“Woe to the land whose king is a child and whose leaders are already drunk in the morning. Happy the land whose king is a nobleman, and whose leaders work hard before they feast and drink, and then only to strengthen themselves for the tasks ahead”. (Eccl 10: 16-17)


"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput


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Thursday, April 14, 2011

The US Senate tells us what we already knew (but at least they said it publicly and for the record)

I love the way the following headline reads:

Senate panel slams Goldman in scathing crisis report


Wed Apr 13, 2011 7:28pm EDT
* Senator Levin: Goldman Sachs misled clients, Congress* Deutsche, Moody's, S&P all criticized in new report
By Kevin Drawbaugh
WASHINGTON, April 13 (Reuters) - In the most damning official U.S. report yet produced on Wall Street's role in the financial crisis, a Senate panel accused powerhouse Goldman Sachs of misleading clients and manipulating markets, while also condemning greed, weak regulation and conflicts of interest throughout the financial system.

You can read the entire story here:

http://www.reuters.com/article/2011/04/13/financial-regulation-report-idUSN1327563820110413

6 comments:

  1. This comment has been removed by the author.

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  2. Dan,

    thanks for all the great posts ... living here in Michigan I have long ago distrusted Carl Levin and his brother Sander. Career politicians who will, in the public, put on appearances to gain re-election.

    That being said I believe wall street and in this regard GS are willing to play the villian. In my mind they don't care at all for their bottom line is to make money at anyone's expense.

    To this point no one has gone to jail from wall street (GS, JPM ect.) and I believe none ever will. Shills like Mr. Levin will publicly give a little spanking to these crooks but in the end it's crooks spanking crooks because it's part of the script.

    I am sure I am not educating you to anything new but just expressing my view.

    Thanks again for all you do. INVALUABLE !!!!

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  3. Question is, what is the Senate going to do about it? The whole thing is maddening. I would like to see some justice.

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  4. Dan --

    You may know this already, but I wanted to make sure. You were quoted in a Peter Brimelow article over on MarketWatch today:

    http://www.marketwatch.com/story/radical-gold-bugs-keep-confidence-2011-04-14

    Congrats! What next? CNBC? ;^)

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  5. Exactly, goldtracker -- where is the accountability? A multi-billion dollar heist deserves more than a scolding.

    ReplyDelete
  6. Phil Anglides (sp?) was on today saying that if you robbed a store and got $500, got caught (without the money), and settled for a $50 fine, that was like what has happened with the guys like Goldman Sachs.

    How true...

    ReplyDelete

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