Congressional Hearings on the Meltdown

Here is the latest from the Wall Street Journal. CLICK HERE

The most interesting thing that I heard was from Goldman Sachs CEO Lloyd Blankfein while debating Phil Angelides, when he stated…

“We are not fiduciaries!”

This statement was in response to Angelides pressing him on Goldman’s creation of garbage mortgage backed securities, selling them to customers and then shorting them (betting that they were going to collapse).

Blankfein was right in his testimony. The big firms are nothing more than middle-men and creators of assets to fit a certain demand; the same way drug dealers serve a certain demand. They did not do anything illegal.

However, I do have a problem with these banks/investment firms/masters of the universe managing individual’s retirement accounts. That is where the horrible conflict of interest exists and needs to be eradicated. However, the reality is Washington and Wall Street are sitting in a tree…K-I-S-S-I-N-G! That is not going to change despite any dog and pony show they put on.

Tired of this nonsense…


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