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Nov. 18 2009 - 10:42 am | 385 views | 3 recommendations | 33 comments

Blankfein: We Were Dicks, We Admit It

“We participated in things that were clearly wrong and have reason to regret,” Blankfein, 55, said at a conference in New York hosted by the Directorship magazine. “We apologize.”

via Blankfein Apologizes for Goldman Sachs Role in Crisis (Update1) – Bloomberg.com.

I’m almost beginning to feel sorry for Lloyd “God’s Work” Blankfein. Could it be that the great tapeworm of conscience is beginning to eat its way northward?

Initially I thought the news story about Goldman’s apology read like this:

Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., apologized for the firm’s role in some of the activities leading to the financial crisis.

“We participated in things that were clearly wrong and have reason to regret,” Blankfein, 55, said at a conference in New York hosted by Directorship magazine. “We apologize, and in order to make this right we’re going to forgo our entire bonus pool this year and give back about $50 billion of the money we stole.”

Blankfein said that the bank’s mortgage-service subsidiary, Litton Loans, would be forgiving billions in mortgage payments and issuing a freeze on foreclosures during the Christmas season because, as Blankfein put it, “kicking people out of their houses on Christmas makes us look like assholes.”

That’s what I thought the story said. Then I went back and realized I had misread it and that while “God’s Work” had in fact apologized, he was actually keeping all of the money and going ahead with a record year of bonuses while his company went about the business of mass-evicting people during the holidays.

Well, Lloyd, we don’t know what to say. Uh… thanks for saying so? We’re glad you’re sorry?

Man, these people are amazing. Just as theater, they’re impossible to beat. Someone should make a soap opera out of them, maybe call it Billionaires Cry Too or something.

Incidentally, did anyone else see that story and remember that old sketch from Kids in the Hall – the Bruce McColloch “I’m sorry I caused all that cancer” routine? It reminded me a lot of the Blankfein story, except in the Kids in the Hall version, the apology is followed by a promise never to do it again.


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  1. collapse expand

    “We participated in things things that were clearly wrong and have reason to regret.”

    The above is good to hear. Now hopefully a team of FBI agents will be dropping by Goldman’s offices and give them a chance to elaborate on this statement.

  2. collapse expand

    I thought we were all going to refer to him as “God’s Work”! Then again, why would one apologize for doing God’s work? This idiot doesn’t know what to say anymore, so he settles on, “Sorry we stole your money, but thanks for the cash!” I’m amazed that we all allow these people to continue to breath air!

  3. collapse expand

    Matt,
    I think you need to apologize to Llloyd “God’s Work” Blankfein for attempting to make him feel bad. Billions of immorally obtained dollars can’t soften cruel words. Fortunately, just because you’ve apologized doesn’t mean you have to stop.

  4. collapse expand

    For a time, Litton was one of the most progressive, innovative servicers in the loss mit industry.

    They did workouts that made sense, and considering the fact that most of what they owned/serviced was bought at a SUBSTANTIAL discount.

    They were win-win workouts, and we were seeing very low recidivism rates.

    Once Litton was sold to GS, they went to hell.

    Now, it’s HAMP or walk, and HAMP’s a freaking joke. 31% of gross is a good idea?

    They look like assholes because they ARE assholes. Just like the pols who bail them out at every turn.

  5. collapse expand

    “We apologize, and in order to make this right we’re going to forgo our entire bonus pool this year and give back about $50 billion of the money we stole.”

    In our dreams, Matt. In our dreams.

    I’m sure Lloyd “God’s Work” Blankfein and his buddies have convinced themselves that the money they acquired is their due reward for deigning to walk the earth with mere mortals and adequate compensation for their “hard work”.

  6. collapse expand

    Matt,
    I have nothing new to say about Goldman’s heads-I-win-tails-you lose strategy, but your comment on foreclosures did catch my attention. If you think tough foreclosure policies are evil, please consider the alternative.

    I live in Brazil, a country where foreclosure rules were as rigorous as the dress code in Copacabana beach. It took creditors decades to get their property back, if ever. Surely no one was ever evicted on Christmas Day or any other day for that matter.

