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April 27th, 2010
10:22 AM ET

Goldman Sachs Under Fire

CEO Lloyd Blankfein, seen here in January, trader Fabrice Tourre and others refute charges that Goldman bet on collapse of housing market and against clients.

Top representatives from Goldman Sachs are in the hot seat today as they defend their company’s actions during the housing meltdown. Seven current and former executives at the New York-based company are testifying on Capitol Hill.

Lawmakers accuse the firm of helping to create the housing bubble then making billions from the bust–by secretly betting against their own mortgage deals. In effect, betting against you. Goldman Sachs CEO Lloyd Blankfein maintains the company did not engage in any questionable business deals leading up to the financial crisis. "We didn't have a massive short against the housing market and we certainly did not bet against our clients,"

We want to hear from you on the issue of financial reform. Send us your questions and comments. We’ll address some of them on air in the CNN Newsroom, 11am ET – 1pm ET


Filed under: CNN Newsroom • Josh Levs • Tony Harris
soundoff (65 Responses)
  1. Michael Armstrong Sr.

    When they catch wrong doing the guilty should be given jail time to set an example that crime no longer pays from wall street .

    April 27, 2010 at 10:34 am |
  2. Butch Jordan

    It's very curious indeed. Goldman Sachs is a very important lobbyist in the Washington election machine. They fund their "Friends" elections. Wasn't it just announced that Goldman Sachs plans to donate more money than they ever had before to congressional supporters?

    I guess my questions are ....who is watching the legislators? How is this ethical? How can anyone seriously give any credibility to the process of calling them before congress?

    The entire process of the lobby needs to be examined and discarded. NO financial dealings with legislators at any time for any reason needs to be the law of the land. Violators should be brought before their own sub committee and flogged with a typewriter ribbon ...and then CNN needs to cover it ....

    I guess what I am saying here is that the entire congressional process from election to their final refrigerator full of cold hard cash needs to be reviewed. It's hard for me to hold Goldman Sachs in contempt when I have so much contempt for the legislators for pretending they are upset ...who is kidding who?

    April 27, 2010 at 10:36 am |
  3. Jim Sayce

    Goldman Sach's website, business principles, last one:

    Integrity and honesty are at the heart of our business.
    We expect our people to maintain high ethical standards in everything they do, both in their work for the firm and in their personal lives.

    A measure of leadership is following your principles. I would argue that GS has given lip service to a core principle and as a consequence they are morally bankrupt.

    April 27, 2010 at 10:37 am |
  4. Rob

    Tony...The Goldman hearings bring to the forefront the disparity in pay that exists now. The pay of political leaders vs the pay of these wall street execs. The pay of the regulators at the SEC vs these wall street execs. What intelligent college grad would work for the SEC making a pittance when they can go to wall street and make millions? How can someone making a pittance regulate those making millions and not get starry eyed at the pay possibilities? The pay on wall street has gotten totally out of control when compared to the rest of the economy; lending itself to fraud, deceit, and lack of a real moral compass too! In addition, if the best go to wall street, what does that leave to work at the SEC; but those who barely earned there degree? We must bring pay back in line for wall street to even begin to fix this mess!

    April 27, 2010 at 10:38 am |
  5. Butch Jordan

    I was a State Law Enforcement Officer for 26 years. We were held to ethical standards that were incredibly stringent. Why isn't anyone else held to ethical standards? Let's take a serious look at our political representatives and create a neutral enforcement organization that strictly enforces the ethics laws in Washington ....whoops then we wouldn't have any legislators ....NOW THERE IS AN IDEA!!!!

    April 27, 2010 at 10:40 am |
  6. RuRus

    GS contributes as much to the economy as a drug lord does. These lying, greedy execs from GS and other similar banks need to hear the sound of jail cell doors closing behind them for years and years.
    As I atempt to start my own business, there is no access to funds for me, despite a great business plan I put together.

    The truth is GS and other investment banks are big scams, and only a fool would invest with these lying thieves.

    JAIL THEM ALL, make an example of them.

    April 27, 2010 at 10:54 am |
  7. Michael Armstrong Sr.

    Immunity from prosecution is what I see well this needs to stop .

    April 27, 2010 at 10:54 am |
  8. sandy gamble

    I am so disappointed not to be able to see the hearing. I do not want to have to 'TRUST' someone else's opinion of what actually occurred!!

