $20 billion in exposure to AIG and received roughly $14 billion of money the federal government used to bail out AIG.

But I completely missed one big part of the story... And once this fact becomes common knowledge, it will probably mean jail time for several leading Goldman executives and the end of the firm. What did I miss? The entire Goldman-AIG relationship was a complete sham. Let me explain...

Goldman eventually admitted it had insured roughly $20 billion worth of subprime CDOs with AIG and had major exposure to the firm. But the New York Federal Reserve and Goldman Sachs never revealed this critical fact: Goldman didn't merely buy insurance on a bunch of random subprime CDOs. It actually bought insurance on special CDOs it had put together and sold to its own clients. In other words, Goldman knew more about these CDOs than anyone else. Goldman bought insurance on these CDOs because it knew they'd collapse.

This is tantamount to building a house, planting a bomb in it, selling it to an unsuspecting buyer, and buying $20 billion worth of life insurance on the homeowner – who you know is going to die!

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At what point does public affiliation with the Squid become a liability I wonder- their brand is being trashed on a global scale. Soon, to be in bed with Goldman= crooked.

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