That's why we get to pay their bills. I am quite sure that the SEC fine was paid with profits generated by an off balance-sheet vehicle that is unaudited, masquerades as an an airline and somehow ended up with a bunch of GS call options prior to this deal as another so called "hedge". In fact, I would reason that Goldman made 2 to 3 times the cost of this settlement, at least, due to their extensive skills in financial chicanery, regulation circumvention and general manipulation, prior to the settlement announcement. And what would prevent them from doing that? ohhh, silly things called regulators and laws. But as you can see it is more profitable to circumvent social, implied or legal responsibility because when you can decide to take the system down at your will, you are the army, government and police - so anything is possible. Even the little pawns like the SEC and CFTC are scared of you when you are Goldman Tax.
One thing is for sure, you and I will get the bill. So, now that they got someone else to pay their fine, what's next for Goldman Tax? I guess we will have to ask Obama and his boss Bernake. We must be able to get an authoritative answer there. And here it is...the quote of the week: "There will be NO MORE tax payer funded bailouts. PERIOD!" - Assistant Chief Executive of the Fed, Barack Obama.
I have heard a lot BS from Obama about one fact or another or change or another that will turn out this way or that, most of them have been outright deceptions and this statement will bear out to be aswell.
There will be bigger and bigger tax payer funded bailouts because Obama and Bernake (and as a whole the political system as it is constructed now) have the power and ethics to lie to us all and objectives to empower and enrich their special interests. Please don't forget that Goldman Tax is one of the priority interests. So is JP Morgan.
Globalization and the End of the Labor Aristocracy, Part 3 - On the current structure of globalization and its implications for the distribution of income within and between countries.
11 minutes ago