    However, for all the rest of prospect homeowners who actually lived within their means and paid their loans on time, it also meant there was no mortgage financing available. None. No bank would provide a loan on a property that would take years and millions in legal battles to repossess. More recently, foreclosure regulations were tightened and the result was, you guessed it, a boom in mortgages and a significant drop in rates.

    I’m not suggesting Blankfein should serve eviction notices dressed in Santa, but your Christmas carol is just a “distributed pain/ concentrated gain” fallacy.

    • collapse expand

      Lucianot,

      Litton Loan is a vicious and evil company that has been sued repeatedly (and with success) by both private class-action plaintiffs and by state agencies, including most notably the state of Massachusetts, for fraudulent and deceptive practices and unfair treatment of homeowners. The offenses have ranged from imposing fees improperly to refusing to register payments on time to forcing insurance charges on houses that are already insured to simply adding to mortgage balances randomly without any explanation whatsoever.

      In one case in Seattle Litton added $30,000 to a borrower’s bill for no reason at all, and refused to provide answers when the borrower asked why. A judge in the case agreed that Litton’s explanation for the mystery $30,000 even in court was “gibberish.” In another case in Federal court in Philadelphia, Litton added $40K to a borrower’s bill and when the borrower sent a letter from a lawyer asking for an explanation, Litton’s response was to tell the borrower that the lawyer had no standing to ask the question.

      Litton is notorious for two things: adding to monthly payments without explanation and not making people available for explanation when borrowers call. I personally have had more than one person write to me to complain that they have had no explanation for “other fees due.” Don’t forget that most people don’t have a choice in having Litton as their servicer — they take out loans that get securitized and end up getting moved to Litton, a giant bureaucracy that has never met the borrower and is incentivized to pile fees on endlessly. Basically Litton is the poster child for predatory loan servicing practices during this housing mess. And Goldman owns them. Just FYI.

      In response to another comment. See in context »
      • collapse expand

        Matt, thanks for the info. From what you described, what Litton is doing is unacceptable to say the least.

        In response to another comment. See in context »
      • collapse expand

        Very astute observations regarding Litton, Mr. Taibbi. Couple things I’d like to add.

        Litton Loan operated in the manner in which you describe long before GS purchased them, i.e. Goldman Sachs knew exactly who/what they were purchasing when they did so.

        Litton’s business practices are absolutely NOT exclusive. The marjority of the larger mortgage servicers operate in similar fashion and have for some time now. Hence the $28 million settlement from EMC Mortgage Bear Stearns in 2008 and the $40 million settlement from Fairbanks Capital Corp. n/k/a Select Portfolio Servicing in 2004.

        Not incidentally, according to the latest TARP report at http://www.Financialstability.gov some of the major servicers have received just from the HAMP program to date:

        Litton $1,087,950,000

        Fairbanks/Select Portfolio $ 782,500,000

        EMC $ 707,370,000

        Ocwen $ 655,960,000

        Saxon $ 886,420,000

        Countrywide Home Loan Servicing $4,465,420,000
        I can only assume that this
        now xfers to Bank of America
        as BAHLS

        Aurora $ 447,690,000

        American Home Mortgage Servicing$1,218,820,000

        J.P. Morgan Chase $2,684,870,000

        HomeEq Servicing $ 552,810,000

        Take a look the parent corporations of some of these servicers. Then ask *WHY* mortgage servicing was brought “in-house” within the last few years. Ask *WHY* Mortgage Insurers and re-insurers like The PMI Group, Radian, MGIC, C-Bass, etc previously owned mortgage servicing operations and, just as importantly, why most of them dumped the servicers and they were scooped up by the major securitizers.

        Bear had EMC for awhile. GS now owns Litton. Fairbanks/SPS was purchased by Credit Suisse in ‘05. Ocwen has been playing with banking/de-banking schemes for awhile.

        Bank of America is great. Not only do they now have a servicer (Wilshire Credit) via the Merrill Lynch purchase, but they have LaSalle Bank N.A. (Chicago, IL) via pruchase – a major trustee in RMBS securitization, a servicer via the Countrywide purchase (formerly Countrywide Home Loan Servicing n/k/a Bank of America Home Loan Servicing), and a force placed insurance provider and re-insurer via Countrywide in Balboa Insurance.

