April 24th, 2010
03:00 PM ET
10 years ago
Goldman knew it profited from mortgage crisis
Goldman Sachs officials knew their bets against mortgages profited the firm, according to Senate documents.
NEW YORK (CNNMoney.com) - Goldman Sachs officials knew their bets against mortgages, whose dramatic decline sparked the financial crisis, profited the firm, according to documents released Saturday by a Senate panel investigating the crisis.
"Of course we didn't dodge the mortgage mess," Goldman CEO Lloyd Blankfein told company executives in an e-mail dated Nov. 18, 2007. "We lost money, then made more than we lost because of shorts," or trading bets aimed at profiting when a bond drops in value.
Blankfein added: "Also, it's not over, so we don't know how it will turn out ultimately."
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Surprise, surprise. Corporate greed exposed as everyday "business" and to hell with America and Americans.
Any money they made went into their pockets, and any money they lost came out of our accounts. Then they get bailed out to give themselves bonuses. Will someone please put these crooks behind bars for life where they belong, after making them repay for their crimes.
Otherwise known as sorta like Racketeering.. kinda like huh?