Goldman CEO attacks SEC fraud charges: report

[Amerigo Vespucci]

Source: Reuters

In its civil fraud lawsuit on Friday, the SEC alleged that Goldman failed to tell clients that complex mortgage-related securities they were buying had been created by billionaire hedge fund investor John Paulson, who stood to benefit if the securities lost value. Paulson has not been charged.

Blankfein is trying to bolster confidence of business partners following the lawsuit, according to the newspaper.

It said that in conversations with private equity executives and others, Blankfein left clients with an impression he is eager to fight the case in court.

"He was very aggressive," the newspaper said, quoting an unnamed person called by Blankfein on Wednesday. "He feels that the government is out to kill them, that they are under attack and the whole thing is totally political," and that the SEC lawsuit "hurts America," the person said.

Read more: http://www.reuters.com/article/idUSTRE63L0AV20100422

[DJ13]

1. Anyone so arrogant to claim his company is "doing God's work"

Is so high on himself he will be his own worst enemy in a case that threatens his empire.

It ought to be fun watching him melt down.

[JDPriestly]

2. So, Blakfein says it is all political and then reacts in a politically

insensitive manner that is bound to cause an even bigger political backlash against Goldman.

One thing is certain, the folks on Wall Street are completely out of touch with what is going on in the rest of the country.

Wall Street hurts America. And Americans want more an apology and payback. Blankfein has a job. That is far more than many, many Americans can say.

Blankfein needs to take some responsibility for the horrible fraud that his company has perpetrated on investors around the world. His company has hurt, deeply hurt a lot of people and crippled our economy.

Is there some sort of 12-step program for greed addicts? Blankfein needs to find some sort of group like that. His greed seems to be controlling him, not him controlling his greed.

[dixiegrrrrl]

3. One of the best books I ever read is

WHEN SOCIETY BECOMES AN ADDICT
by
Anne Wilson Schaef

From the book's introduction: "Our society is deteriorating at an alarming rate. As we watch the news and read the newspapers, we are increasingly made aware of corruption in high places, financial collapse, and a lack of morality in settings ranging from preschools to meat packing plans. Our planet is being destroyed by acid rain and pollution. Hunger and wars rage over the planet.

"As a society, we are responding not with action but with a widespread malaise. The market for antidepressants has never been better. Apathy and depression have become synonymous with adjustment. Rather than looking for ways to change, to save ourselves, we are becoming more conservative, more complacent, more defensive of the status quo.

"Those few individuals who notice and draw attention to these growing problems are met with massive denial. When they run for public office, they are not elected. When they confront us with what they know, they are ignored, dismissed, or discredited."

It was written in ....1987!

As valid to day as then, perhaps more so.
Still on my bookshelf..I have a small collection of "keeper books" and that is one.