put the bastards in jail...........heal the world.......from barrons...............
“At the same time the firm was betting against the mortgage market as a whole, Goldman assembled and aggressively marketed to its clients poor quality CDOs that it actively bet against by taking large short positions in those transactions,” the Senate’s Permanent Subcommittee on Investigations wrote. “For example, in Hudson, Goldman told investors that its interests were ‘aligned’ with theirs when, in fact, Goldman held 100% of the short side of the CDO and had adverse interests to the investors, and described Hudson’s assets were ‘sourced from the Street,’ when in fact, Goldman had selected and priced the assets without any third party involvement.”
"Separately, the Journal reported that investigators are probing whether big U.S. and European banks conspired to artificially lower the LIBOR rate by understating their borrowing costs. All of this comes after the Fed announced a deal with major U.S. banks making them reform their mortgage servicing procedures and pay back homeowners who lost their homes or suffered other injuries because of mistakes by servicers. The mortgage foreclosure mistakes could cost banks tens of billions of dollars"...............read it here
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