Goldman Sachs Crowns Shady Banker Its Global Head of Mortgage Trading

cyberhog

The Investment banker Jeffrey Verschleiser who was accused of illicitly profiting from bad mortgages that led to the 2008 meltdown has been named head of mortgage trading at Goldman Sachs.

Matt Taibbi:

I'm sometimes asked if I've noticed any change in Goldman, Sachs since the financial crash of 2008. I'd suggest that anyone who would ask that question simply check out this news item. It's not merely that Verschleiser appears to be a titanically entitled asshole of the Let-Them-Eat-Cake variety; it's also that this is a guy who was personally named in a number of major lawsuits involving exactly the sorts of tawdry behaviors that caused the crash -- like knowingly dumping "sack of ****" mortgages on the market, or betting against your own clients after sticking them with millions' worth of defective products.

http://www.rollingstone.com/politics/blogs/taibblog/guy-who-rented-all-94-rooms-of-aspen-hotel-for-party-scores-awesome-new-goldman-job-20120312


These bankers are a pox on humanity. Shame on the lot of them.

Dirk Gently

GS are a perfect example of why financial companies should not only be strictly regulated, but why they should also be broken up into smaller competing parts when they become too big. The fatal flaw in capitalism is that when companies are unrestricted they themselves become the threat to capitalism.

dermo88

I have no problem with entrepreneurship, or people making money. I do have grave misgivings when it integrates, infiltrates, and ultimately subverts the democratic political process, and ingratiates itself with flawed corrupt regimes.

If we look for example at the least corrupt countries in the world, as assessed by Transparency International, we see Singapore and Switzerland as two highlighted on the list. However, Singapore is basically one huge money laundering centre for the likes of two flawed regimes, namely Burma and Cambodia. Its economic strength relies on the economic enslavement of millions to a corrupt elite. Its the cleanest prostitute in Asia, and a reading of Alan Shadrakes "Once a Jolly Hangman" shows that to an extent, despite Singapores achievements since Independence in 1965.

Switzerland. Nazi Gold, banking secrecy and more.

However, personally, I am merely jealous. I have'nt had the opportunity to be corrupt yet.

whatstherush

An exec from Goldman quit today and wrote a piece in the NYT slating Goldman. Basically saying they screw their clients left right and centre.

What are three quick ways to become a leader? a) Execute on the firm’s “axes,” which is Goldman-speak for persuading your clients to invest in the stocks or other products that we are trying to get rid of because they are not seen as having a lot of potential profit. b) “Hunt Elephants.” In English: get your clients — some of whom are sophisticated, and some of whom aren’t — to trade whatever will bring the biggest profit to Goldman. Call me old-fashioned, but I don’t like selling my clients a product that is wrong for them. c) Find yourself sitting in a seat where your job is to trade any illiquid, opaque product with a three-letter acronym.

baddebt

cyberhog wrote: »

The Investment banker Jeffrey Verschleiser who was accused of illicitly profiting from bad mortgages that led to the 2008 meltdown has been named head of mortgage trading at Goldman Sachs.

Matt Taibbi:



http://www.rollingstone.com/politics/blogs/taibblog/guy-who-rented-all-94-rooms-of-aspen-hotel-for-party-scores-awesome-new-goldman-job-20120312


These bankers are a pox on humanity. Shame on the lot of them.

Goldmans sachs .......................are every bit as corrupt as any of the oil companies, full of shady dealings etc ,
and many believ they themselves where heavily involved in helping lehmann brother's collapse and the almost collapse of Merril-Lynch and AIG ,
At the time , of the lehmann collapse of those who followed after , GMS profits/shares dramatically increased , very questionable at the time , but then when we see that at that time of GMS major players where George W Bush's hench men ,
and now think of the current crisis in Europe , GMS associates and very close allies have been put in place in countries like , Greece , Italy and some of the main Trioka dudes too ......................................GMS are creaming it at the expsense of most people in europe
their Evil , evil , evil

andrewdeerpark

And the Irish Fat Cat Irishman Peter Sutherland continues to chair the board of Goldman Sachs International.

