Speaking as someone who worked in the IT and risk area for credit derivatives at one of the largest financial institutions -- it was fraud on a massive scale.
Nobody really believed the risk management numbers for CDO's were anything more than so many angels dancing on the head of a pin. I'm talking about the quants/mathematicians, the traders and most of all the high level executives at the top of the fixed income food chain.
What they did believe was that bonuses were paid out on an annual basis for performance that was measured largely by sales. Not the eventual value of the trades, which ended up being worthless.
These bankers should be dressed in orange pajamas and sent down to Guantanamo. They are the real terrorists. Not the fake movie style terrorists and bank robbers that the government wants us to believe in -- who wear masks and carry guns.
No, these are the real bank robbers who work inside the institution and would need tractor trailers to carry out all the money. Real bank robbers wear suits and have the money transferred directly to their own bank accounts.
What a joke that Goldman pretends to be innocent, and claims to have "paid off their TARP money," while their biggest creditors -- including AIG -- were given huge amounts of taxpayer dollars to pay off trades they had with Goldman.
The Goldman bonuses are our tax dollars at work. Plain and simple.
I was a witness to history. I saw it happen. The mathematical models were so complex even the mathematicians made jokes about them.
Well, the joke is on all Americans.
Nobody really believed the risk management numbers for CDO's were anything more than so many angels dancing on the head of a pin. I'm talking about the quants/mathematicians, the traders and most of all the high level executives at the top of the fixed income food chain.
What they did believe was that bonuses were paid out on an annual basis for performance that was measured largely by sales. Not the eventual value of the trades, which ended up being worthless.
These bankers should be dressed in orange pajamas and sent down to Guantanamo. They are the real terrorists. Not the fake movie style terrorists and bank robbers that the government wants us to believe in -- who wear masks and carry guns.
No, these are the real bank robbers who work inside the institution and would need tractor trailers to carry out all the money. Real bank robbers wear suits and have the money transferred directly to their own bank accounts.
What a joke that Goldman pretends to be innocent, and claims to have "paid off their TARP money," while their biggest creditors -- including AIG -- were given huge amounts of taxpayer dollars to pay off trades they had with Goldman.
The Goldman bonuses are our tax dollars at work. Plain and simple.
I was a witness to history. I saw it happen. The mathematical models were so complex even the mathematicians made jokes about them.
Well, the joke is on all Americans.
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