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Betting against the odds

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Now I know why I read this guy's blog every day. He nails it every time.

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.

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  1. airlift's Avatar
    Instiutionalized dishonesty is so pervasive that it is no wonder why this recession occured. They take us to the brink of the precipice, make a toast, pop-open the champagne; and then we foot the bill.
  2. CrabClaw's Avatar
    those companies, especially GS, hold all the cards and carry all the pieces. I agree, disgusting... until there is real reform that changes that there will be no reform at all

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