Goldman Sachs apologise for role in crisis

[atlantic]

500 million apology,they make that in 4 or 5 days HFT,words are getting cheap.

Here another "crazie" gives his 2 cents worth about the OP Link. Being Mark Gilbert from Bloomberg, this isn't exactly radicle alternative media opinion, but it just demonstrates the broad level of distaste for Goldman Snakes.



Goldman?s $500 Million Is Day Late, Dollar Short: Mark Gilbert - Bloomberg.com

[Bobert]

Bobert is only a rent boy for the bourgeoise

You don't know much about Malcolm X, do you?

[Cassandra Syndrome]

Right, that's my cue to get out of this thread.

*sigh* It had so much potential until the crazies got it.

I thought you said you were out of this thread.

[Eamonn20Bn plus interest]

If we have another credit crunch in fifteen years time they won't get away so easily. GS should be thinking about how to make the system safe but efficient. I see no sign of that. Why change a bad system when they are doing so well? They should put the community's interest first for once.

[Cassandra Syndrome]

The mad spate of GS-bashing threads lately has annoyed me as much as the next guy but I found this interesting so I might as well throw it on the fire.

FT.com / Companies / Banks - Goldman apologises for role in crisis

GS has said that is has reason to regret taking part in the cheap credit boom. It has promised to spend $500m helping small US businesses out of recession.

More news out in the public domain about the shocking behaviour of Goldman Sachs. There has been a plethora of news stories coming from the mainstream media in the past couple of months on its shady dealing involving credit default swaps and the downfall of Greece, CIT Group among others and now it is being revealed its role in the downfall of AIG and indeed Lehmans.

Yeah that 500 Million Euro fairly compensates 70 Trillion US Dollars of Global wealth evaporation and trillions worth of annual Global GDP.

Goldman Sachs Group Inc. and JPMorgan Chase & Co., two of the biggest traders of over-the- counter derivatives, are exploiting their growing clout in that market to secure cheap funding in addition to billions in revenue from the business.

Both New York-based banks are demanding unequal arrangements with hedge-fund firms, forcing them to post more cash collateral to offset risks on trades while putting up less on their own wagers. At the end of December this imbalance furnished Goldman Sachs with $110 billion, according to a filing. That’s money it can reinvest in higher-yielding assets.

The collapse of American International Group Inc. in 2008 was hastened by the insurer’s inability to meet $20 billion in collateral demands after its credit-default swaps lost value and its credit rating was lowered, Treasury Secretary Timothy F. Geithner, president of the Federal Reserve Bank of New York at the time of the bailout, testified on Jan. 27. Goldman Sachs was among AIG’s biggest counterparties.

Goldman Sachs Demands Derivatives Collateral It Won?t Dish Out - Bloomberg.com