Friday, April 16, 2010

Goldman Sachs & Financial Reform

Although I'm not really interested in the financial industry, this news is interesting to anyone who follows politics & current events:

SEC Charges Goldman With Subprime Fraud

It seems that the giant investment bank, Goldman Sachs, is being charged with fraud by the Securities & Exchange Commission. There has been way too little accountability in the financial sector for all the problems caused by these monstrous companies driven solely by profit & greed.

Rolling Stone:
"Inside The Great American Bubble Machine"

"Matt Taibbi on how Goldman Sachs
has engineered every major market manipulation
since the Great Depression

I think capitalism is a supremely functional system of commerce. However the idea of unregulated 'Free Market' is simply insane. Representative government is needed as a check on commercial & financial entities that would use the system to prey on people in a criminal way.

Watching the documentary about Enron: "The Smartest Guys in the Room" & the series "American Greed" can give you a very cynical outlook on the financial world.

Anyone who says they are a unfettered 'Free Trade' proponent is a zealot that is living in an fantasy world. Even the King of the Scheisters himself, Alan Greenspan admits his unaccountable free-market philosophy was crap.

This significant enforcement of oversight is already being seen as a prelude to the Democrats' push for broader financial reforms. I was reading just now that Obama has said he's going to veto any financial reform bill that doesn't deal with derivatives- the purposefully obtuse 'investments' that were a large factor in the recent financial meltdown.

It's crazy how already the Republican leadership is outright against even this push for major reformation of a dysfunctional system. It's a shame Boehner & McConnell are such jerks they can't see how joining this fight against corruption in banking practices would be better politically than siding with their crooked money lords.

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