        The interesting thing about Balboa is that the 3rd Circuit recently remanded Alston v. Countrywide/Balboa for further review. Alston is alleging kickbacks in the Balboa re-insurance market if I remember correctly.

        And I have, in my possession, a copy of a 2003 HUD-OIG Memorandum of Interview conducted during the criminal investigation of then Fairbanks Capital Corp. whereby the interviewee states that Fairbanks “required 15% of the earned premium on the properties” that it sent to a company by the name of Southwest Business Corporation for force placed insurance. I have not had the chance to check it out yet, but I have been told that Southwest Business Corporation is/was associated with Litton Loan Servicing.

        Additionally, this MoI goes on to state that others in the industry required as much as 25%. The interviewee continues on saying that “Fairbanks also sent homeowners’ insurance business to Balboa Insurance Company, which was part of Countrywide Home Loans Inc.” Should anyone be interested in this document, it can be viewed at http://www.getdshirtz.com/GAOreview.htm under Exhibit “T”.

        So exactly when does all of the pretending and hand wringing and grandstanding and back peddling finally stop and someone starts looking at actual, honest to dog, criminal prosecution of these corporations that were sooooo essential to keeping the U.S. Economy afloat – while at the same time, and as a direct result of their actions – were contributing to the causation of, dare I say, the largest economic meltdown in global history?

        In response to another comment. See in context »
  7. collapse expand

    Speaking of Kids in the Hall, maybe we need some French fur trappers on Wall Street to help clean things up:

    http://www.youtube.com/watch?v=3zJTNOxV4Qg

  8. collapse expand

    [Don’t forget that most people don’t have a choice in having Litton as their servicer ]

    I’ve been saying for years that when you’re SHOPPING for a loan, you’re a “customer.”

    Once you sign for it, you’re a hostage.

  9. collapse expand

    Matt,the statement below by me is from a larger post on seekingalpha in response to an article on Goldman Sachs and others manipulating price of oil on world markets.Mainly I wished to bring to your attention that I knew ex Utah SEC Brent Baker to be m,aking fraudulent naked short selling’ claims for worthless pump and dump penny stock con artist James Dale Davidson of Steve Forbes National Taxpayers Union and also Patrick Byrne of Overstock.con who hired him after he let Dale Davidson walk and removed all mention of Endovasc(a ‘biotech’penny stock that ripped me off)and of Genemax(with its link
    to Dale Davidson’s LOM of Bermuda and supposed
    ‘cancer vaccine’).Both of those ’share-money laundering frauds’ claimed their unaudited shares were8ha),’naked shorted’.
    In effect it is my opinion you were had when you used Brent Baker(now an attorney for one of the Stanford hedge fund criminals),as a source to back up the fraudulent ‘naked short selling’ claim that is used to draw attention from very real organized aggressive shorting usually using offshore accounts to dump and steal mainly American victims life savings.I will never recover from the damage done to me and your collusion even out of ignorance with those who did this to me and so many others and who still lob death threats and lies about me(i.e. Bud Burrell who is connected to Patrick Byrne and thus his attorney ex SEC Breny Baker) on the internet only allows organized criminals to
    contimuse to prosper.:

    Matt Taibbi and Rolling Stone have done a great piece of disinformation in their ‘naked short selling’ articles even using ex Utah SEC attorney Brent Baker who covered up for James Dale Davidson and a Porter Stansberry of Agora Inc and dismissed all charges re their Genemax and Endovasc penny stock pump and dump fraud.Baker was bribed with employment by Overstock.con CEO Patrick Byrne for dismissing charges against Davidson and he quit the SEC to be employed lieing about Overstock.con being a victim of ‘naked short selling.Strangely Brent Baker appears in a cameo roll in 9/11 because he was at the WTC to visit an unknown SEC client or whatever when 911 occured.

    • collapse expand

      Tony, if you’re looking for sympathy, you’re looking in the wrong place. And by wrong place, I mean the US public square.

      Maybe folks like you DESERVE to go out of business because you’re not providing a service to humanity. Instead, you’re business is rebuilding bubbles that will inevitably burst. Building financial portfolios out of paper and ether. You’re the problem, not the answer. And surely no victim.

      We’d all be better off if you chose a more noble profession. Say, game show host?

