Wall Street bankers could have averted the global financial crisis

[mertle]

http://www.guardian.co.uk/business/2...nancial-crisis

just speachless why oh why did they not stop the ponzi scheme if they new it was dodgy.

If this shows banking regulations need beefing up.

If goldman and Sachs new something was up why not whistle blow. Worse was JPMorgan who been his primary banker 20 years. The flags were there he would refuse diligence, figures did not add up. yet the banks did not do anything let it carry on.

Fact the world suffered because the banks did nothing when they new something was wrong is despicable.

[TheDaddy]

Because they were in on it, they have made themselves a fortune of the back of this and are waiting in the wings to take advantage of the situation they created and not one of them to my knowledge has been to jail over this global fraud and they have the cheek the demand if the banker bashing doesn't stop they'll be of, stop the banker bashing imo it hasn't even started yet, so what if the bank they work for is in trouble now, the tax payer will bail them out and they'll still get their bonus on time grrr

[nomadking]

Their actions were to cover existing problems and to try and sell the problem onto somebody else. The underlying debts would still have been there, but in different places. Eg If you buy a car which turns out to be a 'lemon', and manage to sell it on, it doesn't change the fact that it is a 'lemon' and somebody somewhere is going to lose out.

[Hugh]

You do realise this is not reporting facts, just the book author's views?

[mertle]

You do wonder why they did not nip it in the bud when they knew it was fud.

TheDaddy hope your wrong as this would imply corruption in banking system would not be shocked though.

Certainly needs tighter controls but governments worryingly going other way allowing to have more power.

Merve the swerve from BOE wants further power.

On this evidence they should never ever have ultimate power.

nomadking looks like that for sure they do this with morgages sell debt. I have strange feeling there may been ploy to take out smaller banks let them get bailed then buy them off governments in return to wipe off or proportion of government debt.

A question you have to ask was the Ponzi fund used by them to get power control of smaller banks. Did they recommend the scheme to smaller banks knowing it would put them in great diffuclty when it collapsed.

Was pension funds involved.

Sadly doubt we will ever know.

[devilincarnate]

Originally Posted by mertle

You do wonder why they did not nip it in the bud when they knew it was fud.

Hey you are a poet

[martyh]

Originally Posted by mertle

TheDaddy hope your wrong as this would imply corruption in banking system would not be shocked though.

Not implying anything Mertle ,i would make a direct accusation and see them try to defend it

[mertle]

Originally Posted by martyh

Not implying anything Mertle ,i would make a direct accusation and see them try to defend it

well got any gold you got more money them to fight legal case afterall all they trade is fictional money on computer

Interesting the investigator Harry Markopolos spotted the fraud in 1999 only took five minutes.

He flagged it up no end times no-one listened.

http://www.huffingtonpost.com/jeff-p..._b_936824.html

could get worse as regulations to whistleblowing under pressure from campaigh intrestingly Fox news throwing its weight in no snitch campaign. Call financial whistleblowers Rats. Take away the rubbish start it goes on the case.

http://thinkprogress.org/economy/201...ank/?mobile=nc

Thought this was good lifts the lid off all the scam who was involved its big. Its great read for sure.

BE warning there is swearing in it. Interesting swindle is toxic mortgages never knew the ponzi. But it seems the big cheases was in on martyh.

http://www.rollingstone.com/politics...-jail-20110216

[Tuftus]

Inside Job.

Google it.

[TheDaddy]

Originally Posted by martyh

Not implying anything Mertle ,i would make a direct accusation and see them try to defend it

The scale of the corruption is outrageous, those crumby mortgages they sold to people they knew were incapable of repaying were nearly packages together and sold on to other unsuspecting European banks as quality assets with the real kick in the nuts being they then staked money on them failing and none of these parasites have been brought to book, we're picking up the pieces just so they could pick up a quick bonus and why haven't our politicians done anything, well it'll be interesting to see which of them are sitting on the boards of these banks within the next twenty years.

[mertle]

indeed TheDaddy gets worse as new bombshell hit Goldman Sachs.

Talk about proceeds of crime or this just for the commoners the petty crooks. Those embezzle the odd million the real crims get off with around 2%-5% fine of proceeds it seems.

Wonder what little dirty secrets held in ours after JP morgan losses of 2bn. I bet we wont see it as they like in america got the whole thing protected.

You have to laugh how they got info after very expensive legal battle keep it hidden. Lawyer dumped it in the street.

About naked short selling practice which is not borrowing shares to short change. With massive implications to the economy and businesses. Quote here shows why businesses cant create jobs. Effectively these peoples GREED destroyed economy.

Again folks reading this does include swearing. Hell why we not seeing these people thrown in jail.

http://www.rollingstone.com/politics...lling-20120515

One of the companies Goldman used to facilitate these trades was called SBA Trading, whose chief, Scott Arenstein, was fined $3.6 million in 2007 by the former American Stock Exchange for naked short selling.
The process of how banks circumvented federal clearing regulations is highly technical and incredibly difficult to follow. These companies were using obscure loopholes in regulations that allowed them to short companies by trading in shadows, or echoes, of real shares in their stock. They manipulated rules to avoid having to disclose these “failed� trades to regulators.
The import of this is that it made it cheaper and easier to bet down the value of a stock, while simultaneously devaluing the same stock by adding fake supply. This makes it easier to make money by destroying value, and is another example of how the over-financialization of the economy makes real, job-creating growth more difficult.

---------- Post added at 23:49 ---------- Previous post was at 23:45 ----------

Originally Posted by Tuftus

Inside Job.

Google it.

thanks just got wikki about it there film which was at caen film festival.

These putting them in public stocks for flogging.

They should be stripped all assets made to live like homeless.

[jempalmer]

They should be stripped all assets made to live like homeless.

May God give me strength

[mertle]

Originally Posted by jempalmer

They should be stripped all assets made to live like homeless.

May God give me strength

if they earned it illegally should proceeds be taken away every penny. They should thought about the consequences there actions.

They crippled the economy due to there Greed. giving the paltry fines of the value of the illegal activity is more criminal than act its self.

About time governments got the teeth take it on bigtime. In wall street its nearly every company involved its massive.

How far it goes beying wall street is anyones guess.

I wondering if seeing the script with micheal douglas wall street film sadly its real.

About time we see some big massive cahoneys take on the financial sector.

[jempalmer]

mertle, without wanting to go hugely off topic, making them live like homeless people is hardly a realistic prospect. They or their families would, almost certainly, have the financial resources to prevent that from happening. As much as I share your outrage at the often egregious behaviour of the people making fortunes by deception or other underhand means, it is nonetheless an unlikely fate for them. If somehow they were to be made homeless then I'm pretty sure that the would be eligible for State Benefits, even if it was only Jobseeker's Allowance.

[slowcoach]

Meltdown is a good documentary LINK
Use the Firefox add-on Flashgot to download the episodes.