Saturday, August 11, 2012
Goldman Sachs caught committing fraud again
I finally tuned in to the Lang and O’Leary Exchange last night. It was filled with news about bank fraud here, bank fraud there. It was astounding. Goldman Sachs has been caught committing fraud again but the SEC aren’t going to press charges.
Why is that? Because they are Obama’s largest campaign contributors? Or is it because Henry Paulson, the former CEO of Goldman Sachs became the US treasury secretary under George W. Bush. Maybe because Don Regan, former Merrill Lynch CEO was caught on video telling president Ronald Reagan to hurry up as seen on Michael Moore’s movie Capitalism a Love story.
So Goldman Sachs gets caught committing fraud again and the SEC doesn’t press chargers. What good are they then? Why do they prosecute the small fish but not the big fish. That doesn’t solve anything. It is a colossal conflict of interest when criminals take high places in government and become the president’s largest campaign contributors. Clearly they are getting away with murder.
The ironic thing about the Lang and O’Leary Exchange is Kevin O'Leary’s heartless capitalism. Amanda Lang points out the obvious conflict of him doing business with Communist China in one of their commercials. He boldly responds with I’m a great Communist as long as I can make a buck off of it. Realizing that it was the big banks and large corporations that funded the communist revolution in the first place, that statement is all too true. The rich criminals took over the social revolution to make sure it wouldn’t happen.
Since we were just talking about commodities fraud they reported that Germany has stopped trading some commodities and asked if that was a wise step for other countries to follow since it has shown to over inflate the price of goods. What a great idea.
Then they talked about how JP Morgan was being sued again for fraud. Last year they paid a $153 million settlement to answer charges that it defrauded investors who bought mortgage securities sold just before the nation's housing market collapsed. They sold a collateralized mortgage obligation in 2007 to ensure that it could get credit-scarred mortgage securities off its books.
Turns out in this new case they are being sued by the second largest bank in Israel. Don’t get me started on the banks in Israel. When I was around 20 I went on a working holiday around the world. I toured Egypt, worked on a kibbutz in Israel. It was awesome. That was before everyone and their dog had a credit card. Back then I didn’t have a credit card I had mutual funds. My parents would withdraw some of my money for me and wire it to me wherever I was.
When I arrived in Israel they said the bank told them they wouldn’t wire money into Israel and that it was one of the few countries they wouldn’t do it in. I was socked. Why on earth not? They implied some kind of problem with corruption. I thought that was nonsense. Israel is safe and technologically advanced proceed with the money wire.
Unfortunately it wasn’t as easy as that. It’s a good thing I was working on a kibbutz that paid for my room and board. Each week on my day off I would call the bank and ask if the money transfer was in yet and each week I got the same answer, no not yet. This went on for a ridiculous amount of time and I started getting suspicious. My parents confirmed that they had sent the wire long ago.
I asked them to get all the details, date, transaction number and so forth. After they sent that to me I contacted the bank and got the same answer. No it’s not here yet. I was upset and said are you sure? Because this is the day it was sent on, this is the transaction number and this is the day it was received by your banks. Oh Mr. such and such. Yes here it is. It’s been here all along waiting for you. Why haven’t you come by to pick it up? I said I’ve been calling every week and you said it wasn’t there.