      In response to another comment. See in context »
  10. collapse expand

    Feeling bad or saying your sorry means nothing unless you’re willing to fix things.

    Thank you for bring this to down-home terms.

  11. collapse expand

    Well an apology is worthless….is Goldman Sachs, a breeding ground for crooks, going to give us OUR money back?

  12. collapse expand

    A friend just mentioned that if he was really sorry, and Japanese, he’d commit suicide.

    • collapse expand

      I agree with your earlier comment, but this one is toom uch of an echo of Grassley’s references to hari kari from last Spring. I understand the frustration and some of the sentiment, but can we as a public back off from calling for suicide, literal or figurative? Sarcasm is one thing, but I just hate this crap, more than I hate the actions of people like Blankfein.

      In response to another comment. See in context »
  13. collapse expand

    GOLDMAN GRINCH
    (You’re a Mean One Mr. Grinch)
    WilliamBanzai7

    You’re a mean bank, Goldman Grinch.
    You really add a new dimension to the words “filch and steal”.
    You’re as cuddly as a subprime cactus,
    You’re as slippery as Bernie the ponzi eel.
    Goldman Grinch.

    You’re a rotten bunch of overpaid Wall Street bananas
    And you’re apparently just “too big to fail”.

    You’re a monster, Goldman Grinch.
    Your heart’s a gelt blackhole as big as AIG.
    Your brain is full of “ferkakdeh” derivative spiders,
    You’ve got TARP garlic in your “fershtinkiner” souls.
    Goldman Grinch.

    I wouldn’t touch you, with a
    thirty-nine-and-a-half foot bailout pole.

    You’re a vile one, Goldman Grinch.
    You have ponzi termites in your trading style.
    You have all the tender sincerity of a typical “filching” Wall Street “shnorrer”, Goldman Grinch,

    Given a choice of liking you, I’d sooner drink bottled Hudson River water!

    You’re a foul bank, Goldman Grinch.
    You’re a nest of stinky, swindling pinstriped skunks.
    Your underwriting book is full of unwashed schlock
    Your soul is full of subprime gunk.
    Goldman Grinch.

    The three words that best describe you are as follows, and I quote,
    “Schlemiel, Schtup, Shtunk”!

    You’re a rotter, Goldman Grinch.
    You’re the kings of Wall Street scheming “dreck”,
    Your heart’s a rotten “gefilte” repo splotched with moldy bailout spots, Goldman Grinch,

    Your trading book is an appalling dung heap overflowing with the most disgraceful
    assortment of quantitative “chazere” rubbish imaginable mangled up in tangled “kishka” knots!

    You nauseate me, Goldman Grinch,
    You’re a nest of nauseous Wall Street “momzers!”,
    You’re a bunch of crooked trading “schlocksters” and you run a vile “shandhoiz”, Goldman Grinch,

    You’re a triple decker synthetic CDO toadstool sandwich with arsenic Wall Street bailout sauce!

  14. collapse expand

    Matt:

    Great blog as always, but where’s the promised Friedman bashing? I needs mah fix!

  15. collapse expand

    The big apology before the hammer falls. I suspect Goldman will shortly be laying off Jesus — whom, as they have previously stated, works for GS? Dare I be correct?

  16. collapse expand

    Any comment on the Federal Reserve audit bill? Is this the first time the Fed has lost in Congress?

