bonus! The FRAUD CLUB: Goldman Sachs, the SEC, the CFTC, and the Washington skid greasers (this is the GREAT UNMENTIONED: Goddamn-Sachs MADE MAN, gary genzler (full GS partner) is the CHAIR of the CFTC, which is GROUND ZERO of they TRILLIONS of dollars of "DERIVATIVES" fraud the wealthy elites are working tirelessly, to find a way to STICK THOSE 'losses' on the American taxpaying sheeple public - gary genzler, and SEC chairwoman Mary Schapiro (and their nominal boss, President Barack Obama) are s DEFRAUDING Americans.....Michael Lewis' best-selling non-fiction book, "Liar's Poker" described a scene on the Salomon Bros. trading floor, when Lewis returned to work one day after unknowingly sticking a client with tens of thousands of dollars worth of 7-11 bonds.
Unbeknownst to Lewis, another Salomon trader had been trying to DUMP those bonds, that Salomon traders considered "dogs," for weeks. When Lewis walked in to the trading floor, he was astounded by the STANDING OVATION he got from the other Salomon traders... and by the realization that Salomon didn't give a damn about its clients, only about the volume and velocity of money whizzing through Salomon's net revenue and profits accounts.
Some things never change: under the tender 'oversight' of the Bush, Clinton, Bush-II, Obama administrations, Wall Street is now in the LEGALIZED fraud, extortion, & LARCENY business.
How Goldman Sachs cost Gaddafi & Libya $1.3bn
By Alistair Dawber
Weds., June 1, 2011
Goldman Sachs managed to lose nearly all of the money it had been given to invest by the Libyan government, which eventually led the giant Wall Street bank to offer shares as compensation that would have effectively made Colonel Gaddafi one of its largest single investors.
The Libyan Investment Authority, a sovereign wealth fund worth tens of billions of dollars into which the Gaddafi administration poured the money it made from oil sales, handed over $1.3bn to the bank in 2008 with a mandate to invest in foreign currency markets and other structured products. The deal was struck months before the onset of the financial crisis, and sources close to the bank yesterday claimed that the LIA had initially been uninterested when Goldman told it that the value of the investment had lost several hundreds of millions of dollars.
But by early 2009 Goldman Sachs had lost 98 per cent of what it had been given, according to a report in The Wall Street Journal.