Goldman Sachs, Derivitive trading ...
I've been following the recent commentary and story on derivitive trading and its effects on the market, economy and current financial mess. Having recently read 'Street Fighters' by Kate Kelly, a WSJ reporter and a book on the doings of Bernie Madoff has helped me understand how much the Feds and government are responsible for the financial crisis as much, if not more than Wall St.
Yes, there are greedy 'Masters of the Universe' Wall St. types feeding upon well heeled investors who can't seem to make enough money even though they have enough to live like Saudi Kings. And they give Wall St, capitalism and free markets a bad name. But most Wall St. types are just hard driving type A personalities who love the challenge of the game and play by the rules.
So while the current administration wants to demonize Wall St. and install regulations and create another layer of beaurocracy, no one seems to be questioning the Federal watch dog agency's that have participated in the problems, knew and understood all about derivitive trading and the practices of hedgefund managers and did nothing.
Where is the outcry about them? The Fed banks and the SEC are supposed to be the watchdogs. But instead, they have been in bed with Wall Street for years. They no longer monitor or act as a stop gap for illegal or unscrupulous actions taken by Wall St. For the most part they have looked the other way. So what makes anyone think another layer of beaurocracy will do any better?
The current administration will not focus on this. They'll continue to point the finger at greedy Wall St. and place blame squarely on their shoulders without so much as a hint of their involvement with the financial crisis.
Lets hope that the republicans can hold tight so the current legislation that would handcuff Wall St. and gain even more power over the economy, doesn't pass...
Below is a related link.
http://http//www.businessweek.com/news/2010-04-17/democrats-say-goldman-sachs-fraud-suit-bolsters-case-for-rules.html
Yes, there are greedy 'Masters of the Universe' Wall St. types feeding upon well heeled investors who can't seem to make enough money even though they have enough to live like Saudi Kings. And they give Wall St, capitalism and free markets a bad name. But most Wall St. types are just hard driving type A personalities who love the challenge of the game and play by the rules.
So while the current administration wants to demonize Wall St. and install regulations and create another layer of beaurocracy, no one seems to be questioning the Federal watch dog agency's that have participated in the problems, knew and understood all about derivitive trading and the practices of hedgefund managers and did nothing.
Where is the outcry about them? The Fed banks and the SEC are supposed to be the watchdogs. But instead, they have been in bed with Wall Street for years. They no longer monitor or act as a stop gap for illegal or unscrupulous actions taken by Wall St. For the most part they have looked the other way. So what makes anyone think another layer of beaurocracy will do any better?
The current administration will not focus on this. They'll continue to point the finger at greedy Wall St. and place blame squarely on their shoulders without so much as a hint of their involvement with the financial crisis.
Lets hope that the republicans can hold tight so the current legislation that would handcuff Wall St. and gain even more power over the economy, doesn't pass...
Below is a related link.
http://http//www.businessweek.com/news/2010-04-17/democrats-say-goldman-sachs-fraud-suit-bolsters-case-for-rules.html
posted by Candle in the Wind at
4:55 AM
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