Quote from impy barbicane:
bottom line to all you born losers is---the guy is succesful and should be respected UNTILL he is proven criminal and or fraudulent with his dealings.
OTHERWISE may i suggest another internet site??
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barbicane, what is your opinion if Goldman Sach know or not know what they buy( IN THE BEGINNING)?
How can so successful and smart people like Goldman Sach not know they buy (JUNK) to package and sell? Is that simple to me.
If they are really just the smart one and no do nothing wrong, you tell me how they buy this JUNK and are fooled to think these JUNK morgages are AAA. Goldman Sach really think the morgages they buy from (BROKERS OUTSIDE OF REGULATION OF BANKS) will be good for the money? Hmm?? So sad those lower class people fool Goldman Sach and promise to pay the morgage.
I am no against success barbicane. But Goldman Sach in my opinion know EXACTLY what they buy es junk, and EXACTLY how to sell that, and insure that too.
Now look at this interview and respond of Blankfein.
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Blankfein: No, I think you are assuming that this crisis was caused solely by highly complex derivative products. It wasn't. Just look at a typical bank balance sheet. Most banks value their loans at the price at which they were issued. This applies to corporate and consumer loans, mortgages and credit card debt. All seemingly bread-and-butter transactions. And then there are a few derivatives and some more complex products.
SPIEGEL: What are you trying to say with that?
Blankfein: This crisis was not just caused by complex derivatives.
SPIEGEL: What caused it, then?
Blankfein: Too much money was lent to people who had bitten off more than they could chew. When the bubble burst and recession hit, default rates went through the roof
