But it’s not just American taxpayers who have been looted to save the crumbling facade of the Euro single currency. British taxpayers will be forced to underwrite an estimated £10 billion pounds of the bailout as part of the IMF package.
Bankers Destroy Global Economy by Design to Consolidate Power
Manipulation, not error, behind market plunge
The major media say the chaos on Wall Street was the result of a “trader error, possibly a typo,” as the Washington Post put it. Some reports claim the culprit was a “fat finger” on a computer somewhere that pressed the wrong key. But Zubi Diamond, author of the Wizards of Wall Street, says these claims are all lies. “What happened in the market on Thursday is a typical example of pure market manipulation” by unregulated hedge fund short sellers.
Goldman didn't tell SEC about mortgage moves for months
![Lloyd Blankfein, chairman and CEO of the Goldman Sachs Group, testifies before the Senate.](http://media.mcclatchydc.com/smedia/2010/04/27/22/US_NEWS_GOLDMAN_16_ABA.major_story_img.prod_affiliate.91.jpg)
Yet for nine months, until Sept. 20, 2007, the Wall Street giant didn't disclose its actions in key filings with the Securities and Exchange Commission, in telephone conferences with analysts or in its press releases.
Bernanke Admits Printing $1.3 Trillion Out Of Thin Air
Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, “Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system.” I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.
Goldman boss Lloyd Blankfein denies moral obligation towards clients
The stark admission – made by the bank's chairman at the end of a more than nine-hour marathon hearing before the US Senate – came in spite of his assertion that "I think people trust us" as he tried to fend off accusations that Goldman inflated the US housing bubble.
Goldman executives cheered housing market's decline, newly released e-mails show
The documents show that the firm's executives were celebrating earlier investments calculated to benefit if housing prices fell, a Senate investigative committee found. In an e-mail sent in the fall of 2007, for example, Goldman executive Donald Mullen predicted a windfall because credit-rating companies had downgraded mortgage-related investments, which caused losses for investors.
"Sounds like we will make some serious money," Mullen wrote.
Goldman Sachs e-mails show bank sought to profit from housing downturn
A Senate investigation into the financial crisis has found that Goldman Sachs, the storied Wall Street investment bank, sought to profit from the historic decline in housing prices by betting against the U.S. mortgage market. The documents show that Goldman, at times, made big, profitable bets against the housing market -- sometimes betting against mortgage investments that it had sold to investors.
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