Jews Complicit In America's Financial Catastrophe

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(Free-Press-Release.com) November 1, 2009 -- How can America survive the External threat from Islam while combating the internal threat from Jewish greed?

We are being attacked from the outside and inside and American's are too naive to understand!

Though Muslims are the greatest threat, Jews inside government and on Wall Street have proven themselves to be destructive via their stranglehold on our judical system and fraud on Wall Street.

Goldman kept wagers on crash a secret
Probe finds firm may have broken laws
BY GREG GORDON
MCCLATCHY NEWSPAPERS

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Buzz up!Del.icio.us Reddit Newsvine Next Page1| 2Previous PageIn 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.

Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled one of the nation's premier investment banks to pass most of its potential losses to others before a flood of mortgage loan defaults staggered the U.S. and global economies. Only later did investors discover that what Goldman promoted as triple-A investments were closer to junk.

Now, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are facing large losses, and a five-month McClatchy Newspapers investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws.

"The Securities and Exchange Commission should be very interested in any financial company that secretly decides a financial product is a loser and then goes out and actively markets that product or very similar products to unsuspecting customers without disclosing its true opinion," said Laurence Kotlikoff, a Boston University economics professor who has proposed a massive overhaul of the nation's big banks. "This is fraud and should be prosecuted."

John Coffee, a Columbia University law professor who served on an advisory committee to the New York Stock Exchange, said that investment banks have wide latitude to manage their assets, and so the legality of Goldman's maneuvers hinges on what its executives knew at the time.

Lloyd Blankfein, Goldman's chairman and chief executive, declined to be interviewed.

A Goldman spokesman, Michael DuVally, said that the firm decided in December 2006 to reduce its mortgage risks and did so by selling off subprime-related securities and making myriad insurance-like bets, called credit-default swaps, to hedge against a housing downturn.

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