    I do not understand why CNN can't carry it – – you have CNN headline news, so why not do the public a svc and show the hearing????

    April 27, 2010 at 11:00 am |
  9. Paschal Dwane

    Goldman Sachs are not the problem, the problem is the Goverment. The lack of regulation in the financial market is disgraceful. Almost every other industry is regulated eg. the medical device industry, a medical device company cannot offer a product for sale to consumers without rigorous validation by the manufacturer and the FDA to prevent injury or death.
    The Goldman Sachs debacle has and is causing injury and death to consumers, with foreclosures, divorces and suicides. Shame on you, Government, you should remember the #1 rule "Prevention is better than Cure".

    April 27, 2010 at 11:07 am |
  10. Chris

    As a junior majoring in economics, I am shocked by the news stories released in the past year. The Magnetar hedge fund and its abuse of current derivative market laws is unacceptable. Big banks like Goldman's have made unbelievable profits on collaterized debt obligations and credit default swaps. To create securities that are almost guaranteed to fail, manipulate the rating agencies' reviews of securities, sell them to clients and in turn snatch profits that have never before been reached is not only unethical, but needs to be changed immediately. To eliminate all derivative markets would be devastating to financial markets, but regulation may prove to limit the unethical behavior seen in these trials and promote innovation for financial companies to create responsible, new products.

    April 27, 2010 at 11:16 am |
  11. Vernetta Douglas

    Why is the Government coming down on Goldman Sachs and not all the rest? They are no different than all the others on Wall Street where greed is the name of the game. They don't care about the financial ruins of this country, the million of job loses, or the hundred of thousands of home foreclosures! My goodness! What kind of company would bet against its own country, and hoping to make money when it fails! As a veteran from both the Army and Navy Reserve, it makes me ashame to know that right now, we have soldiers fighting for freedoms for the likes of them. Let's just rename Wall Street what it really is, Anit-American Street!

    April 27, 2010 at 11:21 am |
  12. ChubbJack

    I do not understand why criminal charges were not awarded to the executives of Goldman Sachs and other financial institutions involved in these acts? If I were to write a bad check over and over again, I would be facing criminal charges. Also, I understand that these banking institutions cost the American tax payers around a trillion dollars, but also I would like to know where the other 11 trillion dollars overspent by the Bush administration and Republican controlled congress went to? "Show me the money." I would like to know what was the 11 trillion spent on? If it was spent on the wars in Afghanistan and Iraq, then I would like to know who are the recipients though weapons puchase and contracts awarded. "Show me the money."

    April 27, 2010 at 11:23 am |
  13. ChubbJack

    How do we forget? It was an ex GS exec running the treasury during the collapse, Paulison. It was Paulison who told America that we needed to provide the bailout to the banks. It was Paulison who said that these banks were to big to fail. It was Bush who agreed with Paulison.

    April 27, 2010 at 11:29 am |
  14. ron morrison

    Canadian banks are now and always have been heavily regulated but have always made huge profits. Most other western countries operate the same way, regulated and rich. But wait a minute aren't those the same countries with government run health care and wealthy insurance companies? OOPS Sorry, I didn't mean to open that can again.

    April 27, 2010 at 11:33 am |
  15. Bernie From Toronto

    Tony, Keep digging and the truth will come out.

    He probably won't talk to you but try to contact Michael Burry who, according to the April Vanity Fair article on him, first saw the opportunity in the potential failure of the subprime market and found the way to profit by creating the credit default swap in that area.

    Don't you find it interesting that so far the only person from Goldman Sachs to testify is such a junior person in their hierarchy?

    April 27, 2010 at 11:41 am |
  16. Lance

    I have had difficulty getting so-called 'financial advisors' to 'advise' over the years. It would seem that the 'advisor' status these Investment firms claim as a service should commit these companies to 'offer up' such advice as announcing these 'derivatives' exist, and recommend they be added to the portfolios they manage, same as they did for themselves. Shouldn't 'advisors' be held accountable for Not offering up such valuable insight? LP

    April 27, 2010 at 11:48 am |
  17. James Myers

    The Goldman Sachs situation
    References to gambling are inaccurate. It is not gambling when you use loaded dice.
    I am going to coin a phrase and call the product congress is questioning 'Loaded Dice Portfolios" the dice are loaded and the outcome is assured.

