Another scandal about to break?

[Magneto]

Just saw that some recordings are supposedly going to be made public tonight that shows Federal regulators at the Federal Reserve regulators had a VERY cozy relationship with Goldman Sachs. The recordings were made by Carmen Segarra who was a who was a Federal regulator in charge of Goldman Sachs. She was disturbed to see the relationship and started to make recordings. Not sure how much traction this will get but it should be interesting.

 

[Expat]

While Obama is in, I doubt there will be any interest. If she sits on them until we get a Republican President in they may be interested. They would just ignore when it occurred.

 

[Denny347]

While Obama is in, I doubt there will be any interest. If she sits on them until we get a Republican President in they may be interested. They would just ignore when it occurred.

Neither party is truly interested in this as these issues have been around for a LONG time. There are books written about this problem by those involved but no one seemed to care up to this point. Why start caring now?

 

[jbombelli]

Nope. Nobody that matters will really care about this.

 

[ZombieApocolypse]

While Obama is in, I doubt there will be any interest. If she sits on them until we get a Republican President in they may be interested. They would just ignore when it occurred.

I also blame Obama for Bushes bailouts

 

[MCgrease08]

I heard some of the recordings tonight during a long segment on NPR. I doubt this will turn into much. The woman was so hung up on the fact that Goldman Sachs didn't have an overarching corporate conflict of interest policy. They did have some policies for individual business units.

A lot of noise and arm waiving, nothing overtly illegal or scandalous.

 

[HoughMade]

Agreed. Honestly, as harmful as the whole financial crisis was (is, actually), when I see memes about "and no one from _____ [wall street firm] has gone to jail" my reaction is: Well, duh...it wasn't a criminal offense. It was poor management, poor stewardship, poor judgment, poor investment, and a whole lot of other poors, but it was (for the most part) not criminal.

Around the time we file criminal charges against a lot of Wall Street guys, we had better figure out if we are going to file criminal charges against all the schmucks who bought $300,000 homes on $50,000/year incomes. (also not criminal, but just as harmful). It takes two to tango. Two wrongs don't make a right, but I have a hard time seeing people who, any rational analysis would have told to dial it back, significantly, as a victim.

Reduce (preferably eliminate) government involvement in the housing market, and risks are magically minimized. However, so many industries (real estate, finance, construction, etc.) have been mainlining federal money for so long, that I'm afraid the withdrawal may kill the patient.

 

[Expat]

Neither party is truly interested in this as these issues have been around for a LONG time. There are books written about this problem by those involved but no one seemed to care up to this point. Why start caring now?

I was mostly talking about the media. As an example, remember the wailing and gnashing of teeth about the no bid contracts that Halliburton received during the Bush administration? Those were going on during the Clinton reign but no one cared.

 

[femurphy77]

Nothing to see here folks, the retiring AG reviewed the situation before announcing his retirement and said it's a clean shoot.

 

[forgop]

Agreed. Honestly, as harmful as the whole financial crisis was (is, actually), when I see memes about "and no one from _____ [wall street firm] has gone to jail" my reaction is: Well, duh...it wasn't a criminal offense. It was poor management, poor stewardship, poor judgment, poor investment, and a whole lot of other poors, but it was (for the most part) not criminal.

Around the time we file criminal charges against a lot of Wall Street guys, we had better figure out if we are going to file criminal charges against all the schmucks who bought $300,000 homes on $50,000/year incomes. (also not criminal, but just as harmful). It takes two to tango. Two wrongs don't make a right, but I have a hard time seeing people who, any rational analysis would have told to dial it back, significantly, as a victim.

Reduce (preferably eliminate) government involvement in the housing market, and risks are magically minimized. However, so many industries (real estate, finance, construction, etc.) have been mainlining federal money for so long, that I'm afraid the withdrawal may kill the patient.

And when those from the GOP confronted those from Freddie/Fannie for going down the path we were, the Dems testified there was nothing to worry about. It makes a difference if a Democrat senator cornholes one of the execs of said business.