  17. collapse expand

    nomar5,
    Well I’m glad you approve of Sheikh Mohamed Al Rashid Maktoum of Dubai’s NASDAQ as arbitrater of companies and whether they are laundering money by way of Dubai and on to Israel etc. that was stolen from American investors. Certainly the Israeli money launderers
    approve of the Sheik Al Rashid Makturd whose country sent over $100,000 to Mohamed Atta in Venice,Florida pre 911 but then again if Patty Byrne’s Overstock.con is no longer a clean mean money laundering machine maybe he should be moved out of the way to see if perhaps the Grin brothers – Eugene,David, Abraham – of Israel,(or the Ukraine as Forbes calls it),can come back in and pump us up.Or at least pump the Israeli mafia up with the aid of their pál and Dick Cheney,et.al.’s pal Sheikh Mohemad of Dubai’s NASDAQ !
    Petroalgae anyone ? I’m sure glad you are selective about your scum.Maybe the Sheik’s NASDAQ is an improvement of Bernie Madoff’s NASDAQ but it seems like the same old NASDAQ to me.Anyway even if Byrne’s and his corrupt ex SEC attorney Brent Baker’s,Overstock.con is removed from NASDAQ the Sheikh’s new improved stock fraud NASDAQ website allows criminals to fake being on the NASDAQ.Even Virginia
    Heritage Bank of Endovasc money lauinderer David P Summers is able to appear on the Sheikh’s NASDAQ internet site even though it has never filed ANY SEC filing ! And Grin bros Petroalgae and even Menachem Atzmon of Israeli Likud Party money laundering fame and the security and securities fraud ICTS International that ‘guarded’ Logan Airport Boston on 911 and that was delisted before and finally removed from NASDAQ in 2006 is now back on the Sheikh of Dubai’s ‘new’ NASDAQ
    website ! BERNIE MADOFF,EAT YOUR HEART OUT.. Israeli and as well as Christo and Islamo fascists and money launderes love their Dubai Sheikh of the NASDAQ !

  18. collapse expand

    Again with a couple of links:
    Matt Taibbi and Rolling Stone have done a great piece of disinformation in their ‘naked short selling’ articles even using ex Utah SEC attorney Brent Baker who covered up for James Dale Davidson and a Porter Stansberry of Agora Inc and dismissed all charges re their Genemax and Endovasc penny stock pump and dump fraud.Baker was bribed with employment by Overstock.con CEO Patrick Byrne for dismissing charges against Davidson and he quit the SEC to be employed lieing about Overstock.con being a victim of ‘naked short selling. Strangely Brent Baker appears in a cameo roll in 9/11 because he was at the WTC to visit an unknown SEC client or whatever when 911 occured.
    Note that Gary Weiss who I often disagree with and don’t trust for an being apologist for con artist Sam Antar and other stock con artists and who is as bad as the stock market ills he claims to fight,at least has Brent Baker correct in his speel below.I wish Taibbi would get his facts straight and do his dd before lending credibility to such crooks as Brent Baker who now adds Stanfoed hedge fund crooks to his list of clients along with penny stock scum who claim they didn’t pump and dump but were instead ‘naked shorted’ by a ‘Sith Lord’.Yeah sure Matt..

    Brent Baker,Stanford Hedge Fund:
    Utah lawyer relishes high-stakes battle

    Client’s indictment in $8 billion fraud case puts SLC’s Brent Baker on national stage … billion fraud committed at the Texas-based Stanford Investment Group. … south tower of the World Trade Center. Outside the Embassy Suites Hotel … At the SEC, Baker also became involved in the issue of naked short-selling, …
    http://www.parsonsbehlelaw.com/…/Utah-Lawyer-Relishes-High-stakes-Battle.pdf
    ………….

    Matt Taibbi based his entire recent, wretched Rolling Stone article on that same premise, which turns out to be false. No surprise, as most of his named sources were related to Overstock.com’s wack-a-doo CEO Patrick Byrne, or were otherwise old veterans of the NSS conspiracy circuit. Among them were someone from the Haverford Group, which he didn’t mention is a Byrne-owned company, and ex-Overstock lawyer Brent Baker, without his mentioning that his client list includes two of the most wretched companies to use NSS as an excuse, Universal Express and the recently-indicted CMKM Diamonds. – Gary Weiss

    • collapse expand

      I’m not up on your situation, but I do wish more balance had been in that piece. There is no question that it goes on . But with split second trades the norm, it’s just not possible to do locates.

      With that said, there is nothing stopping the SEC from monitoring the level of shares sold short and sending out a block message to all brokers. Something similar was done during the “bullshit.com” era when brokers routinely posted a list of stocks that could not be bought or sold on margin. It was an active list too in that it would block an order from being entered. Many people were getting burned on both sides of the trade.

      So is it the short sellers fault or the Govt’s fault for not putting more safeguards up? I’m guessing , but I think more people have lost money on massive pump and dumps with the rumors of huge acquisitions, the old comparative value trick, and major contracts rumors filling the “tubes” to lure people into buying stocks that had nothing but air in them.