    I am coining a phrase and calling the product "loaded dice portfolios". Just as with gambling with loaded dice is punished so should the producers of the dice and the portfolios be recognized as having ciminal intent.

    April 27, 2010 at 11:52 am |
  18. Bernie From Toronto

    Tony,
    I encourage you to invite Andrew Ross Sorkin, author of 'Too Big To Fail', onto your show; now that the hearings have started, I believe that his information and knowledge would be very timely, useful and revealing.

    It certainly would be informative to get an independent perspective on what otherwise is starting to appear to be a 3 ring circus, that may just continue to go around in circles.

    April 27, 2010 at 11:54 am |
  19. Michael in Phoenix

    It is well known that money talks in Washington. The government is in bed with wall street. Nothing will ever be done. The removal of regulations of several decades is what caused the problems on wall street.

    I think this sums it up our government.

    I think of a business then I take away reason and accountability.

    April 27, 2010 at 11:54 am |
  20. Truman

    Tony
    Love your show!

    I want to know one thing, is it taxed?

    If not, why not?

    If the government doesn't even know about these dirivitive tradings, how would they be able to tax these and why wouldn't it be at the same rates as the gambling in Las Vegas?

    April 27, 2010 at 11:56 am |
  21. Rich

    Financial industry executives, Investment counselors and investment bankers do not get to go on national TV and use the phrase, "In hindsight". I can't imagine any investor, corporate or individual, expects to hear any financial professional use that phase to explain why things happened. Their education, expertise, experience and research is supposed to prevent them from having to say "In hindsight". In fact, I believe that the reason an investor chooses a firm or investor, is because they do things that are inherently opposite to the idea of "Hindsight". Its their job to predict the future of investments, positively or negatively. That's what they are expected to do.

    A football coach that just lost the big game, is allowed to go on TV and say "In Hindsight".

    April 27, 2010 at 11:57 am |
  22. Patti

    I don't understand why everyone is so shocked when Wall Street and bankers find a way to make millions for themselves without a care in the world about the Amercian people. Greed is good, isn't that what the movie said? The very nature of Wall is based on greed and getting away with anything. The bottom line is this: Wall St. is working within the law. Don't ever expect people to do the right thing. It's not going to happen. Laws need to be made to keep people in check. Did AIG do anything wrong? You bet. Should they be in jail? No, they didn't break the law. Folks, get on board with the reality of Wall St.: anything goes. Millions of dollars are spent with their internal lawyers to make sure of it. No one at Goldman is going to jail about this. Another drop in the overflowing bucket of money. They would murder your grandmother if it was financially rewarding and legal. I worked in this business for many years, I got out because it made me sick how morally offensible it was. My boss would joke about making money on the loss of others.

    April 27, 2010 at 11:59 am |
  23. Judy McNamara

    During the Bush administration, and prior to his government appointment, and while still working for Goldman, Henry Paulson was one of the bankers who lobbied for deregulation of the "debt to net savings ratio". When this regulation was changed, it allowed banks to take on debt up to 40 to 1 from the 12 to 1 that had been in place. I'm very uncomfortable with this comfy relationship between Goldman and the United States government and believe that it should be scrutinized along with the rating agencies who failed to disclose proper rating information during this dark period in our financial history.

    April 27, 2010 at 12:00 pm |
  24. T.J.

    I am with Goldman. The financial crisis was caused by George W. Bush, Barney Frank, and Carl Levin because they forced banks to make housing loans to poor people through gov. regulation. Good intentions cannot change the fact that poor people cannot afford to own a house. When these victims of government do-gooder-ism defaulted the whole world suffered an economic crisis.

    April 27, 2010 at 12:07 pm |
  25. Ray Cobb

    There are consumer laws in place that will keep a car dealership from knowingly sell (lemons) cars that have major mechanical problems. We need these laws in effect to protect investors as well. GS was wrong, these people are Yale, Harvard and Stanford graduates, they knew what they where doing. Should have learned a lesson from Enron!!!!!!!

    April 27, 2010 at 12:09 pm |
  26. T.J.

    So let me see if I understand this right. Politicians who cannot balance our national budget, control the border, or save social security are going to tell Wall Street how to run their business! I see another crisis a coming.

    "Government is best which governs least." ~ Thomas Jefferson

    April 27, 2010 at 12:11 pm |
  27. matt

    The same people that are ACTING soo outraged in washington are the same people that are passing bills to deregulate and ( open up free trade) in the housing market ect.... who's to blame when lobbiest pay for that vote?

