This is a class blog for the students of POLSCI 426: Congressional Politics at the University of Wisconsin–Milwaukee.
Goldman Sachs fills pockets on both sides of the aisle.
Prior to the SEC lawsuit filed against Goldman Sachs the company "dished out $300,000" in contributions to lawmakers for March. Only slightly more funds were contributed to Republicans. With financial reform on the table I thought this was of note.
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1 comment:
I have managed my own stock porfolio for years. As I looked into Goldman Sachs financials two-three years ago I could not make sense of where the money was coming from. As some really smart money men are beginning to unravel this obfuscation of fraud it is becoming apparent why I could not make heads or tails of it. As I understand it now...
Goldman saw that the housing bubble was unsustainable. The charged a huge fee to develop investment vehicles that were designed to fail. They fraudulently sold these flawed assets to unsuspecting investors. They then bought insurance at a really low rate while the market believed that as long as property values kept rising then the risk of default was nonexistant. So they bought this insurance from AIG knowing that the vehicles were designed to fail. This insurance cost pennies on the dollar of coverage.Once they failed, as they were designed to do, they cashed in bigtime. The insurance was more than AIG could afford to pay out. So Goldman collected billions on a policy that cost them millions, and at the expense of the taxpayers via the bailout.
They collected money at the fee level designing a fraudulent investment vehicle, commisions as they sold them, and then on the insurance when the vehicle did what it was designed to do. FAIL
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