The execs cry, “No fair!” CEO Lloyd Blankfein said customers who bought securities came looking for a risk and “that’s what they got.
“Unfortunately, the housing market went south very quickly,” he said. “So people lost money in it.”
Yep, and houses and lives and jobs and pensions … Yes people certainly lost lots in it.
So they sold a few bad investments, so they suggested investments they wouldn’t recommend to their own mother, let alone buy themselves. So what?
What about Nancy Pelosi, Barney Frank, Andrew Cuomo — yes Cuomo — the daring young man from Queens who wants to run for Paterson’s job, and other movers and shakers on the ‘knobby hill’? Cuomo, in case you didn’t know, headed the Deparmtent of Housing and Urban Development, Fannie Mae, Freddie Mac — about the time that the Washington elite wanted to sell an agenda, instead of sound real estate practices. Where is their responsibility?
Not everyone is entitled to or equipped to handle home ownership, duh, and the “Hill” folk in DC knew — damn well, without a shadow of a doubt — that there were many Americans who shouldn’t, couldn’t, wouldn’t have a mortgage, yet their agenda wanted a “MacMansion” in every pot and bad investments to off-set the profit margin — ergo BAD LOANS.
Unfortunately bad investments, buying long, selling short, or selling long and buying short, whatever, toppled the Jinga tower and we all came tumbling down.
Middle-class Americans who did everything right lost more than Washington bargained, or cared about, for that matter. It’s funny how quiet the Speaker of the House Nancy Pelosi, Barney Frank and Mr. Cuomo are these days. No blame? No game?
Better to push the spotlight away from themselves and look for a convenient ‘scapegoat’ and Goldman Sachs was as good as they could hope for. Just think 1930’s Germany — who better than the money lenders to go after?
Not for nothin, folks, this is just another successful coup d’etat by the “Fools on the Hill.” Goldman gets a slap and some re-organizing and Pelosi walks away in her new Christian Louboutin’s — Spring 2010 collection.