Crooks

[shipperx]

Have been listening to C-Span and the hearings with Goldman Sachs.  There's no nice way to say this.  They're immoral (and amoral) crooks. 
 
 

To explain, Timberwolf  was a 'synthetic' CDO based not on actual home mortgage bonds but instead on those bonds' 'movements'  (IOW, it the 'synthetic' CDO isn't anything, it's manufactured out of thin air and is basically just a bet on a package of bonds, bonds that Goldman Sachs knew were, in a word, shit -- Triple A rated... shit (because, y'know, GS pays the ratings agencies so the agencies knew to give good ratings).  While selling Timberwolf as a "triple A rated stock",  Goldman Sachs themselves shorted the CDO (i.e. bet it would tank).

June 22, 2007, there's an email from a Goldman senior executive, Tom Montag, to another, Dan Sparks.  that Timberwolf was a "shitty deal".

June 23, 2007 there's an e-mail from Sparks saying that pushing sales of Timberwolf was a top priority.

So basically... crooks.