Betting against the odds
by
, 12-25-2009 at 08:03 PM (5759 Views)
Now I know why I read this guy's blog every day. He nails it every time.
http://gettheflick.blogspot.com/2009...e-updated.html
This is the story --carried yesterday in the New York Times, of how Goldman Sachs created a new type of security- a Synthetic Collateralized Debt Obligation (CDO), sold it to their customers, then placed bets that they would lose money and become worthless.
It's almost a perfect crime, because once you do that, you have a former Goldman Sachs leader at the SEC come pick up the pieces. All at the expense of the American taxpayer.
A few words come to mind.
"Disgusting" is about the only one I could print here and not be kicked off the website for foul language. After all, it is Christmas.
But this 37 year-old Goldman Sachs employee who came up with this? The New York Times says he became a Goldman Managing Director.
New York- sometimes I wonder if we'd all be better off if New York fell off into the Atlantic.