Goldman Sachs is Subpoenaed by Manhattan DA
The Huffington Post reported today that Goldman Sachs was subpoenaed by the Manhattan DA in relation to the credit crisis. The subpoena follows the April release of a Senate report that showed Goldman had steered investors toward mortgage securities it knew would likely fail.
Don’t hold your breath. The long arm of the law as it applies to grifters like Goldman Sachs is indeed long. In fact, it is so long that it will never reach Goldman Sachs except perhaps to collect a fine–the cost of which I’m sure is already far less than what this financial firm has ”managed” away from taxpayers and working people who can least afford it.
1) Goldman Sachs is thoroughly entrenched in the Wall Street Casino system. They will never get more than a hand slapping.
In October of 2009 another former Goldman Sachs executive was tapped for a top post in the Obama administration. The Securities and Exchange Commission has named twenty-nine-year-old Adam Storch as the agency’s first-ever chief operating officer of the enforcement division. For the past five years, Storch worked at Goldman Sachs, most recently as vice president in Goldman’s Business Intelligence Group.
Adam Storch (b. 1980) serves as the current Managing Executive of the Security and Exchange Commission‘s Division of Enforcement, having been hired on October 16, 2009. The position, along with the division, was created as a reaction to the subprime mortgage crisis. He was previously the Vice President in the Business Intelligence Group at Goldman Sachs. [Wiki]
2) And again, the focus is on a symptom and not the root cause of the problem which is the entire system of the Wall Street Casino.
Until the problem is dealt with at its systemic level, going after Goldman is about like taking an aspirin to cure a brain tumor.
3) What can you do as an individual about this? You can sell all stock that you have in Wall Street and reinvest it in your local community.*
Yep it really is that simple. And yep, what you do does make a difference. In fact, what you do as an individual is the only thing at this point that will make a difference. One person at a time. That’s the only way.
Tell me, are you a tick bird on the rhino?
* And this is the population that hold the side show together. Without the support of those in the upper 10% to 12% of the wealthiest in our nation, the tick birds who dine off the back of the rhino that is stomping the life out of the rest of us, people in the upper 1% like Lloyd Blankfein, David Koch, the DeVos family, etc. could not wield their slash and burn strategies across the USA.
But unfortunately these people, with few exceptions, feed off the very back of the rhino that they condemn–but only by their rhetoric–not their actions. From time to time I read reports of “compassionate” millionaires who claim that they want fairness.
To them I say: I’ll believe it when I see:
1)That you have pulled all your investments out of the crooked Casino and invested in your own local economy.
2) When you pay your taxes at the full 35% of your income as the law states without resorting to your fancy tax lawyers who take advantage of every tax loophole that your other fellow rich compatriots have paid our elected officials to create. [Every more ironic, at least 261, almost half of our elected officials personally benefit for the tax breaks for the rich that they write.]
So until you “compassionate” millionaires are willing to do this, I’m going to continue to encourage my fellow Americans to kick your asses out of office.