It's all Goldman Sachs' fault says Matt Taibbi - Printable Version +- Deep Politics Forum (https://deeppoliticsforum.com/fora) +-- Forum: Deep Politics Forum (https://deeppoliticsforum.com/fora/forum-1.html) +--- Forum: Money, Banking, Finance, and Insurance (https://deeppoliticsforum.com/fora/forum-7.html) +--- Thread: It's all Goldman Sachs' fault says Matt Taibbi (/thread-1699.html) |
It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 28-06-2011 Magda Hassan Wrote:Interesting. I wonder what's up there? The Italian economy is a complete mess. However, the credit ratings agencies and financial "correspondents" have focused so far on the problems of the countries they call the "PIGS": Portugal, Ireland, Greece and Spain. My suspicion is that the elite sharks can make a lot of money pumping up Italian debt as secure, persuading pension funds, small investors and fools to buy it up, and then rake in huge profits as it collapses. In other words, for the Big Players, the margins of profit (theft) are greater in Italy because its fundamental economic problems are not as high profile as those of the PIGS. "Dark pools" are one of the facts that demonstrates that the claim that global market capitalism is TRANSPARENT AND EFFICIENT is in fact a Big Lie. "Dark pools" are by definition OPAQUE AND INEFFICIENT. They are also a place where the moves of the Big Players can first be identified. It's all Goldman Sachs' fault says Matt Taibbi - Magda Hassan - 29-06-2011 June 27, 2011 8:17 AM EST A day of confusion in trading in bank shares on the Italian stockmarket on Friday has raised concerns that the euro crisis is taking a new direction. Media reports said investors across Europe were shaken when shares of Italian banks including giants, UniCredit and Intesa Sanpaolo, fell sharply on concerns about their capital positions. Related Articles The Financial Times reported: "Shares in Italian banks recorded heavy falls in trading on Friday prompting the stock market regulator to open an inquiry into stop-loss orders that may have triggered a sell off. "Shares in UniCredit, Intesa Sanpaolo, Banco Populaire, UBI Banca and Banca Monte dei Paschi di Siena were briefing suspended after they fell 10 per cent (the limit they are permitted to fall) around 1000 GMT after starting the session in positive territory." (That's around 6 pm Friday, Sydney time.) Intesa Sanpaolo closed down more than 4% while UniCredit lost more than 5% on the day. Investment bank, Mediobanca, the most powerful of all Italy's financial groups, lost 4%. It has tentacles through the Italian economy in banking finance, insurance, the media, manufacturing and food. Shares in Popolare Milano, Italy's oldest Italian cooperative bank, plunged 15% last week to the lowest since at least 1989. Banca Monte dei Paschi di Siena was one of the biggest losers over the week (it has also been one of the weaker big banks in the past couple of years), losing 11.4% by the close on Friday. That was the biggest fall in a year for the bank. Market reports said the trading pause was brief, but yields on Italian government bonds surged, sparking fear that the eurozone's debt troubles could be spreading. And, the spread between Italian and German 10-year bonds hit 212 basis points - their highest level since the creation of the euro. The news worried markets in Europe and the US. In London shares in Lloyds Banking Group Plc, Britain's biggest mortgage lender, fell 10% last week and those of the Royal Bank of Scotland Group dropped 12% after the head of The Bank of England, Sir Mervyn King, warned the eurozone crisis was the biggest threat to the UK financial system's stability. And Wall Street's 1% fall was linked directly to the news from Italy. Italy's market regulator opened an investigation into stop-loss orders executed on the shares of the banks, according to reports. The regulator, Consob, will also monitor trading on the Milan exchange in the coming days. Stop-loss orders are placed with brokers to sell stocks when they reach a certain price and are designed to protect profits that have already been made or prevent further losses. Some London and US reports said over the weekend the stop loss orders and associated falls may have been linked to a warning from ratings group Moody's late Thursday, that many Italian banks faced possible ratings downgrades because of their exposure to Italian sovereign risk. Moody's put the long-term debt and deposit ratings of 16 Italian banks and two Italian government-related financial institutions on review for possible downgrade. It also changed the outlook to negative from stable on the long-term debt and deposit ratings of a further 13 Italian banks. A week earlier Moody's had warned that it could downgrade Italian sovereign debt in the next three months on concerns about eurozone