"The Great Vampire Squid Wrapped Around the Face of Humanity," a. k. a. Goldman Sachs
Unemployed, or at best have seen your pay go down and worrying about the status of your job from day to day? Watching the equity in your home go down, perhaps disappear totally? Seeing your plans to retire someday destroyed by losses in savings, investments or your employer retirement plan? All these economic woes are faced today by most people in the U.S. and indeed many in the industrialized world.
How did this happen? Who is to blame? We have been told this is the result of people living beyond their means – too much debt from home equity lines of credit. Too many mortgages approved with a wink and a nod rather than verifying income. Everyone betting on the come. Also, that the exotic “investment vehicles” generated on Wall Street and sold around the world were another bubble. Bubbles burst, we are told.
Yet there has been this nagging feeling that there has to be more to this story. We really don’t know the cause. Well, now maybe we do.
According to an Associated Press story, a 26 year old with Goldman Sachs has been identified as “selling mortgage investments without telling the buyers that the securities were crafted with input from a client who was betting with its investments that they would fail.” The federal Securities and Exchange Commission (SEC) has filed civil charges against Goldman Sachs and named Fabrice Tourre, a Vice-President in his late 20’s at the time. Today Tourre is 31 and has been promoted in the London office of Goldman Sachs. Goldman says he is presently on a leave of absence – undoubtedly due to press about what he allegedly did.
The client who bet that these investments would go down, not up, is identified as John Paulson of Paulson and Company. The AP story said he made billions on this deal by influencing the way Goldman structured and marketed these securities. Tourre handled one such exotic instrument with Paulson’s input and there is at least one e-mail in which Tourre indicated things were about to collapse all the while marketing these investments – perhaps to your retirement fund or mine.
So, there you have it, the smoking gun that triggered an avalanche that may have changed your life for good. Your retirement plans and those of others including government employees relying on pension funds that have taken a 30-50% hit may have Mr. Tourre and Goldman Sachs to thank for it all.
Naturally, Goldman Sachs denies having misled investors and promises a vigorous defense against these SEC charges. But, for those who have been searching for the real smoking gun that triggered the economic mess we seem to be in this news about Goldman Sachs and Mr. Tourre may just be the Holy Grail.
Oh yes, Goldman Sachs just announced its first quarter profit for 2010 at something over $ 3 billion. Even though this firm was the second biggest contributor to Barack Obama’s presidential campaign, the White House has labeled this profit as obscene.
A recent edition of Business Week had a cover story in which Goldman Sachs defended itself as having done nothing wrong with regard to the economic collapse we have witnessed. This was before the Tourre caper became known to the public. Mea culpa?
And don’t forget the dirty little secret that obama helped pushed the bad loans that found their way into those “mortgage investments”. It’s no wonder obama doesn’t want to give his million dollars back to Goldman. He earned it!
I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
issues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO’s, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It’s over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO’s.
A Time line of what’s going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven’t already gone BK…
Oct 26, 2005 Litton Loan Servicing Class Action – mishandling loans, servicing over 400,000 borrowers – case settled Feb 17, 2009 for $537 (limited due to class status)
Feb 27, 2007 FDIC Cease and Desist – Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs – Predatory Lending Practices – settled May 11, 2009 for $60 mil
Dec 11, 2007 – Goldman Sachs Acquires Litton Loan Servicing
June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
June 19, 2008 Fremont Reorganizing files BK
Apr 16, 2010 – SEC vs Goldman Sachs – Securities Fraud
Here is the link to my blog http://bushnellcomplaint.blogspot.com/ if you want to download court documents pertaining to my case.
Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds for legal action.