Archive for April, 2010

“Doing Fraud’s Work: A Goldman Tradition”

A few months ago Goldman’s virtuous CEO, Lloyd Blankfein, was quoted in an interview with John Arlidge of The Sunday Times of London, saying that He was ‘doing God’s work.’

In the article, “I’m Doing God’s Work.’ Meet Mr. Goldman Sachs,” Blankfein went on to state that Goldman was part of a virtuous cycle allowing that “they have a social purpose.”

But many contend that they are socially challenged.

Goldman executives were on Capitol Hill yesterday to testify about their involvement in failed Abacus; the securitized investment that crumbled when the housing market crashed, shortly after being put together, leaving investors with millions of dollars in losses. Goldman failed to tell investors that the person who put the package together was taking a short position in the investment. John Paulson was betting on its failure even before it was completed.

The recent charges brought by the Securities and Exchange Commission charging Goldman with failure to disclose important details to investors in the Abacus deal could be only the first of many charges that the UnVirtuous Goldman will have to face.

Read the rest of this entry »

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Posted in Banking, Economy, Too Big to Bail | Comments Off

“Corruption: With a Lot of Help from Their Friends!”

Congresses love of corporate campaign money influences their vote and is eroding our democracy!

For an American citizen to run for elected federal office today requires huge sums of money; well beyond the imaginations of our Founding Fathers. Clearly they didn’t envision this.

Nor did the wise patriots that constructed the Constitution envision ‘professional’ politicians. They anticipated regular citizens becoming politicians to help run the government ‘for the people,’ then returning to private life after fulfilling an honorable and short-term patriotic duty ‘to the people’ of this great country.

Pure and uncorrupted democracy.

We no longer have a pure, uncorrupted form of democracy. It’s been stained by dirty corporate money; a malodorous patina that may take years to expunge.

It’s obvious things have changed in the electoral process and in the makeup of Congress. Not necessarily for the good. Corruption at varying levels permeates the halls of Capitol Hill. American’s are disgusted and outraged at Congress, evidenced by their current approval rating of 18 percent.

The People’ no longer matter in the modern operation of our government.

Why? And at what point did ‘the people’ lose control? Read the rest of this entry »

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Posted in Politics | 2 Comments »

Quick Hit: “Bernie Goldfarb, The Laughter Never Stops!”

Last week, on one of his shows, Jon Stewart did what he does best. He exposes people and organizations for their stupidity.

Once again it was the faux journalists from Fox’s fair and unbalanced news shows. One of the featured characters, Bernie Goldfarb, took offense and called out Jon for his comedic sarcasm and explains to Jon that if he wants to be a “Social Commentator” he needs to find some guts.

Obviously Bernie learned nothing from Stewart’s embarrassing dissection of Jim Cramer. If he had he surely wouldn’t have made the mistake that Cramer made. But you have to say it took guts for Bernie to spar with “The Great One.” This exchange is equally entertaining. You gotta watch it.

Seriously, Bernie, to generalize in your diatribe that I, as a viewer of the daily show, am unsafisticated and will laff at anything he says is truly an insult and uncalled for. I represent that remark. Generally speaking, Bernie, I think, as a 62 year old, intelligent caucasian, possessing an uncommon amount of common sense—an element seemingly absent from the tea party events—that I can determine when something is funny and when to laugh.

I will admit, being a disabled veteran, (an amputee) that walking in circles is a little disturbing, even to me. But I’m sure that you won’t generalize that because I’m lacking a limb, “I’m not all there.”

Thank you, Bernie Goldfarb, for your insight. I’ll give it some thought when I watch The Daily Show tomorrow night searching vainly for some good social commentary.

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Posted in Media, Quick Hits, Uncategorized | Comments Off

“Financial Regulation, A Need for Strength and Vision!”

Today I sent the following missive to every member of the Senate Banking Committee, Democrat and Republican, requesting strong, comprehensive, and visionary regulation of the financial services industry. Tomorrow it will be sent to every member of the Finance Committee. Forty-two members of Congress will have received this request that they do their job for ‘the American people.’

It is my belief, as you will see in the e-mail, that we need to return to a time of greater consumer protection, a time when the Glass Steagall Act protected hard-working Americans from the predatory capitalism that devastated this country in the 1920’s. This letter will be followed in the next few days by my new article “Corruption: With a Lot of Help from Their Friends.”

Please read the following letter, join The Cutting Edge blog and join the conversation with your comments.

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Senator Dodd,

The need for financial regulation is obvious and your effort to pass financial regulation is approaching its nexus.

Is there any ‘real’ desire on the part of Congress to regulate financial predators or to help consumers, the victims of callous and avaricious bankers? Read the rest of this entry »

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Posted in Banking, Economy | Comments Off