Not like he is trapped in the job so he must agree with their immoral inner workings; otherwise he would resign.

Closely linked to Fine Gael aswell.

killers1

Some very very wealthy guy resigned from Goldman Sachs the other day bemoaning its 'declin(ing) moral fibre'.
It makes for interesting reading.



http://www.dailymail.co.uk/debate/article-2115156/Greg-Smith-resignation-letter-New-York-Times-Why-I-quit-Goldman-Sachs.html?ito=feeds-newsxml

Cue the resultant Resignation letter of Darth Vader from the Empire. Hilarious.


http://www.thedailymash.co.uk/news/society/why-i-am-leaving-the-empire%2c-by-darth-vader-201203145007/

Hayte

Andy Borowitz wrote an amazing fake letter in response:

Dear Goldman Client:

By now, many of you have probably read the regrettable resignation letter published in today’s New York Times by former Goldman executive Greg Smith, explaining why he is leaving the firm after twelve years.

In the letter, in which he excoriates Goldman and his practices, Mr. Smith comes across as a man of conscience, ideals, and high moral standards. And as you read his words, you no doubt asked yourself this troubling question: how could Goldman have hired such a person?

At Goldman, we pride ourselves on our ability to scour the world’s universities and business schools for the finest sociopaths money will buy. Once in our internship program, these youths are subjected to rigorous evaluations to root out even the slightest evidence of a soul. But, as the case of Mr. Smith shows, even the most time-tested system for detecting shreds of humanity can blow a gasket now and then. For that, we can only offer you our deepest apology and the reassurance that one good apple won’t spoil the whole bunch.

As to those of you who were serviced by Mr. Smith, it’s understandable that you would be concerned about who will be taking his place going forward. On that front, I have some exciting news: today, Goldman is pleased to announce that our new executive director and head of the United States equity derivatives business in Europe, the Middle East and Africa will be Mr. Joseph Kony. For those unfamiliar with Mr. Kony’s resume, let me assure you that he has the character and moral standards you have come to expect from Goldman, and like the rest of us here at the bank, he has dedicated his life to doing the Lord’s work.

Sincerely,

Lloyd Blankfein

CEO, Goldman Sachs

jmayo

baddebt wrote: »

Goldmans sachs .......................are every bit as corrupt as any of the oil companies, full of shady dealings etc ,
and many believ they themselves where heavily involved in helping lehmann brother's collapse and the almost collapse of Merril-Lynch and AIG ,
At the time , of the lehmann collapse of those who followed after , GMS profits/shares dramatically increased , very questionable at the time , but then when we see that at that time of GMS major players where George W Bush's hench men ,
and now think of the current crisis in Europe , GMS associates and very close allies have been put in place in countries like , Greece , Italy and some of the main Trioka dudes too ......................................GMS are creaming it at the expsense of most people in europe
their Evil , evil , evil

I think Max Keiser has been banging this drum for a while.

Weren't Goldmans found to have been playing both sides in the Russian problems back in late 90s ?

Dirk Gently

baddebt wrote: »

and now think of the current crisis in Europe , GMS associates and very close allies have been put in place in countries like , Greece , Italy and some of the main Trioka dudes too

Not to mention the ECB, IMF, central banks and EU competition commissioners. They're not called the vampire squid for nothing. Plutocracy in plain sight.

edanto

Here's a great article detailing exactly which Vampire Squid execs are in which senior positions around the EU..

http://www.newint.org/features/2012/03/01/goldman-sachs-europe/

The power of Goldman Sachs did not come out of the blue. The Wall Street bank started building its European empire in 1986 – during Margaret Thatcher’s sweeping deregulation of the British financial sector – when it came to London and ingratiated itself with both major political parties.

From London, the tentacles of the squid moved across the Channel into continental Europe, slowly increasing the bank’s influence by lobbying in Brussels – where its chief lobbyists enjoy privileged access to both the European Commission and the European Parliament – and by playing a key role in a number of big financial lobby associations.