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Sure I lost money Joe, but don't criticize them...
they're doing God's work...
by Teresa Kuhn, JD, RFC, CSA
Authorized Bank on Yourself Advisor
Living Wealthy Radio.Com
Not surprised...
That's my reaction to the apparent lack of fallout from the March resignation, effected in a decidedly uncomplimentary op-ed piece in the New York Times, of one of Goldman Sachs' most influential and high-profile executives, Greg Smith.
Smith, former Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa accused the banking giant of having lost its' moral compass, writing:
"It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C.,\Fabulous Fab, Abacus,God's Work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact." (read the whole letter at http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?_r=1&pagewanted=all?src=tp)
In the aftermath of Smith's revelations about the moral vacuum existing at the venerable institution, Goldman saw losses in the neighborhood of $2.2 billion.
But before you open that box of tissues and prepare to cry Goldman a river, remember that the supposedly "lost" $2.2 billion was already paid for in advance...with taxpayer money in the form of BAILOUTS.
Remember those Keynes-on-steroid inspired handouts designed to lift all our sinking boats on a tide of economic recovery?
Yep, I can see how well THAT is working out.
I know by now, you've probably figured it out: banks and Wall Street always win...
Always.
They play with loaded dice and marked cards and, just in case some lucky person figures out how to beat their system (a short-lived victory to be sure) the banks have made a way to ensure that they never have to pay the tab when they make risky loans or investments.
Repercussions...Not many
So, what did the American people learn from this nasty public meltdown of a Goldman derivatives peddler?
Not much, really.
Sure, Goldman moaned and groaned about the relatively paltry sum of money lost due to Smith's revelations.
The "Occupy" wanna-be hippies demanded that heads roll, and politicians double-spoke about "investigating" and "regulating," then trotted off to get their dole money from their corporate sponsors.
Meanwhile, nothing really changed and Goldman Sachs, the elite's sacrificial cow, was left to go back to what it does best- selling uninformed people bundles of complicated, opaque junk that they pass off as legitimate investment opportunities.
"So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker “doing God’s work”- The Times of London
Are You Ready to Bypass The Den of Thieves?
If you're tired of giving away your hard-earned money to banks and Wall Street then you should know:
There IS a better way.
Call me now and I'll send you free information on how you can escape the den of thieves and start controlling your own financial destiny.
800-382-0830
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