      Short selling is anathema to the public’s perception of fairness in the markets. How could anyone bet on a company’s failure? Meaning how could anyone bet on my investment going down? That’s why it seems to be a popular media target.

      An equal side of the piece would have been comparing losses that Abbie Cohen, Henry Blodgett and Mary Meeker caused with their out of mind price targets on companies that had never seen a a dime of profit. I remember one company that reached an unfathomable 80 Billion in market cap being described as a software feature, not a company. Sales were somewhere in the neighborhood of 200 million and profits were nowhere in sight. That was during the B2B rage in Bullshit.com after wired wrote a article called (paraphrased) the next three trillion dollar market .

      Suddenly VC firms were financing B2B start-ups and they came pouring out of Goldman Sachs and all the other peddlers of crap.

      People bought it at the top when some of this companies , who aren’t around today saw their market caps climb into the 100s of billions with the encouragement of the paid for analysts and lost all their savings.

      Yes they should have been more careful, but a whole industry of on-line brokerages was build on the notion that anybody could buy and sell their way to unheard of fortunes with commercials of little billy landing his helicopter in the front yard after trading on his Dad’s account.

      Then our media picked success stories of people who didn’t know better , who had bought a stock and watched it appreciate 2,500% in one year. They would shrug and look in the camera and say “Don’t all stocks do that?”

      That side needs to be told in as much depth as the manipulations and rumors that go on that produce naked short selling. But it just wasn’t during “bullshit.com.”

      Who hasn’t heard the story of the CEO of Point Blank Armor, a pink sheet company, who paid off some in congress and the Dod to be the sole source supplier for body armor for the troops during the Iraq war from 2003-2005.

      The stock was pumped. The CEO cashed out over a 100 million as soldiers were dying in Iraq because his company didn’t have the funds to expand to meet the urgent need. This is when you saw soldiers being forced to wear Vietnam era flack jackets. It took until late 2004 until the army was able to get out of the contract..

      The now ex-ceo had a 10 Million dollar party for his daughter in which Aerosmith did the music duty as soldiers were dying.

      This stuff goes on all the time . This time people lost their lives and loved ones because of it. That never should have happened. But that’s one of the ways that people get burned on the way up as well as on the way down.

      More balance in media coverage of this would be helpful. I point that out here because Matt is different from his counterparts. We just expect more from you Matt. That’s life on the top.

      In response to another comment. See in context »
  19. collapse expand

    If you want to see how stupid evil is, watch Blankfein in action. One day he proclaims, with or without a mock sneer on his face, that Goldman is doing God’s work. The next day he’s apologizing for whatever the hell it is that Goldman has done.
    Blankfein is flaunting this flip-flop in the smugly secure knowledge that the schnooks who want his head on a pike will be stupefied by the very curious, really rather inexplicable stock market bubble that has puffed up since March in the face of economic meltdown and be distracted long enough for Goldman & Ilk to cash in their stock option bonuses.

  20. collapse expand

    Yes, indeed, Blankfein and Goldman are a lovely bunch. And now, knowing full well that they were a kingpin in destroying the economy, our government wants to knowingly let them play a key role in cap and trade. When will we learn?! As Matt’s Rolling Stone article pointed out, Goldman always finds its way to wherever the action is, and always disproportionately profits.

    More on this subject here:

    http://ragingcapitalist.blogspot.com/2009/07/goldman-sachs-goes-green-in-more-ways.html

  21. collapse expand

    “Facing Criticism, Goldman Sachs Cancels Plan to Dance Around Bonfire of Thousand-dollar Bills” http://tinyurl.com/ydorfm6

    MY GOD, WHEN DO WE GET TO DANCE AROUND A BONFIRE OF BURNING GOLDMAN SACHS EXECUTIVES?