 

[KLB]

Agreed. Honestly, as harmful as the whole financial crisis was (is, actually), when I see memes about "and no one from _____ [wall street firm] has gone to jail" my reaction is: Well, duh...it wasn't a criminal offense. It was poor management, poor stewardship, poor judgment, poor investment, and a whole lot of other poors, but it was (for the most part) not criminal.

Around the time we file criminal charges against a lot of Wall Street guys, we had better figure out if we are going to file criminal charges against all the schmucks who bought $300,000 homes on $50,000/year incomes. (also not criminal, but just as harmful). It takes two to tango. Two wrongs don't make a right, but I have a hard time seeing people who, any rational analysis would have told to dial it back, significantly, as a victim.

Reduce (preferably eliminate) government involvement in the housing market, and risks are magically minimized. However, so many industries (real estate, finance, construction, etc.) have been mainlining federal money for so long, that I'm afraid the withdrawal may kill the patient.

Come on now. They were entitled to those 3000 sq ft homes. Plus two new cars and a huge TV, etc. They shouldn't have to actually PAY for all of it though. That would cut into their cell phones, cable TV and eating out all the time.

 

[jbombelli]

Come on now. They were entitled to those 3000 sq ft homes. Plus two new cars and a huge TV, etc. They shouldn't have to actually PAY for all of it though. That would cut into their cell phones, cable TV and eating out all the time.

If not for government lenders would be a lot more responsible and would not extend those loans. Government created the situation and everybody tok advantage of it - lenders and borrowers.

 

[HoughMade]

If not for government lenders would be a lot more responsible and would not extend those loans. Government created the situation and everybody tok advantage of it - lenders and borrowers.

The government, corporations and individuals are all at fault.

 

[MisterChester]

Agreed. Honestly, as harmful as the whole financial crisis was (is, actually), when I see memes about "and no one from _____ [wall street firm] has gone to jail" my reaction is: Well, duh...it wasn't a criminal offense. It was poor management, poor stewardship, poor judgment, poor investment, and a whole lot of other poors, but it was (for the most part) not criminal.

Around the time we file criminal charges against a lot of Wall Street guys, we had better figure out if we are going to file criminal charges against all the schmucks who bought $300,000 homes on $50,000/year incomes. (also not criminal, but just as harmful). It takes two to tango. Two wrongs don't make a right, but I have a hard time seeing people who, any rational analysis would have told to dial it back, significantly, as a victim.

Reduce (preferably eliminate) government involvement in the housing market, and risks are magically minimized. However, so many industries (real estate, finance, construction, etc.) have been mainlining federal money for so long, that I'm afraid the withdrawal may kill the patient.

Maybe not criminal, but negligence and recklessness are things you can still get in trouble for. Follow the money and company policy makers. It's as if they were all driving a multi-billion dollar car, and they egregiously went over the speed limit and indirectly caused accidents. Mismanagement and saying "oops" isn't a way to get your case dismissed, but since they suffer from affluenza it would get dismissed. Or get a few hours of community service.

 

[jbombelli]

The government, corporations and individuals are all at fault.

I'm just glad i stuck to my guns when i bought my house and didn't listen to the mortgage guy or the real estate guy when they were telling me what i could afford. They tried everything they could think of to get me to borrow 50k more than i wanted to be on the hook for. If I'd listened to the licensed professionals i would have lost my house a few years ago. A lot of people unfortunately took the advice of the licensed professionals and paid for it.

 

[KLB]

If not for government lenders would be a lot more responsible and would not extend those loans. Government created the situation and everybody tok advantage of it - lenders and borrowers.

Not everyone. Most people still used some sense when they bought homes. I had/have no sympathy for those that borrowed above their means.

Sadly, the scenario I described was pretty much one I saw on the news when the whole thing was starting. A couple were whining about the fact they were about to get their 3000+ sqft home foreclosed on, with their two new cars in the driveway and new furniture and such all throughout the house. Poor them, they didn't know they couldn't afford it. They were victims.

 

[forgop]

The government, corporations and individuals are all at fault.

I thought it was GWB behind it all. That's what the media and Obama claimed anyway.

 

[John Galt]

A good read on the Federal Reserve is "The Creature from Jekyll Island." December 23. 1913 is a day that should be of the minds of everyone ...

 

[forgop]

Deleted.

Wrong thread.