just wanted to add, though I am not sure I read that in this article, that GS well knew the mortgages were in default because it owned many of them, and that numerous homeowners said that they refused workout attempts that would have seemed to be in their own interest -- presumable because they knew they were selling the mortgages.
On Fri, Oct 21, 2011 at 12:08 PM, Dana <[email protected]> wrote: > I started to say yeah but that was genocide. And that nobody who has > the power to make this happen will. Then I remembered that Canada did > something like this with the boarding schools for indigenous peoples > and that the wrongdoing in that case was less than mass murder, even > though great harms were done and arguably with the goal of eliminating > given cultures. > > So maybe there is a precedent, > but I still suspect that partisan hysterics will prevent any such thing. > > I also think you minimize the extent of the wrong doing, even though I > am cautioning against wild accusations of fraud. Fraud there was. > There was more than eking going on in the Goldman Sachs case. I found > the link I posted a while back: > > http://www.mcclatchydc.com/2009/11/01/77791/how-goldman-secretly-bet-on-the.html > >> On Fri, Oct 21, 2011 at 10:04 AM, Dana <[email protected]> wrote: >>> >>> And yet that's where the administration is getting its financial >>> talent? People are right to be outraged. On the other hand, do the >>> individuals hired by Obama have anything to do with those derivatives >>> or others like them? I dunno, and neither, probably do you. I do think >>> that someone other than a relatively small newspaper chain should have >>> found this important enough to investigate. >> >> One of the problems I see with the setup is that we need talented >> finance people in the administration. It's critical. However, most (if >> not all) of the talented finance people in the private sector have >> been actively complicit in the abuses of the finance system because, >> well, that was their job. Talented people are supposed to find loop >> holes, eek every little bit of money they can out of the system, skate >> right on the edge of acceptable practices, etc. You could, instead, >> go for people from the academic world but there is a really negative >> perception in a lot of people's minds about academics and their >> supposed detachment from and unawareness of the "real world". Of >> course, I don't know how much more detached from the real world you >> can get than being a multimillionaire hedge fund manager, but that's >> another rant. Regardless, it is difficult to get career academics into >> positions of authority in the federal government. >> >> So we end up with a situation where the only people we can get >> confirmed to high ranking positions are of the "fox guarding the hen >> house" variety. It almost seems like we need some sort of amnesty or >> truth and reconciliation program like they've done in Rwanda or South >> Africa. Make the finance people come clean, pick out some of the >> brightest that weren't the worst offenders and employ them to clean >> the system up with the understanding that they will never work in >> private finance again after their time in the administration and this >> is their last, best chance to make a difference and establish a new, >> credible, life going forward. >> >> Cheers, >> Judah >> >> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:343714 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
