There’s been much ado about the recent $550 million fine the Securities and Exchange Commission imposed on Goldman Sachs for lies and omissions about the ABACUS 2007-AC1 subprime mortgage derivatives. Goldman cost investors more than $1 billion while making a very tidy profit themselves, but not as much as the man who designed the derivatives package for Goldman. John Paulson made $1 billion off the scam. Goldman called the fine “a major victory” for them. And rightly so. First, everyone, including Goldman, was expecting a $1 billion fine (God bless the SEC). Second, the actual fine still leaves Goldman with profits from the scam. Third, $550 million is what Goldman makes in about three days. And finally Goldman got off without any fraud charges being filed against them. I have no doubt Lloyd Blankfein and his cronies had a huge Champaign party Wednesday night celebrating their biggest victory since they ripped off taxpayers in 2008. It’s great to have friends in high places.
Stimulus money and Wall Street; lobbyist jobs filled by ex-lawmakers and ex-staffers; interest groups spending like there’s no tomorrow; and Democrats who are hypocrites about fisical responsibility. [...]
The fact is that Ryan’s plan is more than typical of a Republican’s idea of how America should operate — screw the hell out of the working class and give it all to the wealthy. [...]
Ethics investigators have in their hands emails exchanged between lobbyist and corporate officials “bluntly” talking about “connections between making generous campaign donations and securing federal funds”. [...]
Some health insurers are increasing premiums by more than 75 percent on Medicare Advantage recipients for 2010. Here’s the blackmail — under previously passed laws in 2006 (and another passed in 2008), a reduction of 4.46 percent was slated for 2010. [...]
Listings)
Myspace Layouts
