Posts Tagged ‘ financial reform ’

“Call The Bluff”

What Digby said.

Who could have ever predicted that the Republicans (plus Bennie) would filibuster financial reform? Bowl me over with a feather.

As I have written ad nauseam, this isn’t some deeply complicated Machiavellian strategy. They have done this since the moment Obama took office. they string the dems along, pretending to be earnestly engaged. Then they take offense at some irrelevant, niggling detail and vote against it en masse, holding out the bait that they may come back if the Dems will just water it down a little more to please them. Wash, rinse, repeat.

“Goldman Sachs Emails: Firm Had ‘The Big Short’ As Economy Fell”

Goldman should change its name to “Sociopaths ‘R Us:”

As early as May 2007, as homeowners were being crushed under the weight of subprime mortgages, the most profitable firm on Wall Street had long taken out a form of insurance on those delinquencies.

[Goldman Sachs] made money on the upside — originating, securitizing and selling subprime mortgage-based securities to investors — and on the downside, thanks to the insurance…

“Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,” Levin said. “They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients.”