Tester grills top Goldman Sachs executives
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- čas přidán 27. 04. 2010
- Senator Jon Tester today grilled some of Wall Streets top big-bank executives, telling them Americans want "answers and accountability."
Goldman Sachs has been charged with fraud for activities that allowed them to profit off of the nations financial collapse of 2008. As the Senate seeks the votes to begin to debate Wall Street reform, executives from the investment giant were called to testify today before a Senate committee.
During a hearing on Capitol Hill, Tester questioned the executives on accusations that Goldman Sachs sold, and then betted against, investments they designed to fail.
What is the purpose of these hearings. Nobody gets prosecuted. Nothing changes. Its all a show. Wall street finances congress.This is what Kennedy and roosevelt warned against. The secret societies that run this country
Exactly what I said. The point of these hearings are pointless. Nothing's getting solved what so ever. Perhaps if the American public see this, and leaders lead them on what to do and should do to kick these people out of office.
because nothing illegal has taken place.
the point is for YOU to do somethin about it.
the people run the government if we chose to, not the government run us.
we see this then we go back to our lives ..
change will happen only when the people get together, Bernie Sanders won't be able to accomplish much with out a people's movement
The other side of the argument is that central government banks have given up being able to regulate punitively. This strand of thought developed throughout the 1980s and the 'attitude of 'if you can't beat them joint them' started up and then regulators thought that if they integrated the financial mechanisms into their national policies then they would be better controlled. The problem is that when they now go wrong (like we saw in 2008) everything is so enmeshed that if regulations were made, designed to cripple bad banks, then those banks can now no longer use the mechanisms that they took advantage of to raise pensions etc (Dutch Pensions in Europe). So, if we didn't bail them out, the argument goes that even more people would've had their pensions and nest eggs lost.
Unfortunately its not as simple as 'capital' 'state', its all one assimilated machine as far away as possible from free enterprise as you can imagine. Then you get blokes like him saying that 'more regulation'' is the answer when in reality the long term fix would surely be to let them fail, we all go around and burn the banks, and the next guys don't go around gun slinging our capital so recklessly and concoct such bizarre financial instruments.
"Do you owe the taxpayers anything?"
The government should be asking themselves that question. Who can blame Goldman for taking a bailout? Anyone will take free money when you're handing it out, they question is why should you be able to hand it out?
The best way to make sure people remain responsible for their actions is to make them face the consequences of those actions themselves.
I missed the grilling part
Its not embarrassing to get help from government, just when you do well, don't hide your profits and share, thank the society that helped
And then we understand what happened in 1933...
Do you see his smirk at :44 seconds? Smirk.
goldmans didnt do anything directly illegal they just brutally took advantage of the system and its weak sides in order to maximize profit. it is not their fault someone actually purchased these toxic mortgage secured instruments. when they realized its toxic they bet against it and earned money again to cover the losses from mortgage defaults. the government/fed should have indicated theres a big problem here but actually regulation here failed a lot. there was too much trust in the economy among all market players after years of growth and short recessions like 9/11 driven. its difficult to do something with entities like goldmans as they are too powerful and have their people everywhere. i work in relatively small bank on the other side of the world, the company was sold to a new owner and guess who was the main sale/acquisition consultant?
This was grilling? We'd like you to work with us? Are you kidding me?
"...I would like to work with you..." thats a good one. Senatrors DO work with Goldman Sachs, thats the problem.
It's funny. "Clearly there needs to be more regulation," but they have no qualms about doing it until then or find ways to work around regulation.
hah! "The world needs more regulation."
Nope, the world just needs to let gamblers like you fail. No bailout, no sympathy.
The market is the regulator.
the problem is that the gouverment does not even understands how this structedt products work.
"Clearly, the world needs more regulation" - Lloyd Blankfein
Few years later, the public elects a president(Trump) who wants to remove regulations; Dodd-Frank being one of these regulations.
That smart ass from Sachs needs a good ass wiping, that word transparency it's fucking bullshit word to get around shit !
Look at the SIZE of that folder !!!!
@TadRapidly,
You are right, that's the problem.
Hold their feet to the fire.
they did. the problem is not much has been done to prevent it from happening again
The other side of the coin is that the Basel accords that were put in place as regulation were the catalyst for finance to mutate and evolve new methods of raising credit through market mechanisms like CDOs.
Here is the question that should have been asked:. Who do you think should go to prison for what was done. Trillions of dollars we're stolen from hundreds of millions of hard-working people. Who goes to prison for that?
lol
There was regulation and congress did away with it that caused all this mess and then they hold hearings afterward to find the blame. The blame is congress. What is the last sentence is this video? Bring back regulation.
What a little fing weasel
Funny how he "grills" them here, but receives a his second largest sum of his campaign contributions (nearly $200,000 this summer already!) from them this year!(2018)
www.opensecrets.org/members-of-congress/contributors?cid=N00027605&cycle=2018
pay back the money gave to you!!!!!
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What they did was manipulative. They did so purposely. If you can’t beat em, join em. Studying law.
Not once he gives a fuck or spoke about families he ruined or how much tax money got wasted. Lucky i live in the best country in the world Australia .