Up or Down Goldman Sachs Wins
April 28th, 2010 categories: Just "My" Opinion, National News/Local News
During the last couple of days I have been hearing the testomony from top executives at Goldman Sachs.
It appears from their testimony that it does not matter whether the market is up or down they will always find a way to profit.
According to Lloyd Blankfein , Chief Exectutive at Goldman, betting against mortgage backed securities that the firm was selling to clients was not a conflict of interest, or unethical.
According to Blankfein and other at Goldman, betting against mortgage back securites was just good business sense for the firm since the firm was hedging against lossess on sub-prime mortgages when they were on the other side of the transaction.
To them Short Selling a Security is just a normal activity for Goldman Sachs and their customers know this and trust them.
Yet would you trust a company when their interests come first before their customers?
It may take months before we see the affects of any financial reform legislation as a result of Golman Sachs behavior.
