Watch Michelle Obama's Powerful Speech at DNC See Paul Simon Sing Spirited 'Bridge Over Troubled Water' at DNC Al Franken Skewers Trump, Sarah Silverman Slams 'Bernie or Bust' at DNC Matt Taibbi on How DNC Leak Shows Mechanics of a Slanted Campaign See Demi Lovato's Moving Speech on Mental Illness at DNCAll Stories »
Washington, D.C., April 16, 2010 – The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.
Goldman, Sachs is getting busted, finally, for what to me is one of the most devious and brilliant crimes of the last decade.
I can’t get into this too much because I have other material coming out about it. But the upshot of it is that GS teamed up with a hedgie named John Paulson (no relation) to make the biggest ball of subprime shit they could, got short of it by credit-default-swapping it, then roped third parties into buying it. It’s kind of awesome in a way, and I’m sure it was fun while it lasted.
But now… I’m reminded of the scene in Goodfellas when the cops bust Henry…:
Bye bye, dickhead!