GOP Stands With The Big Banks This will be their downfall in the 2010 elections. http://www.huffingtonpost.com/2010/04/26/gop-ben-nelson-block-deba_n_552667.html
Clearly the banking industry needs some regulation. What Goldmans did to investors was, literally, criminal. I'll stand with the dems on this one.
good to hear what should worry you is why the republicans refuse to discuss the current reform bill in the senate. they only want to talk about it behind closes doors where c-span cameras can't come.
http://www.politico.com/news/stories/0410/36389.html Would-be replacements raise for Harry Reid Sen. Chuck Schumer invited Harry Reid to spend Monday morning with him in Brooklyn, where some of Schumer’s well-heeled friends opened their checkbooks to help the Senate majority leader’s struggling reelection bid. Democratic Whip Dick Durbin has invited Reid to join him next week in Chicago, where he’ll connect the Nevada Democrat with Windy City business leaders who’ll pour even more money into Reid’s campaign. For Schumer and Durbin, it’s all part of a delicate dance. While Capitol Hill insiders say the two men appear to be jockeying to show their fellow Democrats that they’d be the logical successors to Reid, they’re also showing Reid unyielding loyalty where it counts: campaign cash. So, there Schumer was Monday morning, introducing Reid to the big-money developers of the New Jersey Nets’ new $4.9 billion facility in Brooklyn. Schumer told the developers that he and Reid had been “through war together,” and he called the Nevadan his “foxhole buddy,” according to someone who was there. “He is beloved by our caucus, from the most conservative to the most liberal,” Schumer told the fundraisers on Monday, the source said. “He does a great job of bringing together 59 Democrats of such broad philosophical and geographic diversity. And the egos are not small. What Harry does is amazing.” Monday’s fundraiser was headlined by Bruce Ratner, the real estate mogul who owns the Nets — and who has donated more than $127,000 to Democrats in recent years. While Schumer’s office won’t say how much money the event raised for Reid, cash poured in from a number of developers and real estate types. The event came just hours before a procedural vote on a plan to rewrite the rules for Wall Street, but Reid’s office stressed that the donors who turned out Monday weren’t bankers or Wall Street officials — and that, in fact, many work for Ratner’s company as well as for electrical and construction companies. But Sunday night, Reid also cashed in at an intimate dinner in New York organized by his campaign finance team and sponsored by Roger Altman, a former deputy Treasury secretary under President Bill Clinton, who is now chairman of Evercore Partners, which claims that it’s the “most active investment banking boutique in the world.” Read more: http://www.politico.com/news/stories/0410/36389.html#ixzz0mIo0Zymv
^^^ First of all, why should a candidate from Nevada be raising money for his campaign in places like New York and Chicago? Second, oops, fund raising from investment bankers at a time the senate is taking up legislation that regulates that industry. Third, so much for the premise that the GOP stands with big banks.
I believe, if I am thinking of the right investment bank, they made a portfolio that another investor picked each item in the portfolio. this other investor then bet on this portfolio to lose. It was just in the news about being questioned by the SEC.
I really don't see what's so wrong about that. I may be immoral, but certainly not illegal. If you or I made that bet, it would have been a good call, they just did it on a much larger scale. That is, if I correctly understand what they did.
I believe Goldman Sachs was marketing the portfolio as a profitable investment when they knew that the items in the portfolio were expected to fail. It was basically straight up fraud.
Not clear to me how you go from Harry Reid collecting campaign donations to your statement quoted above.
Can't guarantee it, but if you're promoting it as a winner and have essentially set it up as a loser, then it's a problem. That's kind of the jist of what I heard happened.
Goldman was pitching it to it's clients as a good investment when the company was quietly betting big bucks on it to fail. Their knowledge was that it was a loser which was revealed today in internal emails where their insiders laughed at the investors they were bilking out of their life savings. STOMP
Harry Reid isn't the GOP and he's standing with big banks and taking campaign donations from them. http://www.opensecrets.org/politicians/summary.php?cid=N00009922&cycle=2010 Code: Top 5 Industries, 2005-2010, Campaign Cmte Industry Total Indivs PACs Lawyers/Law Firms $2,201,132 $1,963,033 $238,099 [B]Securities & Investment $772,585 $632,285 $140,300 <---- [/B] Casinos/Gambling $607,900 $545,900 $62,000 Health Professionals $530,625 $299,125 $231,500 Real Estate $528,787 $453,711 $75,076
http://www.opensecrets.org/usearch/...10677907462955562473:nlldkv0jvam&cof=FORID:11 Goldman Sachs Top Contributor to Member(286 results) Goldman Sachs to Arlen Specter (R) in 2010 Goldman Sachs to Ben Cardin (D) in 2010 Goldman Sachs to Ben Nelson (D) in 2010 Goldman Sachs to Bill Foster (D) in 2010 Goldman Sachs to Bill Nelson (D) in 2010 Goldman Sachs to Bill Posey (R) in 2010 Goldman Sachs to Bob Casey (D) in 2010 Goldman Sachs to Charles E Schumer (D) in 2010 Goldman Sachs to Chris Dodd (D) in 2010 Goldman Sachs to Christopher J Lee (R) in 2010 Goldman Sachs to Claire McCaskill (D) in 2010 Goldman Sachs to Deborah Ann Stabenow (D) in 2010 Goldman Sachs to Dick Durbin (D) in 2010 Goldman Sachs to Ed Royce (R) in 2010 Goldman Sachs to Evan Bayh (D) in 2010 Goldman Sachs to Frank R Lautenberg (D) in 2010 Goldman Sachs to Gregory W Meeks (D) in 2010 Goldman Sachs to Ileana Ros-Lehtinen (R) in 2010 Goldman Sachs to Jack Reed (D) in 2010 Goldman Sachs to James Webb (D) in 2010 Goldman Sachs to Jay Rockefeller (D) in 2010 Goldman Sachs to Jeff Bingaman (D) in 2010
I'm sure you ARE immoral, but we're talking about investment fraud by big banks here, not your personal lack of integrity.