contagion from Greece. Italy has government debt which will reach 120% of the size of the economy (as measured by GDP) by the end of this year. The government has started work on a new austerity plan that could cut billions of euros of spending over the next five years. Italian banks reportedly have more than 150 billion euros of Italian government debt. Insurers (naturally) are also big holders as well, such as the giant Generali which held around 47 billion euro of debt at the end of last year. The Italian government debt market is the third largest in the world, so doubts about the creditworthiness of the country are concerned matter to investors. http://au.ibtimes.com/articles/169676/20110627/banks-italian-bank-shares-fall-in-new-euro-worry.htm It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 29-06-2011 Magda - yes, it's absolutely clear. The banks/institutions being manipulated earlier this week in Goldman's "dark pools" included: Banca Monte dei Paschi di Siena, Unicredit and Intesa Sanpaolo. It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 10-07-2011 Italy on the brink: Europe Quote:Scrambles To Deal With Italy Contagion Fallout, Calls Emergency Meeting As Former ECB Official Says "Very Worried About Italy" Quote:European Rescue Fund Insufficient To Rescue Italy, May Be Doubled To Over $2 Trillion It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 25-07-2011 Whilst Greece gets downgraded to DEFAULT by the ratings agencies, the vulture speculators are gnawing on Italy: Quote:Italy Cancels August Bond Auction It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 02-08-2011 The self-appointed financial correspondents opine: "Italy is too big to bail." Nah, the piranha speculators are ready to gorge on yet more taxpayer bailout money: Quote:Italy calls emergency meeting as eurozone crisis resurfaces It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 07-08-2011 Via Zero Hedge. It appears that the Germans are likely to refuse to bail out Italy, and the Chinese won't buy Italian bonds unless Italy is bailed out.... The opening of Asian, European and then American markets may be spectacular. Quote:It Just Went From Bad To Far, Far Worse As Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden It's all Goldman Sachs' fault says Matt Taibbi - Jan Klimkowski - 07-08-2011 As if to prove that Goldman Sachs is now entirely shameless about its raison d'etre - namely to ensure that GS's speculation, looting and bad bets are compensated by the taxpayer through Central Banks - we have this: "Italian government bonds are fundamentally attractive" Quote:Goldman Scrambles To Tell ECB What To Say Later Today It's all Goldman Sachs' fault says Matt Taibbi - Ed Jewett - 07-08-2011 World Collapse Explained in 3 Minutes http://www.youtube.com/watch?v=NOzR3UAyXao&feature=player_embedded It's all Goldman Sachs' fault says Matt Taibbi - Ed Jewett - 03-09-2011 Press Release Release Date: September 1, 2011 For immediate release The Federal Reserve Board on Thursday announced a formal enforcement action against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing LP. Goldman Sachs sold Litton to Ocwen Financial Corporation on September 1, 2011 and has ceased to conduct residential mortgage servicing. Litton is the 23rd largest mortgage servicer in the United States. The action orders Goldman Sachs to retain an independent consultant to review foreclosure proceedings initiated by Litton that were pending at any time in 2009 or 2010. The review is intended to provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified in a review of the foreclosure process. The foreclosure review will be conducted consistent with the reviews currently underway at the 14 large mortgage servicers that consented to enforcement actions brought by the banking agencies on April 13, 2011. If Goldman Sachs re-enters the mortgage servicing business while the action is in effect, it will be required to implement enhanced corporate governance, risk-management, compliance, borrower communication, servicing and foreclosure practices comparable to what the 14 mortgage servicers are implementing. As noted in the April press release, the Federal Reserve believes monetary sanctions are appropriate and plans to announce monetary penalties. These monetary penalties against Goldman Sachs will be in addition to the corrective actions that Goldman Sachs will be taking pursuant to today's action. Goldman Sachs has acknowledged in today's action that it will be responsible for satisfying any civil money penalty that the Board of Governors could have assessed against Litton for its conduct. For media inquiries, call 202-452-2955. Attachment (1.46 MB PDF) 2011 Enforcement Actions Last update: September 1, 2011 http://www.federalreserve.gov/newsevents/press/enforcement/20110901b.htm |