Oh, right. They’re running the government.
When financial titan Goldman Sachs joined some of its Wall Street rivals in late 2005 in secretly packaging a new breed of offshore securities, it gave prospective investors little hint that many of the deals were so risky that they could end up losing hundreds of millions of dollars on them.
McClatchy has obtained previously undisclosed documents that provide a closer look at the shadowy $1.3 trillion market since 2002 for complex offshore deals, which Chicago financial consultant and frequent Goldman critic Janet Tavakoli said at times met “every definition of a Ponzi scheme.”
The documents include the offering circulars for 40 of Goldman’s estimated 148 deals in the Cayman Islands over a seven-year period, including a dozen of its more exotic transactions tied to mortgages and consumer loans that it marketed in 2006 and 2007, at the crest of the booming market for subprime mortgages to marginally qualified borrowers.
In some of these transactions, investors not only bought shaky securities backed by residential mortgages, but also took on the role of insurers by agreeing to pay Goldman and others massive sums if risky home loans nose-dived in value — as Goldman was effectively betting they would.
Oh good grief!!!
I knew that G-S was rotten to the core — but they are even worse than I was giving them credit for.
Why aren’t the bastards in jail — is right. But then their golden ONE won’t let them go to jail.
I’ve been following G-S and their deep involvement in Hawaii for years. Plus they have connections to the Carlyle Group — which has it’s fingers in everything else. I even found a obscure link between Carlyle and Geothermal.
Ever wonder why we don’t have more Geothermal in Washington State — and a few more islands in the Caribbean?? Seems that Carlyle Group is a player and perhaps this means keeping the Island Nations dependent on oil — until the Carlyle Group can figure out how to monopolize that sector as well.
Nevada is a big player in Geothermal and exports a lot to California — you probably know all that!