Goldman Sachs “agreed” to pay another $5.06 billion in fines for its role in the mortgage fraud, and Wells Fargo paid $1.2 Billion more for deceiving the govt over its mortgage fraud. Why anyone voluntarily still has any assets with these fraudulent institutions (which also includes Bank of America, Citi, and JP Morgan Chase) is a bigger mystery than how anyone could vote for Hillary.
By now everyone should know that Goldman Sachs was the top contributor to Obama’s campaign, is the biggest contributor to Hillary’s, and besides giving Ted Cruz a loan, Cruz’s wife is a Managing Director at Goldman.
After the govt cracked down on Salomon Brothers in the late 90’s (later to become part of the fraudulent takeover by Traveler’s and merger with Citi), Goldman made a strategic decision that the best way to avoid a similar fate was to own DC. Starting with the Robert Ruben – Bill Clinton partnership, which ushered in the era of “transactional banking” with the neutering of Glass-Steagall, and eliminating the ability to expunge student loan debt through bankruptcy (some of the history can be found here) Goldman has not looked back.
The revolving door between Goldman and DC has been spinning non-stop ever since. Some of the people to pass through the door include: Robert Rubin, Hank Paulson & Larry Summers (all former Treasury Secretaries), Jon Corzine (another Goldman CEO and CEO of bankrupt MF Global, Inc, which bailed-in its customers, and former Democratic Governor and U.S. Senator in NJ), Rahm Emanuel (current Mayor of bankrupt Chicago, and Bill Clinton’s right hand man), Gary Gensler (Chairman of the CFTC), Robert Zoellick (US Trade Representative, Deputy Secretary of State, and World Bank President), Josh Bolten (former White House Chief of Staff); not to forget Super Mario (former Goldman plant in Italy and current ECB President), Mark Carney (Governor of the Bank of England and former Governor of the Bank of Canada), Petros Christodoulou (former General Manager of the Public Debt Management Agency of Greece and current Deputy Chief Executive Officer of the National Bank of Greece), Ian Macfarlane (Governor of the Reserve Bank of Australia), Malcolm Turnbull (Prime Minister of Australia), Tito Mboweni (Governor of the Reserve Bank of South Africa); and economic talking heads – Jim Cramer (Founder of TheStreet.com, and host of Mad Money on CNBC), Guy Adami (CNBC‘s Fast Money), Erin Burnett (CNN host). Is it any wonder Goldman is called the Vampire Squid?
So far, for collapsing the economy, the big bankster bank shareholders have paid a total of $44.9 Billion in fines to keep the banksters out of jail. Of course, the Banksters are not the only ones capable of bribing a politician. BP just agreed to a $20 Billion settlement for the Deep Horizon oil rig explosion in 2010, and since the sh*t always flows downhill, US taxpayers will be stuck with the bill, as 77% of the fine is tax deductible – a tactic that the banksters also use, but is unavailable to the citizen taxpayer. If a citizen reaches a settlement on his credit card or mortgage short sale, the reduced payment is recognized as income by the IRS.
This cronyism is why citizens around the world are rebelling against the establishment (career politicians and the BIG corporations that bribe them). If these sociopaths could pleasure each other in a vacuum, most Americans wouldn’t give two sh*ts. Although, the Cruz Crazies would hope that their defender of personal liberties would intervene, like he tried to do in Texas. As comical as it may sound, Ted wanted to halt genital stimulation, unless for procreation, which also proves that politicians do the opposite of what they impose on everyone else.
The problem of course with all the cronyism is their actions are destroying the world economy. Not only do corporate bribes destroy their competition and drive up prices (the health care industrial complex being the biggest example), but the debt created to bail out these otherwise bankrupt cesspools devalues the money in your pocket and will cause taxes and fees to go through the roof when the market drives interest rates higher (yes, markets ALWAYS win in the end). The lack of equal enforcement of the rule of law has emboldened the bad actors, and motivates others to commit fraud to keep pace with the serial fraudsters, leaving the average Joe caught in the vortex of an economic death spirial, which has just begun.
It’s not only the Fed that is stuck between a rock (raising rates, which will blow up the balance sheets of countries and companies holding too much dollar-based debts), and a hard place (keeping rates near zero and blowing up pension and insurance funds, and everyone living on fixed income). Citizens all over the world need to decide whether to revolt against their oppressive govt’s now to minimize the damage, or wait while the economy continues to deteriorate, making the inevitable “Big Bang” much worse. Big Bang is the term coined by Armstrong to describe the govt funding crisis that is unfolding across the globe, and will accelerate as the US Dollar and interest rates rise, as the balance sheets of companies and countries holding excessive dollar-based debts explode.
Since broke govt’s will get increasingly desperate to save themselves, resulting in taxing their economies to death, I vote for cutting our losses. Throw all the establishment bums out of office with every election to install de facto term-limits, which is the only way to start the needed reforms. We either pay the price now, or pay a much bigger price later.