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OpEdNews Op Eds    H2'ed 4/28/10

Was there ever any doubt...that the financial pirates would hijack the "overhaul bill"?

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There is still a market for derivative evaluators, quant analysts and traders. While Congress throws the regulatory process under the bus, the magicians continue to ply their trade. While the AP reports that a Senate investigation found that Goldman Sachs allegedly, 'developed a strategy to profit from the housing meltdown and reaped billions at the expense of clients,' the investment industry appears to view financial engineering as an essential element of modern investment.

Many pirates made millions betting against the market--while advising clients to hold on to what the companies knew to be toxic, worthless investments. As in the case of many corporate emails, Goldman Sachs is in the middle of an email-generated legal and public relations nightmare.

The subcommittee, which is investigating Goldman's role in the financial crisis, provided excerpts of e-mails showing a progression from late 2006 through the full-blown mortgage crisis a year later. Levin said they show Goldman shifted in early 2007 from neutral to a short position, betting that the mortgage market was likely to collapse. (AP)

Three votes shy of a win, Wall Street reformers in Congress remain on the hot seet with voters. According to polls, Americans remain angry and unemployed, as politicians twist in the wind, trying to find a happy medium between obeying their masters and satisfying angry voters.

Some are clamoring for a return of the Glass-Steagall Act which prohibits merchant and commercial banking in the same institution. Whatever the future holds for the American investment industry, the gloves are off in Congress. With mid-term elections coming up, one wonders how long voters' memories will be.

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Monica Davis is an Indiana-based marketing specialist, author, radio personality, columnist and public speaker. She specializes in economic, history and public policy issues and has written articles on land loss, bank failure, institutional (more...)
 
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Was there ever any doubt...that the financial pirates would hijack the "overhaul bill"?

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