    April 27, 2010 at 12:13 pm |
  28. Linda Hotaling

    What the Banks are doing is asking for your last 4 Biggest Paystubs and Telling you that you Qualify for a Mortgage over twice the amount you can afford . We just went through this last year. They told us we Qualified for a $250,000.00 home. we refused to fall into their trap like so many other People did and are doing. Our Mortgage is less than $100,000. Payment are less than $500. a month. We knew we could not afford a $1500. a month payment. We did get a nice Home to fix up our way and as we can afford to. No need to keep up with the Jones. The Jones are still trying to figure out why everything is being Repo ed !!!!

    April 27, 2010 at 12:15 pm |
  29. T.J.

    I get irritated when people say "while what Goldman was doing is legal, it wasn't right." Goldman's job is to make money for its customers. This means they can do anything legal to make money. If something is legal yet wrong then the real problem is Washington's refusal to make just law. The politicians need to look in the mirror because that is where the problem is. How can anyone fault Goldman for following the law???

    April 27, 2010 at 12:17 pm |
  30. Gene Lucas

    If GS purposely loaded the offering with securities they expected would fail, and then sold them without disclosure, then the law has been broken – whether they then bet against them or not.

    April 27, 2010 at 12:22 pm |
  31. MR.AL

    Glodman Sachs, they are now saying they didn't have anything with the housing market slump and they didn't cheat anybody? I want to know what happen during the Bush administration and what effect it has had up to today?

    April 27, 2010 at 12:23 pm |
  32. Larry Hanson

    Please explain "shorts" – My understanding of selling short is that you sell investments that you don't own - Then after a stated period you have to buy the investment - If it goes up you lose, if down you win. If this is true why not discontinue the practice altogether since it's the only place I know of where you can sell what you don't own - Also, if done in volume it could lead to downward pressure and become self fulfilling.

    April 27, 2010 at 12:41 pm |
  33. Mr. Eister

    Tony, instead of wasting the taxpayers time with this charade, the proper question to ask on the air in front of the whole world would be. Q: How "many" congressmen, and senators from both parties, including the President, have stocks and bonds with Goldman Sachs?

    April 27, 2010 at 12:56 pm |
  34. lee

    since the goverment make banks loan money to people that can not pay it back. how is making wall street pay a fine going to help since no one but tax payer fund every thing any way get some one that knows about banking to help set up thing s that help protect the small investor.

    thank you very much
    lee

    April 27, 2010 at 1:22 pm |
  35. Elaine from CA

    I distinctly remember watching hearings or finance committee meetings broadcast on CSPAN a few years ago. Among others, Maxine Waters and Barney Frank participated in a particular re-showing of at least one hearing or meeting held before this current debacle came to a head.

    Committee members were berating the lending companies for not loaning money in a such a way to enable poor to lower-middle class constituents to "enjoy the American dream of home ownership”; critical words to the affect “these companies make it so difficult to qualify for a loan it is unlikely many people will ever be able to enjoy the American dream of home ownership.” These politicians surely share ownership in this current problem. Fannie Mae and Freddie Mac loans are the basis of the bust in 2008. Were not the lending agencies doing exactly what these elected officials were demanding when they loosened loan requirements to enable these people to qualify?

    The buyers are not blameless or stupid; they knew they could not really afford their loan payments and related costs of home ownership. These families and individuals were hedging their bets that the housing values would continue to appreciate, they could sell the house at a higher rate than their loan value, make a profit, and move on; they were not participating in the 'American Dream' of a “home” as an investment for life. The government cannot and should not protect people from themselves.

    The over-development of over-valued houses, especially in the southwest, bring property developers, construction companies and related businesses on-board this train wreck fueled by greed.

    Also aboard are the companies who primarily hire illegal aliens with stolen identities (look to Puerto Rico's current birth certificate issue) to build houses and produce other products instead of hiring valid American workers.

    There are always exceptions, however a majority of illegal aliens send their money out of the country; by and large, they do not lift up quality of life or product value in America. The illegals cost Americans more than money.

    When combined with other employers who only hire illegals, the number of jobs leaving American shores, trade imbalances and increased taxes and more one has to see there is plenty of responsibility to go around; Wall Street alone did not invent or grow this invasive problem spreading beyond American shores.

