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Thursday, August 25, 2011
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Knock! Knock!....Who's There?
Justice Department Targets Goldman Sachs
Buddy, I was born late at night…
Comments on Goldman Sachs “not published” by NY Times???
Most likely, Goldman will soon follow the same villainous destiny as its famous younger siblings; Enron, Arthur Anderson, WorldCom and others. They too had been dark magicians who had also created “proxy fiat currencies" known as derivatives and such, then through the banking process converted them into real cash used to dispense huge fees to the overpaid Wizards of Oz. No one ever stood back for a brief moment of common sense reflection and asked, "How do you create billions in economic wealth by shuffling paper?
"RISK MANAGEMENT!" is the retort they will sing together. “Yes, you see we make it disappear.".
“Sure buddy! Well, listen I was born late at night; but it just wasn't last night”.
For with the magical alchemy brewed by their nefarious mathematicians, the coffers of the Federal Reserve were opened wide to these Ali Baba's of Wall Street. Sadly the metaphoric undressing of this emperor has a price tag of unimagined calculations. With unrecorded contingent (?) liabilities approaching close to a trillion dollars; the heartland of a nation will bear its taxing burden. Again.
And where did this money go? Risk management? ....Guess again!
As pitchforks rise to storm the caverns of
What is painful is that it is not the first time. The game is well exposed (see “How it Works? The Wall Street Gang " And "The Smartest Guys in the Room") Still, let's hope it's now the last. That we finally rid ourselves once and for all, of these over-abstractions of financial engineering and direct our energies, resources and efforts to the "real jobs" at hand. That is clearly the better way. It is the real job.
"Cause ya see buddy, I was born late at night; but.... "
First Financial Insights Inc.
August 23, 2011
Look Toto...It's Goldman Sachs