Friday, April 16, 2010, PM | 3 Comments
What’s it with some financial institutions? It seems news about them will never die. They keep coming back in the limelight.
Why don’t they just go away? Get a jury, convict them and send them to jail for a long time to come.
The American people must be tired of reading, listening and watching this kind of news.
Every TV channel, finance magazine and newspaper has some mention of the story about Goldman Sachs.
To write a few lines about what SEC has charged the company with is all one can do. The suit charges that the bank magnified losses associated with the downturn in the U.S. housing market, some of which was tied to sub-prime residential mortgages in Florida, Arizona, and Nevada.
Why would they do it? What’s the motive?
I guess I have been watching crime shows and movies for quite some time. Columbo TV show is a good example that comes to mind. He always looked for motive. He didn’t talk about it until close to the end of an episode.
An employee, Fabrice Tourre, has also been charged. I wonder what the motive was. You come to office, work and work hard, you get paid and you go home. Folks in these kinds of positions make good money too. From the name I can’t tell the gender of Tourre. But I guess Fabrice is a she.
To understand the whole story, Goldman Sachs is charged with CDO – Collateralized Debt Obligations – whatever the shit that means. Companies are making an exuberant amount of money with some finance terminology that most folks are ignorant about. Search for the word and read about CDO what it means. I got lost reading the explanation, let alone understanding it.
Life is sometimes such a financial shit and some shit is so slippery you just can’t hold yourself from falling. You keep stepping into it until you fall with your head down.
Is greed the motive?
Maybe or maybe not. It may be the excitement these people get from doing something like what the company is charged with. My friend from the 60s was giving me a ride one day. He didn’t stop at the stop sign. Didn’t give indicator/signal when turning. I asked him why? He said he gets a lot of excitement from breaking the law but he said he does that as long as nobody gets hurt.
Maybe it is greed. “Humans of any species can have greed.” I said humans are a specie. Why bother with the “any”. Well, he said you don’t understand it just like we don’t understand what CDO is.
Moral of the story
Every individual would look at it differently. That’s the extent of the moral of the story. My current post would not make sense to a lot of people just as what Goldman Sachs is charged with does not make sense to me.
What do you think?Facebook.com/doable.finance
- Apr 17, 2010: What's it with Goldman Sachs - it makes good sensational news ... | Get-Finance.co.uk