    April 27, 2010 at 1:50 pm |
  36. Jane - WI

    Just curious.....why are Democrats exempting Fannie Mae and Freddie Mac from their financial reform bill? After all, these 2 quasi-government agencies are at the heart of the housing and financial meltdown. Could these 2 be exempt because they have traditionally been run by Democrats and used by Democrats to enact social change, such as giving people mortgages who could not afford them?

    April 27, 2010 at 1:58 pm |
  37. Jane - WI

    When will CNN look into the curious timing of the SEC suit and the push by the President and Democrats to pass this bill just days later? Collusion perhaps? So why is the media not curious about this?

    April 27, 2010 at 2:00 pm |
  38. mary w.

    The appearance of the committee seems tough. However, we all know fraud was a means used in the financial meltdownby them (goldman sachs) and others. So, unless these people involved are held accountable by serving time for what we they did this inquiry by the committee is all show. I am hoping I am wrong. I will be even more leary of all these processes if nothing does come from it.

    April 27, 2010 at 2:25 pm |
  39. bernie lemieux

    Golman Sachs helped create the housing bubble no doubt about it and they knew that all bubbles eventually burst. They knew that the mortgage bundles they were selling contained worthless mortgages; some belonged to people who did not have jobs. When the financial debacle became emminent, they got in touch with their little friends at a hedge fund for advice. To me it's like asking the devil how to get to heaven. They were advised to short and so they did knowing very well what it would cause. Lot a of americans lost their shirt and a terrible recession engulfed the world. What they did was immoral but legal unless collusion between Golman Sachs and the hedge fund can be proven. Many edge fund managers got filthy rich on a sure bet and they should be ashamed of themselves for bilking so much weath out of so many innocent peo
    ple. They have the moral compass of a snake. Was anybody stupid enough to believe that the bubble would grow forever. It was a line up (swindle) of mammoth proportion. Derivatives are tools of the devil. They are designed to make the rich richer and they promote collusion between parties. They go against all common rules of financial dealings.The confidence of most americans in the markets and even democracy was badly shaken by this terrible event. I personnally think Golman Sachs is guilty of fraud but they had little choice given the innrevitable crash; they did the legal but immoral thing. They should be punished but not put out of business because that would cause the second biggest financial crash in history. Their good name has been badly muddied and they will suffer enough as a result. Pass the financial reform package kickly or you will live to regret it! Hurry, the hyenas are still out there!

    April 27, 2010 at 2:38 pm |
  40. Cheryl Petty

    While congress grills GS, they are still doing it! Do you think they have stopped gaming the real estate market? Let me tell you how it works: obscene profits being made by banks this quarter have to be balanced against losses. Right now the best loss is the continued fall of the real estate market. every year a property loses $100K that's $100K of loss to balance against the obscene profits. as long as the asset is on their books they will be able to milk it for losses to balance their OBSCENE profits. It is NOT in their best interest to modify a loan to keep someone in their house or to sell it to the owner for the 'forclosure' value. It IS in their interest to obtain or keep as many 'bad' assets as possible to act as perfect passive losses against their OBSCENE profits.
    Wake up, notice what real estate specialists are seeing going on in the market TODAY.

    April 27, 2010 at 4:28 pm |
  41. Richard

    I wish Senator Levin would let people "on the hot seat" answer his questions before interupting and bullying them. His treatment of Goldman Sachs CEO Lloyd Blankfein was rude and unhelpful.

    April 27, 2010 at 5:16 pm |
  42. kenneth

    well if goldman made money off people losing their homes. then goldman and ANYBODY who made money off that should go to JAIL.
    and pay back every dime they made.i really do hope that this henry paulson is NOT still working for the white house. if so then this president
    thats in the white house knows and DONT care.i guess we voted for the
    wrong man. i was taught NEVER bite the hand that is helping put food on your table. and he is doing just that. kenneth
    brentwood. ny,

    April 27, 2010 at 6:04 pm |
  43. TonyInLargo

    They "didn't bet against them". They just thought they were terrible investments. No, excuse me they thought they were s****y investments. In other words they wouldn't have invested in those products even if those were the only investments left to invest in the world.

    Aside from taking their client's money (which was where our Pensions and IRAs were invested), for a s****y product, "they didn't do anything wrong" !!!!!!!!

    These are the guys that the Republicans are shielding from regulations that would make them more accountable. ????!!!!!

