Friday, April 16, 2010
  First signs of independence

SEC is bringing a lawsuit against Goldman Sachs for fraud!

"SEC alleges Goldman failed to disclose that one of its clients helped create - and then bet against - subprime mortgage securities that Goldman sold to investors."

The suit seems to be fairly technical, not a broad statement of crime, and it probably won't put Goldman Sachs out of business. Nevertheless, it's the first real indication that the Fed bureaucracy is no longer 100% enslaved to GS.

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Tim Carney (appearing on Jerry Doyle's radio show) has an interesting and convincing idea. He says it would be better for the country if we didn't have any of these little head-fake regulatory actions, because the broad public would then continue to lose faith in the Casino. Ideally the Casino would totally collapse, which would be best of all.

These little moves toward regulation are designed to bring the suckers back in, giving the big players more money to steal; without the suckers, the big players would have to play each other, which is less lucrative and more "sporting".

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More from Carney:

The nation's largest investment bank, famously cozy with top government officials in both parties, has tipped its hand to its shareholders, indicating that major financial "reform" proposals will help Goldman's bottom line. ...

The question is: What's in it for Goldman? ... They want Uncle Sam to mitigate "uncertainty about counterparties' balance sheets." That is, they want the government to reduce the risk that Goldman's debtors or insurers will run into trouble.

Another pillar of Obama's financial reform is the "Volcker Rule," which would restrict the trading banks can do. Blankfein and Cohn, in their letter, indicate to shareholders that this rule will be no big deal for them.

The Volcker Rule would bar "proprietary trading" by Goldman ... but would not restrict dealings "related to" serving the bank's clients. But even Goldman's most notorious financial dealings ... were client-related, Goldman told shareholders.

In other words, almost any deal Goldman would make could be tied to a client, meaning the Volcker Rule couldn't touch Goldman, even if it cramps the style of smaller, less well-connected banks.


And cramping the style of smaller, less well-connected companies is always the goal of the Corporate Mafia, thus also the goal of the DC Mafia.

Dammit, dammit, dammit. I'm never paranoid enough to match reality. Even when it's Goldman Sachs, my favorite bugaboo, I still can't bring myself to see the true depths of evil!!!!

WE NEED A REVOLUTION.
 


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Polistra was named after the original townsite of Manhattan (the one in Kansas). When I was growing up in Manhattan, I spent a lot of time exploring by foot, bike, and car. I discovered the ruins of an old mill along Wildcat Creek, and decided (inaccurately) that it was the remains of the original site of Polistra. Accurate or not, I've always liked the name, with its echoes of Poland (an under-appreciated friend of freedom) and stars. ==== The title icon is explained here. ==== Switchover: This 2007 entry marks a sharp change in worldview from neocon to pure populist. ===== The long illustrated story of Polistra's Dream is a time-travel fable, attempting to answer the dangerous revision of New Deal history propagated by Amity Shlaes. The Dream has 8 episodes, linked in a chain from the first. This entry explains the Shlaes connection.

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