Monday, April 20, 2009

Glutton for punishment?

Not angry enough about the "financial crisis"
yet?

4 more reasons to be outraged:

1. Goldman Sachs became profitable again -- by pioneering a new round of accounting tricks. In its report on the first quarter of 2009, Goldman claimed a profit of $1.8 billion. How did the banking giant do it? By magically making December disappear.

2. Edward Liddy, the former Goldman Sachs board member installed as the head of AIG by former Goldman Sachs chairman Hank Paulson, turns out to have holdings in Goldman Sachs of more than $3 million -- raising serious questions about potential conflicts of interest and the role Goldman Sachs played in the initial decision to bail out AIG.

3. Pension funds are just now starting to get "uneasy" about their Wall Street investments. CalPERS, the nation's largest pension fund, has finally come to the conclusion that it should consider insisting that fees be performance-based, instead of, as the New York Times put it, "an arrangement where hedge fund managers could collect hefty fees regardless of whether the funds made or lost money."

4. The three big credit rating agencies -- Moody's, Standard & Poor's, and Fitch -- stand to gain hundreds of millions of dollars in the government's latest plan to ease the credit markets.

OH YES, THERE IS MUCH MUCH MORE TO BE READ HERE...

NO VASELINE, BUTTER, OR EVEN GODDAMNED MAYONAISE OFFERED...BEND OVER AND TAKE IT LIKE A MAN, YOU WHINY TAXPAYERS!

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As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.