    I have to give it to the Republicans............they are brazen.

    April 27, 2010 at 6:12 pm |
  44. Nick

    It appears that everyone is flabbergasted by the complexity of these schemes involving all large financial institutions in the US and in the European Union.
    They have created instruments known only to them – their auditors and their own accountants do not really know how to value them – the press and the investing public do not know how to understand them because of the complicated way they are presented and designed to confuse.
    If we strip all the farce away and see that there is no complexity, we have a bunch of bankers being paid billions of dollars in salaries as responsible fiduciary officers not only to their companies, shareholders, customers and employees but also their communities and we see the horrific loss of value which was supposedly created for all the above interest groups – and we also see the simple fact that these rock star businessmen being paid rock star salaries are being bailed out by their governments (which happens to be the man in the street) and they still want rock star bonuses.
    The man in the street has to smash this cartel to smithereens – just like Teddy Roosevelt did 100 years ago.
    There is no business too big to fail.

    April 27, 2010 at 9:30 pm |
  45. Rich

    America looks to the financial industry and bankers because we believe their education, experience and expertise gives them the ability to predict futures. They do the research to know if a market is going up or down. If they know that information but sell products in contradiction to that knowledge, they are breaking the trust. If they want to say they actually don't know that information, they will be out of a career. A bet on a professional fight happens because no one really knows what the outcome will be. We look to wall street because we believe they will best know the outcome of financial products. If they aren't telling us their position on the outcome, why would we use their services?

    April 28, 2010 at 7:24 am |
  46. mike schobinger

    the goldman guys:
    no fiduciary duty,no care for clients.the goldman guys remind me of marie antionette's comments about the French peasants before the French Revolution......"let them eat cake" NO CLUE
    no wonder mainstream America is angry

    April 28, 2010 at 8:36 am |
  47. Judy McNamara

    @ TJ from Goldman.....Back to the "net to savings ratio point". If the regulation was not lobbied and changed in favor of taking on more debt, all those loans to the poor that you mentioned, could not have been made because the debt ratio would have been exceeded.

    April 28, 2010 at 10:06 am |
  48. Jim

    Watching your coverage and viewer comments on the Arizona Immigration law, I noticed something interesting. Regardless of your feelings on the issue, I find it curious that it seems that those you show in favor of the law mostly appear to be white while those being against the law seem to be hispanic or people of color. Does this not seem curious to you?

    Does something need to be done regarding immigration laws and illegal immigration? Yes. Is the Arizona law the answer? Without knowing the exact details of the law it is hard to know. However, to say that the law is a pure example of racial profiling, I find ludicrous. The issue is much larger than that. At what point are we as a people going to get away from using the explaination of any implemented law regarding immigrants or other human issues as a case of racial profiling? Why not look at the issues in totality?

    April 28, 2010 at 11:07 am |
  49. Dee

    I guess Goldman Sachs is the Martha Stewart of the year. In other words, they have been singled out for their unscrupulous acts, while the rest of Wall Street breathes a sigh of relief!

    The ENTIRE SYSTEM is at fault for the financial meltdown that has put our country in such a situation. I believe we need to rein in ALL the corporations that had their fingers in the pie.

    April 28, 2010 at 11:13 am |
  50. tim jarrett

    their all crooks my in laws lost 90000 of their retiremint who is going to help them instead of giving billions of dollars to banks who dont help people give it back to thoes who lost their retirmint thats what i would do

    April 28, 2010 at 11:26 am |
  51. Judy in Colorado

    Tony –

    Let's freeze the bank accounts of the GS people. If we can freeze accounts for entire countries for support of terrorism, why not individuals for their significant damage to our national security. Raise the bar on the discussion about the effects of the GS executives on our country.

    Judy

    April 28, 2010 at 11:37 am |
  52. wall street

    I hate big government but haveing corporations run this country is more scarey. They are ruthless, care about nothing except for lining their own pockets at the cost of the public. They can't make profits unless they find a way to mislead the public that believes in them and bleeding them dry. I know, they put me in the poor house. I might also add, if the past administraions hadn't deregulated regulations made after the great depression this possibly wouldn't have happen. Why don't they re-establish old regulations as a building block. This would stop lobbyist interference and party bickering. One of the biggest problems with our law makers is trying to make the other party look bad, what happen to fixing the United States of America!

