Goldman Sachs Banksters ‘Made Fortune Betting Against Clients’


Revealed: Goldman Sachs ‘made fortune betting against clients’ (Observer):

Chairman of Senate’s Wall Street investigations committee accuses beleaguered bank on website.

The beleaguered Wall Street bank Goldman Sachs boasted that it was making tens of millions of dollars of profits daily by betting against its own clients’ investments, according to internal emails released yesterday by a US senator.

The annual report of the bank, which is currently facing fraud charges in the US, denied that it had generated enormous revenues by wagering on the US housing crisis. Yet an email apparently from chief executive Lloyd Blankfein to his colleagues says: “Of course we didn’t dodge the mortgage mess. We lost money, then we made more than we lost because of ‘shorts’ [bets that the market would get even worse].”

The damning material from the senate’s permanent subcommittee on investigations, which is reviewing the role of Wall Street banks in the financial crisis, was posted on the website of its chairman, Senator Carl Levin. It will be used in what promises to be an incendiary public hearing on Tuesday when Blankfein is scheduled to testify in front of the subcommittee.

In a statement, Goldman stood by earlier claims that it never made significant profits out of the housing market and said that the emails proved nothing.

Terry Macalister
Sunday 25 April 2010

Blankfein E-Mail Shows Firm Profited Betting Against Mortgages (Bloomberg):

April 24 (Bloomberg) — Goldman Sachs Group Inc. Chairman and Chief Executive Officer Lloyd Blankfein told colleagues in an e-mail that the firm made money by shorting, or betting against, mortgages, according to documents obtained and released today by a U.S. Senate subcommittee.

“Of course we didn’t dodge the mortgage mess,” Blankfein, 55, wrote in an e-mail dated Nov. 18, 2007, that was among eight pages of documents released today by the Senate’s Permanent Subcommittee on Investigations. “We lost money, then made more than we lost because of shorts. Also, it’s not over, so who knows how it will turn out ultimately.”

Goldman Sachs, the most profitable securities firm in Wall Street history, has come under scrutiny for its sales of collateralized debt obligations linked to mortgages during 2007, just as the market for such instruments started to crumble. Blankfein, 55, and six current and former employees will face questioning next week about its business practices by the subcommittee, led by Michigan Democrat Carl Levin, 75.

On April 16 the Securities and Exchange Commission sued the firm for fraud, alleging that the company and an employee, Fabrice Tourre, misled investors about a CDO. Goldman Sachs has contested the allegations, arguing that the investors had all the information they needed and that the firm would never mislead investors.

Last Updated: April 24, 2010 09:37 EDT
By Christine Harper

More on Goldman Sachs “doing God’s work”:

Computerized Front-Running: How a Computer Program Designed to Save the Free Market Turned Into a Monster

Goldman Sachs taps President Obama’s former White House counsel, Gregory Craig

President Obama Repaying His Masters At Goldman Sachs

Goldman Sachs Banksters Implicated in Shorting Lehman Shares

Perfect Timing: Goldman Sachs Set to Pay £3.5 Billion in Bonuses For Just 3 Months’ Work!

SEC Accuses Goldman Sachs of Civil Fraud

Looting Main Street: How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece

Goldman Sachs Squeezes Hedge Funds in $110 Billion ‘Collateral Arbitrage’

Goldman Sucks

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Secret AIG Document Shows That Goldman Sachs Minted Most Toxic CDOs

Here Comes The Next Bubble: Carbon Trading

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

The CDS Puppetmaster Behind It All And The Ever Increasing Parallels Between AIG And Greece

The Illuminati Banksters: JPMorgan vs. Goldman Sachs

Secret Banking Cabal Emerges From AIG Shadows

America’s Impending Master Class Dictatorship!

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How Goldman Sachs Made Tens Of Billions From The Economic Collapse Of America In Four Easy Steps

Goldman Sachs: Investors Could Only Lose in Offshore Deals

Goldman Sachs: Betting Against All of Us

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Goldman Sachs Banksters Arming Themselves With Pistols Against Public

Goldman Sachs CEO Lloyd Blankfein: I’m doing ‘God’s work’

Wall Street Banksters To Pay $30 Billion Record Bonuses In 2009

Absolute Perfection: Goldman Sachs Loses Money On Just One Trading Day In Q3

Goldman Sachs: Trading Perfection And Statistical Improbabilities

Goldman Sachs Takes On New Role: Taking Away People’s Homes

CIT Bankruptcy Filing Expected in Days; $2.3 Billion Taxpayer Money to Be Wiped Out; Goldman Sachs Receives $285 Million In Termination Fees

New York Fed’s Secret Choice to Pay for AIG Swaps Squandered Billions of Taxpayer Money:

…and remember who got the bailout money back then:
AIG Discloses Counterparties as Obama, Cuomo Assail Bonuses:

This time the bailout money from the U.S. taxpayer went to:
Goldman Sachs led beneficiaries, with $12.9 billion, followed by SocGen, France’s No. 3 bank, with $11.9 billion, and Deutsche Bank, Germany’s biggest lender, with $11.8 billion. Barclays Plc received $8.5 billion from AIG, Merrill Lynch & Co. got $6.8 billion, Bank of America Corp. got $5.2 billion and UBS AG got $5 billion.

