Tuesday, April 27, 2010

Goldman Sux: The Saga Continues.

Goldman Sachs, which according to Lloyd Blankfein is "doing God's work," which may be why I don't like religion so much, allegedly was selling mortgage-backed securities to their customers while betting they would fail (they didn't tell their customers they were pretty sure the mortgages were going to fail). They did fail, and Goldman made money on both ends of the deal.

Ben Stein's description of Goldman's conduct: it's like Goldman was an auto mechanic and "fixes" the customer's brakes, but knows they're going to fail and doesn't tell the customer. Instead, before the customer drives away, Goldman runs out and buys a life insurance policy on the customer's life.

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