"Goldman Sachs Next Round Of Scams. Carbon Credits"
This is, to reiterate, what Goldman Sachs is engaged in: trading in interest rate and credit products, mortgage-backed securities and loans, currencies and commodities, structured and derivative products, provides investment advisory and financial planning services and offers investment products.
Now the juicy parts. Goldman Sachs were involved with, amongst others, the financial crisis in Greece and Italy. The were deeply involved with the sub-prime mortgage collapses. Directly responsible for the collapse of Bears Stern and directly or indirectly involved in the collapse of over 200 state banks within the United States. Again amongst many other involvements.
On May 10, 2009 the Goldman Sachs Group agreed to pay up to $60 million to end an investigation by the Massachusetts attorney general’s office into whether the firm helped promote unfair home loans in the state. The settlement will be used to reduce the mortgage payments of 714 Massachusetts residents who had secured sub prime mortgages funded by Goldman Sachs.
According to a 2009 New York Times story, Goldman Sachs created synthetic collateralized debt obligations that were made up of credit default swaps, sold them to investors, and then bet short against them.
On On April 16, 2010, the SEC alleged that Goldman materially misstated and omitted facts in disclosure documents for a synthetic CDO product it originated called Abacus 2007-AC1.
So, GS has kind of run the gamut concerning these orchestrated failures. What's next for this world recognized vampire squid? You might say, there isn't much else to make billions on. Oh, to the contrary my dear reader. How many of you have heard of "Carbon Credits"? This is how a carbon credit is defined and look carefully for the loop holes that Goldman Sachs is evaluating as I write. I can just hear their money tills going "Ka-ching Ka-ching".
A Carbon Credit is a generic term meaning that a "value' (financial) has been assigned to a reduction or offset of greenhouse gas emissions. Carbon credits and markets are key components of national and international attempts to mitigate the growth in concentrations of greenhouse gases (GHGs). One carbon credit is equal to one ton of carbon dioxide, or in some markets, carbon dioxide equivalent gases. Carbon trading is an application of an emissions trading approach. Greenhouse gas emissions are capped and then markets are used to allocate the emissions among the group of regulated sources. The goal is to allow market mechanisms to drive industrial and commercial processes in the direction of low emissions or less carbon intensive approaches than those used when there is no cost to emitting carbon dioxide and other GHGs into the atmosphere. Since GHG mitigation projects generate credits, this approach can be used to finance carbon reduction schemes between trading partners and around the world.
Did you get all that? Did you understand anything? No? Read it again and again. Didn't you notice the words "FINANCE" and "SCHEMES" in there? Well, Goldman Sachs understands every single word of it and plans to take advantage, world wide, of it's extreme financial value. Oh, my God. Not again? Yep. Again. And then again. Not unless the people rise up against these scam artists. In about three years from now , come back to this blog and tell the old philosopher that "Gee. You were right. So, what can we do about it?" Know what I'll say to you? "Sorry. Too late. You shut the barn door "after" you let the vampire squid out." I'm boring you now. Come back tomorrow for more fun and games concerning the largest financial scam institution in the world that's robbing all of us and the rest of the honest taxpayers of their retirement savings and their lives. Did you know "Goldmanites" are in executive banking postions throughout the world? Conspiracy? Naw. Just a coincidence. Or is it? See you tomorrow right here on "To Tell The Truth."