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Goldman Sachs Execs cheered housing collapse - 4/25/2010 11:45:16 AM   
tazzygirl


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Goldman Sachs traders bet against mortgage market, documents show



As the U.S. housing market started to slide, executives at Goldman Sachs, the most legendary investment bank on Wall Street, were trading e-mails in which they cheered the declines, even when those declines meant some of their clients were taking major losses, according to newly released documents.

The documents show that the firm's executives were celebrating earlier decisions in which they bet against the housing market, a Senate investigative committee found. In a fall 2007 e-mail, for example, top mortgage trader Michael Swenson was gleeful that credit-rating companies downgraded mortgage-related investments, which caused losses for investors.

"Sounds like we will make some serious money," Mr. Swenson wrote.

........


The findings of the Senate committee come as Goldman is also facing a fraud suit, filed earlier this month by the Securities and Exchange Commission, alleging that the bank misled its clients by selling them a mortgage investment that was secretly designed to fail. Senate investigators this weekend were interviewing Goldman vice president Fabrice Tourre, who is implicated in the fraud suit and will appear Tuesday.

The Senate committee's findings do not touch directly on the fraud suit but suggest that Goldman's behavior in that case was indicative of a larger pattern of duplicitous conduct on the eve of the economy's collapse.

"Investment banks such as Goldman Sachs ... were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis," said Sen. Carl Levin, D-Mich., chairman of the Senate committee. "They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system and all too often betting against the instruments they sold and profiting at the expense of their clients."


"We did not make a significant amount of money in the mortgage market," Lucas van Praag, a Goldman spokesman, said Saturday. Mr. Van Praag said Goldman, which turned over 18 million pages of documents to the Senate committee, lost $1.2 billion in its mortgage business in 2008.

Mr. Levin said the documents obtained by his committee contradict Goldman's assertion that it didn't seek to profit from the housing downturn.

In one of the e-mails obtained by the committee, Goldman's chief financial officer, David Viniar, responded to a report that the firm earned $50 million in one day with "short" positions, or bets that the housing market would decline. "Tells you what might be happening to people who don't have the big short," Mr. Viniar wrote to his colleagues.

http://www.post-gazette.com/pg/10115/1053231-84.stm

Interesting reading.


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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 12:00:51 PM   
pahunkboy


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Goldman Sachs and JPM are part owners of the Federal Reserve.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 12:02:18 PM   
tazzygirl


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Show me proof, pahunk.

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If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 1:50:40 PM   
pahunkboy


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FOREIGN BANKERS OWN MAJORITY OF FEDERAL RESERVE More that half the shareholdings in the Federal Reserve Bank arc controlled by large New York City banks, including National City Bank, National Bank of Commerce, First National Bank, Chase National Bank, and Marine National Bank. When Rockefeller's National City Bank merged with J.P. Morgan's First National Bank in 1955, the Rockefeller group owned 22 percent of the shares of the Federal Reserve Bank of New York, which in turn holds the majority of shares in the Federal Reserve System - 53 percent. But who really owns what? Here arc the top controllers of the Federal Rwerve Bank 1. Rothchild banks of London and Berlin. 2. Lazard Brothers Banks of Paris. 3. Israel Moses Seif Banks of Italy. 4. Warburg Bank of Hamburg and Amsterdam. 5. Lehman Brothers Bank of New York. 6. Kuhn, Loeb bank of New York. 7. Chase Manhattan Bank of New York, which controls all of the other 11 Federal Rwerve Banks. 8. Goldman, Sachs Bank of New York./sniphttp://dmc.members.sonic.net/sentinel/naij2.html

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 1:54:15 PM   
pahunkboy


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http://rainbowwarrior2005.wordpress.com/2008/09/29/federal-reserve-owners-and-history/

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 2:48:54 PM   
rulemylife


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quote:

ORIGINAL: pahunkboy

FOREIGN BANKERS OWN MAJORITY OF FEDERAL RESERVE More that half the shareholdings in the Federal Reserve Bank arc controlled by large New York City banks, including National City Bank, National Bank of Commerce, First National Bank, Chase National Bank, and Marine National Bank. When Rockefeller's National City Bank merged with J.P. Morgan's First National Bank in 1955, the Rockefeller group owned 22 percent of the shares of the Federal Reserve Bank of New York, which in turn holds the majority of shares in the Federal Reserve System - 53 percent. But who really owns what? Here arc the top controllers of the Federal Rwerve Bank 1. Rothchild banks of London and Berlin. 2. Lazard Brothers Banks of Paris. 3. Israel Moses Seif Banks of Italy. 4. Warburg Bank of Hamburg and Amsterdam. 5. Lehman Brothers Bank of New York. 6. Kuhn, Loeb bank of New York. 7. Chase Manhattan Bank of New York, which controls all of the other 11 Federal Rwerve Banks. 8. Goldman, Sachs Bank of New York./sniphttp://dmc.members.sonic.net/sentinel/naij2.html



I guess it has escaped your meager attention span that National City Bank no longer exists and it was never based in New York.

You might also want to look into Lehman Brothers, also now defunct.

Then you might want to investigate some reputable sources to explain the Federal Reserve System to you, instead of relying on whack-job bloggers.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:31:03 PM   
pahunkboy


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Bob  Chapman confirms that JPM and GS are part owners of the federal reserve.

Do you need an engraved invitation?

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:33:49 PM   
Politesub53


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quote:

ORIGINAL: pahunkboy

Goldman Sachs and JPM are part owners of the Federal Reserve.


Along with just about everyone else you have mentioned.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:34:56 PM   
tazzygirl


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quote:

ORIGINAL: pahunkboy

FOREIGN BANKERS OWN MAJORITY OF FEDERAL RESERVE More that half the shareholdings in the Federal Reserve Bank arc controlled by large New York City banks, including National City Bank, National Bank of Commerce, First National Bank, Chase National Bank, and Marine National Bank. When Rockefeller's National City Bank merged with J.P. Morgan's First National Bank in 1955, the Rockefeller group owned 22 percent of the shares of the Federal Reserve Bank of New York, which in turn holds the majority of shares in the Federal Reserve System - 53 percent. But who really owns what? Here arc the top controllers of the Federal Rwerve Bank 1. Rothchild banks of London and Berlin. 2. Lazard Brothers Banks of Paris. 3. Israel Moses Seif Banks of Italy. 4. Warburg Bank of Hamburg and Amsterdam. 5. Lehman Brothers Bank of New York. 6. Kuhn, Loeb bank of New York. 7. Chase Manhattan Bank of New York, which controls all of the other 11 Federal Rwerve Banks. 8. Goldman, Sachs Bank of New York./sniphttp://dmc.members.sonic.net/sentinel/naij2.html



National City Corporation was a company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit

The National Bank of Commerce was a U.S. bank of the late 19th and early 20th centuries. It first chartered as the Kansas City Savings Bank in 1865. After a controlling interest was acquired by Dr. William Stone Woods in 1881, the bank became active in financing the regional growth of Kansas City and areas to the southwest, especially in connection with the development of the city as a center of railroad transportation and distribution.

United States
First Bank of the United States,First private Central bank Of United States
First National Bank of Florida, based in Milton, Florida, with branches in Pensacola and other cities in the Florida Panhandle.
FNB Corporation of Hermitage, Pennsylvania
First National Bank of Omaha, Nebraska
First National Bank of Ames, Iowa
Former uses:

First National Bank of Atlanta became Wachovia Bank of Georgia
First National Bank of Miami became Southeast Banking Corporation
First National Bank of Pittsburgh, which was the first bank to adopt a national charter after the passage of the National Banking Act in 1863. Through a series of mergers, First National of Pittsburgh eventually became the modern-day PNC Bank.[1]
First National Bank of Northfield, Minnesota became a museum
Some First National Banks in Ohio and Pennsylvania are subsidiaries of FNB Corporation that shared the same name (such as First National Bank of Slippery Rock, Pennsylvania) before being acquired by FNB.
First National Bank of Western Pennsylvania, based in New Castle, Pennsylvania that later changed its name to First Western Bank in 1993 after FNB Corporation from Hermitage (only 19 miles north of New Castle) began opening branches in New Castle (and later acquiring Mellon Financial's New Castle-area branches) in order to avoid confusion. The bank was acquired by Sky Financial Group in 1999, which in turn was acquired by Huntington Bancshares in 2007. Huntington continues to operate its Western PA headquarters (excluding Pittsburgh, which has its own offices in downtown) in the former First National Bank building in New Castle.
First National Bank of Little Rock became Regions Bank
First National City Bank became Citibank
Seattle-First National Bank became Bank of America
First National Bank of Charlotte failed during the Great Depression

Marine National Bank is located in Wildwood, New Jersey. The building was built in 1908 and added to the National Register of Historic Places on December 20, 2000.



