The bank that thought it ruled the world
Friday, 23 April, 2010 Leave a comment
It seems that it is a pretty busy time for Heaven’s PR Dept. whether their earthly vassals come in the form of obscenely wealthy bankers or men who don less expensive cloth – but have equally loathsome habits!!!
(1) there has not been a greater outcry L-O-N-G before now
(2) the US – and now UK – regimes have finally grown the balls to do something about it
PLEASE take the time to read this blog item from April 2009 (Looking behind the curtain: If you like a good conspiracy theory…) That’s right 1 year ago!
I ain’t no financial journalist and don’t have the ear of “insiders” but this is the kind of information that has been freely circulating relating to the activities of the upper echelons of US (Global) finance. Why then has it taken so long for there to be some action!?
We may find out the truth in coming weeks and we shouldn’t be surprised if it emerges that SEC and FSA "knew" more about Goldman’s Abacus, CDO/CDS activities than they realised! C’mon if you are dealing with products of such complexity who is really going to spend too much time trying to understand them when you can "safely assume" that the rating agency will have thoroughly assessed the product and associated risks before awarding it a rating. That’s a fair assumption…isn’t it? The rating agencies wouldn’t just award a "AAA" rating unless it was merited! Surely they would. Please don’t tell me that they just accepted what GS told them…
Why only "morally corrupt"?
Too dangerous to go any further I suspect. GS won’t take this lying down. It just isn’t in keeping with their style and, as you will know if you have experienced working with people of this ilk that sheen off their suit is actually Teflon! They retain an ability to snatch credit (sic) were none is earned and always have a conveniently positioned patsy to whom any flack can be diverted if things don’t go according to the initial cunning plan.
Watch out for some fireworks (from US) and the distinct possibility of the rating agencies will assume the patsy role whilst the villains of the piece put one over on the Authorities who actually presumed to think that they were the one’s really in charge. In truth the are just more victims of institutional bullying who have identified their chief tormentor and now have to deal with the consequences. Gulp!
NEWS: From BBC re rating agencies. Watch as the blame game goes into overdrive. All of which will, no doubt, provide a nice little diversion in the run-up to UK election. After which – irrespective of who wins – we will start to see the emergence of further facts about the state of our economy and how much it will costs you and me in taxes, public spending cuts. GIRD YOUR LOINS FOR A BUCKETFUL OF COLD AUSTERITY!!!
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