    April 28, 2010 at 12:00 pm |
  53. joyce

    When will Greedy Americans stop causing havoc to the American Citizens?
    1. Illegal immigrant would not have been in Arizona if not for Rich White Corporate greed.

    2.The Dream Act, Illegal Immigrants want pass is to fulfill their dreams and those of their children even though the parent Broke the Law by bring them here.They now feel they should have rights for these children at America's children's and taxpayer's continual expense

    It's funny how America and Mexico relations tend to be on edge when there may be a massive deportation of Illegal Immigrants to their rightful country. America is a country built by all sorts of immigrants but not illegal one, who come and abuse and use all the resources of this country to their on advantage. Why are our politicians held hostage by illegals as well as professed American citizens when things don't go their way? There is no other country that I as an america can go and do the thing that illegal immigrant can and have done on American soil. Even to the point of murdering some one and using their country as a safe haven, to escape the death penalty while taxpayers in America still foot the bill . When will this all END especially for us as true hard working American Citizens where do we draw the line. Enough is Enough is Enough!!!!!!!

    April 28, 2010 at 12:10 pm |
  54. frank carde

    the only way we are going to change the greedy minds of these crooks is by taking them to court, taking their money and putting them in jail. Just like we did wih Madoff.

    April 28, 2010 at 12:12 pm |
  55. Jane

    Ed Henry mentioned Robert Ruben and that he was being driven around in an Escalade, implying that he is "not in touch" with the common man. I suspect that many of our Senators and Cabinet members are riding around in chauffeur driver cars as well. But, we already know that they are "out of touch" with the common man.

    April 28, 2010 at 2:12 pm |
  56. Jane

    "Wall Street" might not like big corporations running this country, but I also don't like big labor having an open door policy with this White House.

    April 28, 2010 at 2:13 pm |
  57. Luther

    Tony,
    have you ever heard of term called "Suit Criminal"?

    Definition of "Suit Criminal": Individuals that legally steal from the less educated people by using the grey areas of the laws called loop-holes to steal and say they haven't done anything wrong. Many of those working at "Goldman Sach" are these individuals.

    It is my belief being a former military individual during the Viet Nam Conflict the CEO is responsible and not line management. It is called the Officer In Charge should be held responsible. Only a coward would blame line management. Do you think the normal person would give these criminals any money. "NO!", Basically without the "Main Street" individuals investing the money in the stock market the market will collapse, because the government does not have infinite funds to trick the "Main Street" individuals to return to investing the money with the stock market.

    In my opinion the Stock Market currently being stimulated by the government to give the American people the illusion that everything is returning to what is was before the crash. Ha ha ha! The reality is millions of people are out of work, millions loss their homes and generally people are smart enough not to these Suit Criminals their saving for phony investments.

    The banks appear to be doing well. Ha ha ha! The taxpayer will also be doing well if the received large amount of interest free loans at taxpayer's expense. That right they are still making huge profits 10 to 15 percent interest giving their customers .5 to 1 percent interest on their accounts.

    Have the politicians forgotten who they work for? That right the taxpayers who pay their salaries. What I would like to hear from politicians like Senator McDonald (Republican) and all those that vote against having the stock market being regulated is this: Examine my income for the last three years and see that I haven't had anything to do with any Hedge Fund schemes of betting against the individuals that purchased toxic mortgages to make a profit.

    April 28, 2010 at 6:14 pm |
  58. maze1gerald

    I see he lives up to the name goldman.I have a very dim view of greed.

    April 28, 2010 at 8:20 pm |
  59. Mary K

    Senators were telling the big wigs from Goldman Sachs 'shame on them' but, they don't realize these guys have no shame, they are sociopaths who don't care about society and its people or any devastation they may have caused. They were out to make a buck no matter who they harmed, that is who they are. They have 'no shame' as far as they know they did what they thought would bring them the most profit; no matter who was slaughtered in the wake of their decisions. Sociopaths have no feelings for their fellow man.

