re-creating the conditions for another crash

ei.sdraob

theres another excellent article in the Rollingstone on Goldman Sachs and buddies

Wall Street's Bailout Hustle
Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another crash

tho not directly involved in Irish economy (not that were aware of?)

what happened(s) on wall street affects us rather quickly being such an open economy,

and yes thats the same Goldman Sachs who were involved with dodgy Greek shennanigans

The cross-currency deal with Goldman is reported to have allowed Greece - which joined the euro in 2001 - to show a smaller budget deficit.

thats second article from Matt Taibbi, this one earlier in the year well worth reading too

Joey the lips

The point being bankers are greedy baxtards and should be monitored closely.....

I could not agree more. Do you think the govt should spend millions on a task force to monitor the banks or possibly increase the penalities for those found in breach of standards and guidelines...

PeakOutput

didnt read the entire article because what you quoted is even factually incorrect

goldman sachss has already paid back every penny of bailout money

ei.sdraob

Joey the lips wrote: »

The point being bankers are greedy baxtards and should be monitored closely.....

I could not agree more. Do you think the govt should spend millions on a task force to monitor the banks or possibly increase the penalities for those found in breach of standards and guidelines...

i think the governments should better enforce existing laws that would have prevented the currency crisis from getting so deep, more laws and money is not gonna help when the people who are meant to do their jobs

if you read the articles (highly recommended) you would see there was already regulation in place, but that didnt prevent the incredible schemes from being put in place because the regulators and central banks were asleep at the wheel

like the Regulator here in Ireland, the people who were meant to keep eye on these companies did nothing, and the Central Banks only made the matters worse

Joey the lips

ei.sdraob wrote: »

i think the governments should better enforce existing laws that would have prevented the currency crisis from getting so deep, more laws and money is not gonna help when the people who are meant to do their jobs

if you read the articles (highly recommended) you would see there was already regulation in place, but that didnt prevent the incredible schemes from being put in place because the regulators and central banks were asleep at the wheel

like the Regulator here in Ireland, the people who were meant to keep eye on these companies did nothing, and the Central Banks only made the matters worse

perfect so increase the penality. ie Jail terms should do nicely. There is no point introducing rules if they are not monitored and enforced equally for every rule introduced there is a massive amount of resources spent on getting around them.

The only solution i can see is either 1. Nationalisation or 2. Increase the penalitites.

Any others just wont wash.

ei.sdraob

PeakOutput wrote: »

didnt read the entire article because what you quoted is even factually incorrect

goldman sachs has already paid back every penny of bailout money

you should really read them articles as then you wouldn't be making above post :rolleyes:


Goldman Sachs shouldnt have qualified for a bailout in first place SINCE THEY ARE NOT A REAL BANK BUT A GAMBLING OPERATION.
by being allowed (rather quickly) to claim a status of a commercial bank they were able to qualify for bailouts and gain access to FEDs 0% interest money making machines, a license to print money.
yet another problem with the banking system is the lack of separation from normal consumer/business banks and high risk investment outfits

they won on the way up and the won more on the way down

ei.sdraob

Joey the lips wrote: »

perfect so increase the penality. ie Jail terms should do nicely. There is no point introducing rules if they are not monitored and enforced equally for every rule introduced there is a massive amount of resources spent on getting around them.

The only solution i can see is either 1. Nationalisation or 2. Increase the penalitites.

Any others just wont wash.

1. and have the same people who run our countries finances (so well ) run the banks?

2. we had penalties here in Ireland, but as shown in that Primetime episode the Regulator did not do its job, ill make an example: whats the point of having a death penalty if the cops are eating donuts?

PeakOutput

ei.sdraob wrote: »

you should really read them articles as then you wouldn't be making above post :rolleyes:


Goldman Sachs shouldnt have qualified for a bailout in first place SINCE THEY ARE NOT A REAL BANK BUT A GAMBLING OPERATION.
by being allowed (rather quickly) to claim a status of a commercial bank they were able to qualify for bailouts and gain access to FEDs 0% interest money making machines, a license to print money.
yet another problem with the banking system is the lack of separation from normal consumer/business banks and high risk investment outfits

they won on the way up and the won more on the way down

have they or have they not paid back every penny to the goverment?

edit; also its hardly a gambling operation i understand what you mean but what they do isnt gambling

here is a good but long article about them http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece?token=null&offset=0&page=1

if they werent entitled to a bailout fine but they got one nevertheless and fufilled all their obligations so you cant villianise them about it

ei.sdraob

PeakOutput wrote: »

if they werent entitled to a bailout fine but they got one nevertheless and fufilled all their obligations so you cant villianise them about it

there wouldnt have been a need for any bailouts (for anyone) if Goldman didnt bring AIG down


for that matter if the regulator in the US was keeping an eye on what was happening with credit default swaps and if AIG would have been properly wound down then Goldman would not have got 100cents on the dollars from them but would have joined a long queue of "creditors"


you keep saying they paid back their bailout money (anyways this thread has little to do with bailout money so why are you taking it offtopic?, maybe if you bother to read the articles you would understand that)

so that makes it OK that one "investment" company managed to singlehandedly trigger a collapse of the system?

theres a a line between "normal" capitalism which creates employment and investment in companies and grows the economy (lifting all boats as they say),
and "cowboyism" which means one company can profit (and not be punished) from the collapse of a system and also take out most of its "competitors" out and earn nice profit at everyone elses expense

btw i read that times article before, these people are truly a bunch of "cowboys" who think they are doing "gods work", talk about being delusional


edit: in case you missed the thread title, what they are doing NOW will result in another crash down the road, now the "investment bankers" now that they can take on all sorts of crazy risks and in the end it wont be them who be paying for it

nesf

ei.sdraob wrote: »

theres another excellent article in the Rollingstone on Goldman Sachs and buddies[/URL]

A sophisticated analysis on a par with a pitchfork wielding mob. Then again Rolling Stone isn't exactly well equiped for financial analysis.

Mr. Presentable

ei.sdraob wrote: »

theres another excellent article in the Rollingstone on Goldman Sachs and buddies



tho not directly involved in Irish economy (not that were aware of?)

what happened(s) on wall street affects us rather quickly being such an open economy,

and yes thats the same Goldman Sachs who were involved with dodgy Greek shennanigans


thats second article from Matt Taibbi, this one earlier in the year well worth reading too

If he's anything like he was in goal for Man U I wouldn't give him much credit.

Seriously, I don't see this as being anything more than scaremongering. As another poster said, eg, GS gave back all the money they were given.

AARRRGH

Goldman Sachs are so manipulative and powerful and scary if it turned out they were a bunch of lizards I wouldn't be surprised.