Rating data aided Wall Street in mortgage deals + Goldman e-mails: 'Serious money' to be made

[mEDITate-OR:

not see the latest chapter in As The World Turns...

 

This was not a one-off crime, there were lots and lots of people playing The Game.

And, "Game" U.S. they did.

 

That makes this an "intentional tort", not mere negligence.

And, it is "gross", too.

 

And, it become a RICO crime.

Treble damages, for fraud.

But, these stories are about what the worst of them did.

First article is about what Moody's did to enable them to be "gamed"

The second is about Goldman knowingly "gaming" Moody's.

 

The third is the guilty party's defense.

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NYT: Rating data aided Wall Street in mortgage deals

Bank use of rating agencies in financial crisis under sharp scrutiny

 

Trying to be transparent, credit rating agencies made their computer models public, and banks used that knowledge to shape some investments involved in the financial crisis.

http://www.msnbc.msn.com/id/36753225/ns/business-the_new_york_times/from/ET

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Goldman e-mails: 'Serious money' to be made

Firm boasted about money it was making as housing market collapsed

Goldman Sachs officials discussed making "serious money" in 2007 off the subprime crisis as mortgages were starting to falter in rapid numbers, according to e-mails released by a Senate panel.

http://www.msnbc.msn.com/id/36753472/ns/business-stocks_and_economy/from/ET

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Revealed: Goldman Sachs' defense

Company responds to claims it misled clients in 11-page document

Goldman Sachs is preparing its most detailed defense yet to allegations that it misled clients, arguing that the firm was unsure whether housing prices would rise or fall.

http://www.msnbc.msn.com/id/36751432/ns/business-washington_post/from/ET

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Video:

 

Senate probes ratings agencies    April 23: During a Senate panel investigation Friday, top executives from Moody's and Standard & Poor's denied that pressure for profits compromised the way they graded investments, but former officials admitted that bad mortgage investments were routinely given good ratings.

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Video:

Tarnished Goldman?   CNBC's Mary Thompson has the details on whether charges and allegations against Goldman Sachs will knock out a blow to the firm's reputation.

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Video

Story: Marketing portfolio key to case   Louise Story with the New York Times, joins a panel to discuss the SEC charging Goldman Sachs with fraud. The SEC's complaint is Goldman's portfolio was selected by an independent management company, when really it was handled through Paulson and Co.

 

 

 

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