US taxpayers pay Goldman Sachs for Swaps on Nonexistent Bonds

The Goldman Sachs Bankster Casino – Where The Hell Is The Outrage?

US: Utah approved a $27.3 million incentive package to keep Goldman Sachs, bringing the total amount to $47.3 million

On the Edge with Max Keiser (09/04/09): The Banksters have free reign in America

Goldman Sachs Loses Grip on Its Doomsday Machine

Goldman Sachs Code Theft BOMBSHELL?

Goldman Sachs Market Manipulation Dominance at Risk by Theft

New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny

Goldman Sachs hires law firm to shut blogger’s site

1 thought on “Goldman Sachs Banksters ‘Made Fortune Betting Against Clients’”

  1. Why are all commodities gaining (HUGELY!) while the U.S. Dollar seriously staggers, like a drunken sailor? Why is there no incentive for new business startups, or true innovation? Why? Because the Market is RIGGED. Bernard Madoff made ONE BIG mistake – he ripped off RICH people. Wall St. rips us all off, every day.

    What is needed, is to cut out, entirely, from the U.S. economy, the Rothschild-owned Goldman Sachs’ ‘Fed’. Print U.S. Notes, through the U.S. Treasury, and have those backed by gold. Re-monetize silver. Any attempt to restore ‘honest money’ and re-introduce a ‘gold standard’ must cut out the foreign-owned central banks, and print any currency as U.S. Notes, via the US Treasury – with no role, whatsoever, for foreign-owned, central banks…

    Bob Chapman Explains Silver Market Manipulation, Take Down By Bullion Banksters!

    650 Years Ago:
    How Venice Rigged the First, and Worst, Global Financial Crash by Paul Gallagher Printed in the American Almanac, September 4, 1995.
    (Comment: International Bankers, Rothschilds, Rockefellers, et al (Ashkenazi/Khazarian ‘Jews’) – sit atop the secret society structure, globally. Fiat (paper) money is their game. All foreign currencies are pegged to the US Dollar, and the US Dollar was taken OFF the gold-standard, in 1971, under tricky-Dick Nixon. The U.S. Dollar is constantly on the precipice, ready to CRASH, at a moment’s notice, along with ALL the other fiat (paper) currencies. This is why they viciously attack the price of silver. ‘Venetian’ Bankers infiltrated the British Empire, and created Freemasonry. They infiltrated the American Empire, on numerous occasions. President Andrew Jackson ‘killed the [Central] Bank’ – that’s what it says on his gravestone – ‘I killed the bank’. Freemasonry (like the Bolsheviks were, and the ADL) is, fundamentally, ‘Jewish’ ( Governments, globally, tend to have a disproportionate membership in Freemasonry. Any wonder then, that governments are more into serving the Bankers (Ashkenazi/Khazarian ‘Jews’), than they are in serving their own people/citizens? (Hmm…Caesar, Kaiser, Khazar…very interesting!)

    How The Venetians Took Over England and Created Freemasonry
    Conference Address by Gerald Rose, Schiller Institute Conference, September, 1993
    Printed in The American Almanac, November 29, 1993

    The Secret of Oz (William T. Still)

    The Money Masters (William T. Still)

    New World Order: Ancient Plan of Secret Societies (William T. Still)

    The History of the Money Changers

    “Economists continually try and sell the public the idea that recessions or depressions are a natural part of what they call the ‘business cycle.’ The timeline below will prove that is simply not the case. Recessions and depressions only occur because the Central Bankers manipulate the money supply, to ensure more and more is in their hands and less and less is in the hands of the people. Central Bankers developed out of money changers, and it is with these people we pick up the story in 48 B.C. below:”

    Do You Know Where You REALLY Live?

    The ‘American’ Empire, since the establishment of the so-called ‘Federal’ ‘Reserve’ in 1913 (owned by Goldman Sucks/Rothschilds) – has been an extension of the British Empire/City of London/’Crown Corporation’/Rothschilds, et al. This is why the American Military is used as a ‘global’ police force. Primarily in the Middle East (Afghanistan, Iraq, Libya, etc.) – to use up the foreign oil resources, BEFORE tapping into the vast oil and natural gas resources that exist right here in the U.S., as well as to establish a central bank or fiat currency system there – tied to the US Dollar, of course! And, to rape these countries of all their economic and natural resources! Ultimately, their wish is to destroy the national economies of the world (can you say Greece? Ireland?) – introduce a one-world currency (just ask George Soros) – possibly destroy this, too (then offer another of THEIR pre-planned “solutions”) – always toward more centralized control over every living and non-living thing on the planet! And, their ultimate STATED goal? De-population.

    Crash JP Morgan – Buy Silver! Episode 96, The Keiser Report

    The Silver Bullet and the Silver Shield “The BEST article written on silver in Ten Years!”- Jason Hommel

    By buying up silver (and some gold) – we can totally usurp the Banksters – we, effectively become OUR OWN CENTRAL BANKERS…


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