Someone's goin' down for Subprime

Discussion in 'OFF-Topic / Misc.' started by timshatz, Apr 16, 2010.

  1. timshatz

    timshatz Active Member

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    Sec announced they've got a perp for the whole SubPrime mess. It's not Congress, it's not Freddy or Fanny, it's Goldman! Looks like they were frontrunning what the packaged bonds they sold to everyone and their mother.

    This is just getting started. It's gonna be a wild ride. Before this, it was a wink and a nudge as to who was "guilty". Now, it's gonna be a free for all.

    Enjoy the ride.

    SEC Sues Goldman Sachs, Alleging Fraud in CDO Tied to Subprime
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    By Gregory Mott

    April 16 (Bloomberg) -- The U.S. Securities and Exchange Commission today sued Goldman Sachs Group Inc., accusing the company and one of its vice presidents of defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages.

    The SEC announced the case in an e-mail release.
     
  2. vikingBerserker

    vikingBerserker Well-Known Member

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  3. ToughOmbre

    ToughOmbre Active Member

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    And the immediate result is that Wall Street gets spooked and my IRA takes a hit!

    :angry4:

    TO
     
  4. timshatz

    timshatz Active Member

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    Read up today that this is going to be complex. The guy they pegged as being the Perp is a Jr Veep. Total amount of the money made was 15 million. Ok, what happened to the other 15 Trillion that went away?

    Definitely a test case, first shot type of thing. Going to be more of this as they refine it, 'cause as bad as this one may be, it's not as bad as some of the stuff out there. Going to be a ton of lawyers sueing people too. Add in the coming change in Regs and next week is going to be hairy on the markets.

    Subprime, Greece, Volcanoes, man, this is getting interesting!
     
  5. Matt308

    Matt308 Glock Perfection
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    Dont' forget SCUDS to Hezbollah. War is coming. The economy is bad.
     
  6. BombTaxi

    BombTaxi Active Member

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    I'm glad to see the US making someone answerable for this mess. Over here, the politicians are all in bed with the banks, and no-one is being punished, mainly because the City is threatening to pack up and move abroad if anyone has to take the rap :rolleyes:
     
  7. timshatz

    timshatz Active Member

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    This thing is just getting going. It's going to be a "right proper mess" before it's over. Funny thing, is the whole thing was set up by Congress and just blew completely out of control. A perfect example of "the road to hell is paved with good intenetions". Not that there isn't enough blame to go around. What Goldman did, even if the SEC doesn't get a conviction, is going to rock the core of Money Management as an industry. Who wants to put their money in the hands of somebody who's trying to strip it from you.

    It'll be interesting to see where Asia opens up tomorrow. Next week could be a horrible one for the markets. If you own stuff and are up on it, might be a good idea to sell.
     
  8. DerAdlerIstGelandet

    DerAdlerIstGelandet Der Crew Chief
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    It looks like Germany and the UK are looking into getting in on this as well.
     
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