Stocks tumbled Friday morning for a variety of reasons, though the US mainstream seems to attribute this to Goldman Sachs being charged with fraud. International markets dropped overnight, as well, with investors reportedly being concerned with continued unemployment, mounting foreclosures and maybe Greece (again?).
More on the Goldman Fraud charges from the Daily News:
The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering.
The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed to disclose that one of its clients helped create – and then bet against – subprime mortgage securities that Goldman sold to investors.
Investors in the mortgage securities are alleged to have lost more than $1 billion, the SEC noted.
The result will either be nothing, or a guilty verdict, costing Goldman a few hundred million of the multiple billions they have pillaged in other scams not yet brought to light.
Since no one is being criminally charged, Goldman Sachs, probably to the relief of all involved in the suit, will be able to continue doing God’s work, as CEO Lloyd Blankfein said in a previous interview.
*Note: Today is April 16, 2010, which happens to be an Armstrong Cycle turning point. Coincidence?
**Note: The price of gold is down $28.00 as of 11:15 CST. As we’ve suggested in previous posts, gold has not yet decoupled from the broader markets and seems to be following stock moves in a similar fashion to late 2008. For those gold bugs who don’t want to buy at $1100, perhaps you’ll get another chance under $1000 if the stock market turns the opposite way sometime this year.
Goldman Sachs will get slapped with a small fine (1 million or less) and walk away. This is Washington D.C.’s feeble attempt to impress upon the citizens that they are rooting out corruption.
Try harder next time Barry.
These banker elites are Obama’s golf buddies, and he would never let his minions in D.C. incarcerate them in a federal prison. Â
Just another pretend act in the same tragic play
Paul, right on.   How could the government and all the corruption in Washington blame Sachs, they themselves do crap worse than this all the time.     What has God have to do with anything these idiots are doing anyway?   Â
Comments…..They should put this guy’s picture in the dictionary under the heading of Devil. I wonder if his cousing shylock the devil incarnate looks like him. Hang on to your flesh because you’re going to lose more than a pound in the near future.
Yes, a small fine, a slap on the hand to appease the peasants ,the tea partiers and patriots.  At least it’s exposed, maybe some light is coming at the end of the tunnel. Rats are rampant and when the light hits them , they will be scurrying all over the place trying to hide . Sorry about this rant, but the corruption is sickening.
They leave Goldman Sachs to seek high government positions. They know each other well, you scratch my back, I’ll scratch yours.
It is indeed a sham. Nothing will happen and the rort will continue until the whole show finally implodes sometime in the future. Not sure when that will be but hopefully those that have raped not only the US but much of the world will get their dues. Albeit that they will have fled the country by then and be sipping their cocktails in some plush resort in Asia.
You get you chance to vote later this year. Pity you don’t get to vote on Ben and Tim though.
what happened to rajat gupta ? ? ? ?
Comments…..Why does the racist muslim who posts here still live in the USA. Go back to your “second home” with your cave dwelling raghead tribe who worships a cult moon god and a pedophile prophet and who sucks Americans dry with over priced oil that only costs the ragheads 2 bucks a barrel to get out of the ground.
The greedy savage muslims and their overpriced oil will go down in history as the true cause of the economic depression. We need alternate sources of energy so the satanic moon god tribe can drown in their oil.
The Goldman Sachs affair coincides nicely with Obama’s call for finance reform. Obama is a crafty devil. Or so he thinks. This GS episode is merely the start of a campaign to eventually include a clause that allows the U.S. government to seize your 401k’s, IRA’s, and other pension plans in the event of a ‘national emergency’.   Now the mainstream media (under the guidance of Washington D.C.) would have you believe the economic crisis is abating by constantly cooking the data coming out of the government agencies but we are still in crisis and you can expect further deterioration in the coming months. In the meantime you would be wise to get an understanding of what your options are in saving your plans from confiscation. You can forget about safe harbor in places like Switzerland as capital controls are being actively enforced by the government. You should also be mindful that the government will most likely increase early withdrawl penalties from 10% to 20% to discourage these type of early withdrawls.  The trap is being set up so you still have time to do your research and do what’s best for you and your family, not the tyrants in D.C.         Â
Revere: You are absolutely right. But do it now. The SWHTF on May 24th at 4:02 pm PST. The markets will crash and thats when you need to be in metal.
Buy now or on dips.
Zukadu, if you can elaborate further what is the significance of May 24th? Â
Interesting to note that Mac warned everyone about Martin Armstrongs’ prediction that something was going to happen Friday April 16th.Â
Sure enough, Goldman Sachs is choking on their own vomit as of yesterday. Now Germany is considering lawsuits against the Goldman Sachs thieves as well.  Looks like GS is going to be the whipping boy for a lot of peoples’ financial problems.   Â
That will be the day, that for all intents and purposes, events overtake the economy, and the dollar dies. Or at least, goes comatose.
Got metal?