    April 29, 2010 at 9:04 am |
  60. Loki1

    these people should be arrested on live televison for wat they have done. if the average jo/jane would have tried wat this corperation did they would have been rung over the coals. somthing wrong with this picture

    April 29, 2010 at 9:20 am |
  61. Gary Lee

    It's amazing how the government likes to point fingers at Wall St. or anyone else they can. The reality is our leaders won't take the blame and look at the truth. The Federal Reserve has unconstitutionally been leading this country down a distructive path. Our forefathers, people like Thomas Jefferson warned us about letting a group of bankers control the issuance of our currency. Article 1 Section 8 of the U.S. constitution clearly states that only Congress has the authority to coin currency and regulate the value thereof, the Supreme Court in 1935 ruled that Congress cannot constitutionally delegate it's power to another group. Our leaders in Congress took an oath to uphold the constitution when they were sworn in, but how many of our leaders have actually read it ? It's time for our leaders to do what they swore to do, and that is to uphold our constitution. If they don't, they need to find another occupation. People in our country need to be more involved with what these morons are doing. The two party system only incourages our leaders to act like children. I watch c-span and all i see is two kids fighting, not about problems that our country has, but what is best for their party or their own re-election. This country had a revolt against the British, and now it must be time to revolt against our own leaders. This is a sad and irratating time to live in our great country, and see it being run into the ground by leaders that don't lead, and bankers that control the peoples future. Our news people are as guilty of hiding the truth, as our leaders are. I never see anything about the illegal actions of the Federal Reserve, or the the unconstitutional actions of our government. Ben Bernanke was actually named man of the year by one of the magazines that flood the country with lies. Bernanke and Geithner shoul be behind bars, not looked upon as heroes. The real heroes are the people who gave their lives believing what they were doing, was making their country free. It makes me sad to think so many have died for our country, and our freedoms are being stolen by crooked bankers and self -centered politicians. Our forefathers are turning in their graves with what the country has become. People need to stand up now before it's too late, if is is not too late already!!

    April 29, 2010 at 12:30 pm |
  62. maze1gerald

    I wouldn't want to be on the list that goldman is on.

    April 29, 2010 at 11:39 pm |
  63. Gary Ryan

    for what these guys have done to the American people they should pay for all of the homes in this country that have been foreclosed and loose their own homes and be put on the street without a job nor any money of their own.then and only then ,maybe,they will learn what it is like to be put in the position that these people have been put in.

    April 30, 2010 at 3:30 pm |
  64. Gary Ryan

    for financial reform:
    HERE IS MY PLATFORM:

    (1). Any use of the phrase: 'Press 1 for English'  is immediately banned.     English is  the official language;   speak it or wait outside of our borders until you can.

    (2). We will immediately go into a two year isolationist  attitude in order to straighten out the greedy big business posture in this country. America will allow NO imports,  and we'll do no exports.     We will use the ' Wal-Mart 's policy,  'If  we ain't got it, you don't need it..' We'll make it here and sell it here!

    (3). When imports are allowed, there will be a 100% import tax on it coming in here.

    (4). All retired military personnel will be required to man one of the many observation towers located on the southern border of the United States   (six month tour). They will be under strict orders not to fire on SOUTHBOUND   aliens.

    (5). Social Security will immediately return to its original state. If you didn't put nuttin in, you ain't gettin nuttin out. Neither the President nor any other politician will be able to touch it.

    (6). Welfare. - Checks will be handed out on Fridays, at the end of the 40 hour school week, the successful completion of a urinalysis test for drugs, and passing grades.

    (7). Professional Athletes - Steroids?  The FIRST time you check positive you're banned from sports ... for life.

    (8). Crime - We will adopt the Turkish method, i..e.,  the  first  time you steal,  you lose your right hand. There is no more 'life sentences'. If convicted of murder, you will be put to death by the same method you chose for the victim you killed: gun, knife, strangulation, etc.

    (9). One export of ours will be allowed: wheat; because the world needs to eat. However, a bushel of wheat will be the exact price of a barrel of oil.

    (10). All foreign aid, using American taxpayer money, will immediately cease and the saved money will help to pay off the national debt and, ultimately, lower taxes. When disasters occur around the world, we'll ask The American People if they want to donate to a disaster fund, and each citizen can make the decision as to whether, or not, it's a worthy cause.

    (11). The Pledge of Allegiance will  be said  every  day at  school and   every  day in  Congress.

    (12).. The National Anthem  will  be played at all appropriate ceremonies, sporting events,  outings, etc.

    April 30, 2010 at 3:34 pm |
  65. Gary Ryan

    Goldman Sacks and the stock market greats all should pay for all of the homes of all of the people in this country that were knowingly given failable mortgages and also make them pay for the lose of some of the business that also failed because of this mess

    May 2, 2010 at 10:44 am |