Wednesday, April 21, 2010

Goldman Sachs Conviction Buy List

There was I looking for news on the Goldman Sachs fraud case and I find this Goldman Sachs Conviction Buy List.

Is it about convicted bankers? Is it about bankers accused of fraud? Nope. It's about Goldman Sachs' tips of companies expected to outperform the market.

As Richard Adams put it, the fraud was all about selling fire insurance to arsonists.

Or as the chair of the US Congress hearings into the credit crunch said when questioning Goldman Sachs' own Lloyd Blankfein the bank was "selling a used car with faulty brakes and then buying an insurance policy on those cars".

Crooked. Crooked. Crooked. And unethical to boot. And that's how capitalism works.

1 comment:

Anonymous said...

You know i think this is how capitalism works when laws are not enforced and the party of the left does not do it's job. Unfortunatly left of centre parties have become completely absent since 2001, in terms of upholding democratic values and inforcing fiancial rules and regulations. I think that is as much true of here in Norway as elsewhere in the West.