All this information was quickly found in wiki. If the source you are reading cant even get locations correct, why bother with the rest?

quote:

When Rockefeller's National City Bank merged with J.P. Morgan's First National Bank in 1955,


I cant find where they merged. I cant find where Rockefeller had anything to do with NCB.

National City Bank was founded on 17 May 1845, when a group of Cleveland businessmen pooled $50,000 to organize the City Bank of Cleveland, the first bank opened under the Ohio Bank Act of 1845 in a small town with no gas, electricity, public waterworks, or railroad. [12] Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Company, organized The City Bank of Cleveland. The city's only bank at the time, opened its doors to the public at No. 52 Superior Street. [13]

The bank you are referring too is now known as Citibank.

In 1863, the bank joined the U.S.'s new national banking system and became The National City Bank of New York. By 1868, it was considered one of the largest banks in the United States, and in 1897, it became the first major U.S. bank to establish a foreign department. In 1896, it was the first contributor to the Federal Reserve Bank of New York.[citation needed]

During the mid-1970s, under the leadership of CEO Walter B. Wriston, First National City Bank (and its holding company First National City Corporation) was renamed Citibank, N.A.



http://en.wikipedia.org/wiki/Citibank

Again, misleading information with the intention to incite. The writer of the article should have known of the name change, yet decided not to mention that.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
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Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:40:24 PM   
rulemylife


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quote:

ORIGINAL: pahunkboy

Bob  Chapman confirms that JPM and GS are part owners of the federal reserve.

Do you need an engraved invitation?



Bob Chapman is a fucking idiot.

Try doing your own research for once, instead of believing whatever nutcase that happens to have a website.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:47:32 PM   
pahunkboy


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http://www.federalreserve.gov/generalinfo/fhc/#pagetop

J.P. Morgan Chase & Co. New York, New York New York
Goldman Sachs Group, Inc.,The New York, New York New York

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 3:49:23 PM   
pahunkboy


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quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: pahunkboy

Bob  Chapman confirms that JPM and GS are part owners of the federal reserve.

Do you need an engraved invitation?



Bob Chapman is a fucking idiot.

Try doing your own research for once, instead of believing whatever nutcase that happens to have a website.



LOL.  Tell that to the embassies thru out the globe who get his newsletter.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:07:37 PM   
rulemylife


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quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: pahunkboy

Bob  Chapman confirms that JPM and GS are part owners of the federal reserve.

Do you need an engraved invitation?



Bob Chapman is a fucking idiot.

Try doing your own research for once, instead of believing whatever nutcase that happens to have a website.



LOL.  Tell that to the embassies thru out the globe who get his newsletter.



And I'm sure you know this because Bob's newsletter told you it was true, right Pahunk?

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:13:29 PM   
pahunkboy


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...His newsletter is a paid subscription.

When you factor the content of his newsletters as well as his radio interviews- which can be found online - free..    it checks out.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:14:45 PM   
tazzygirl


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hunk, this thread is about GS and their glee at what happened to the housing bubble. contain your comments to that please.

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RIP, my demon-child 5-16-11
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Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:18:42 PM   
pahunkboy


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They also front run trades- the scammed pension funds- they are theifs. 

The federal reserve should be abolished.   These people are robber barons.   But most here will think the government is good.   The laws are fair and equal.

Wait until the dollar is devalued 3-1.

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:26:22 PM   
rulemylife


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quote:

ORIGINAL: pahunkboy

...His newsletter is a paid subscription.

When you factor the content of his newsletters as well as his radio interviews- which can be found online - free..    it checks out.



So Bob verifies Bob?

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RE: Goldman Sachs Execs cheered housing collapse - 4/25/2010 4:31:20 PM   
tazzygirl


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no one else can

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to rulemylife)
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