Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
OpEdNews Op Eds

Was Organized and Systemic Fraud Perpetrated by Banksters?

By   Follow Me on Twitter     Message Richard Clark       (Page 1 of 2 pages)     Permalink    (# of views)   5 comments

Related Topic(s): ; ; ; ; , Add Tags
Add to My Group(s)

Must Read 1   Well Said 1  
View Ratings | Rate It Headlined to H2 12/15/09

Author 8235
Become a Fan
  (110 fans)
- Advertisement -

Were some of our most successful banks the victims, or the architects, of a scam?

- Advertisement -

The question of Goldman Sachs being a victim of this crisis can perhaps best be explained by the story posted in Market Trends in which it quotes the Wall Street Journal in their investigation showing Goldman not only a willing participant but as the "architect" of the scam that broke the world's economies. The claim is that Goldman Sachs played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American International Group (AIG).

- Advertisement -

In Goldman's biggest deal, it acted as a middleman between AIG and banks, taking on the risk of as much as $14 billion of mortgage-related investments. Then Goldman insured that risk with one trading partner AIG, according to the Journal's analysis and people familiar with the trades.

According to the Wall Street Journal, Goldman Sachs was fueling AIG's bad mortgage bets and knew that AIG was a house of cards. Why was Goldman doing this? According to Dylan Ratigan, it was because it (Goldman) "sought to blow up AIG, in order to benefit itself." You see, the biggest participant in AIG's reckless gambling operation (i.e. the operation of insuring the reckless bets of banks, even though they [AIG] didn't have anywhere near the capital necessary to back up all these insurance policies, the fees for which were so very profitable) was Goldman, which bought double the amount of protection (insurance) from AIG as compared to any other bank, and, as a result, received double the amount of "benefits" from the American taxpayer, by way of backdoor government bailouts, when AIG fell apart (with Goldman's help), totally unable to honor all these 'reckless gambling' insurance claims.

- Advertisement -

Billions of dollars then issued from the back door of the Fed, $13 billion of which went to Goldman, which was paid 100 cents for every dollar they had lost in their reckless gambling on CDOs, derivatives etc. And why was Goldman so privileged to get such a sweet deal? It was because Tim Geithner, a 'Goldmanite' (i.e. former high-level Goldman exec) had been installed as U.S. Treasury Secretary. It's also why 30,000 Goldman employees will split up $33 billion in taxpayer booty (bonuses of $160,000 each, on average), thanks to the suckered American taxpayer. Meanwhile the top Goldman execs will take their share of the booty/bonuses in stock dividends, which could well ultimately be worth far more than any cash bonus they might have received -- thanks again to generous help, in a time of need, from the suckered US taxpayers.

Next Page  1  |  2


- Advertisement -

Must Read 1   Well Said 1  
View Ratings | Rate It

Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Was Pat Tillman Murdered by an American Sharpshooter to Shut Him up?

New JFK assassination bombshells

Two U.S. presidents implicated by ex-CIA black-ops assassin

The cholesterol - heart disease scam: How the medical-industrial complex is raking in billions at our expense

Four Ticking Time Bombs That Will Soon Ignite a Revolution

The Ultimate Goal of the Bankster-led Political-economic Warfare Being Waged Against Us Is . . . ?