  22. collapse expand

    To give you some idea how hard it is to get a logical answer or really any answer at all from the U.S.SEC and its fraudulent ‘investor education’ service I present this correspondence with ‘Special Counsel’ Steven G. Johnston as a fine example.I sent the questions as you can see on November 5.But look they say they can’t even find my complaint from 2003 in their records and maybe I have the wrong department or SEC or something.The reason I wanted a copy of my original complaint re Endovasc was in order to post it on the internet for the record.The reason I don’t have my copy is that both ragingbull and their Lycos email and Yahoo email ’service’ used to delete my accounts and steal whatever mail was in my email account as punishment for criticizing stock fraud on the websites !
    Note I was NOT just asking for my old complaint,I was asking what proof that Christopher Cox and the SEC had for saying dividend paying Fannie Mae,Freddie Mac were ‘naked shorted’ as the SEC and ex SEC Chairman Christopher Cox say on their own sec.gov website in the link I provise below.(Worse yet that the SEC’s additional claims that Goldman Sachs,AIG,Bear Sterns,UBS,Bank America,etc.,etc,WERE ALSO ‘NAKED SHORTED’go unchallenged by all the bought and sold so-called ‘business journalists’..Ha.Does Matt Taibbi believe as the SEC and Chris Cox claim,the Goldman Sachs shares were ‘naked shorted’ as well !? And if so who did it,a ‘Sith Lord’ as Patrick Byrne and presumably his ex SEC attorney Brent Baker maintain !?)
    Don’t you believe as I do that the public and particularly people such as myself who suspect we were defrauded by ‘public companies’ who made fraudulent ‘naked short selling’ claims and who the SEC allows to sell their worthless shares over the internet deserve proof when the SEC itself(not just the con artists they allow to run public companies)uses its or our own sec.gov federal government website to promote what to me appears a dangerous ‘naked short selling’ rumor at best and probable fraudulant lie ? It’s no better than James Dale Davidson posting his rumor that Bill Clinton,who he turned on after supporting and funding his first presidential campaign,killed Vince Foster with no proof whatsoever !
    In fact it is James Dale Davidson who started the naked shorting rumor himself with his NAANSS or National Association Against Naked Short Selling 2002 that Patrick Byrne and Christopher Cox as well as Senators Carl Levin,Arlen Specter,Bob Bennett,Chuck Grassley et.al. continue to promote out of ignorance or outright contempt of the American public with intent to defraud ! Am I wrong or are they ? Why can’t they just provide the proof and answer my queries so I can post the SEC’s and Mary Schapiro’s and Christopher Cox’s proof on the internet that dividend paying Fannie Mae and Freddie Mac shares were ‘naked shorted’ or counterrfeited once and for all ?
    Do these U.S. government scumbags, pimps and prostititutes of fraud realize what it is like to be an American post 9/11 in a world where they as supposed elected officials who should be concerned about money laundering, not only allow stock fraudsters to steal me and so many others blind(particularly through Dubai Sheik Mohammed bin Rashid Al Maktoum’s NADSAQ and OTC penny stock market),but then actually lie about naked shorting themselves outright ? I say this because it appears to me that post 9/11 somehow those in positions of power decided that if they could cover up for ICTS International who guarded Logan Airport on 9/11 and Securacom who guarded Dulles and the ‘IT’ Odigo fraud, etc.(they being both stock frauds and foreign corporate sabotage in my opinion),and protect them even though they were U.S. incorporated public companies and in sec.gov’s own filings and archives then they could, really, in the name of their ‘war on terror’ fraud anything goes and if someone like me gets in the way of or is conned into a stock fraud using U.S.penny stocks in offshore accounts such as Bellador Group of Kuala Lumpur that cold called Endovasc shares among others(such as CIA’s SRA International and Republican Party connected China Wireless) in Hong Kong,etc.,(until the Hong Kong SEC had enough regard for its citizens to demand cease and desist) then I was not to be protected by the U.S. SEC or the U.S.government but instead terrorized by the likes of Robert Maheu connected Bud Burrell of thesanitycheck.con and CMKX Diamonds and USXP and CFRN or Christian Financial Radio Network as well as some penny stock he ran that claimed ‘dark pool’ trading was its business .According to Mark Cuban’s blogmaverick, Bud Burrel was even part of the Endovasc fraud that ripped me off as well and Burrell claims all these scams were ‘naked shorted and if you don’t like it he’d like to torture and kill you at the pleasure of the U.S. SEC and the U.S. government ! His pal Patrick Byrnre of Overstock.con even gave Barack Obama’s U.S.Ambassador to China $75,000 from his stock frauds when he was governor of Utah !I feel like I entered the twilight zone a long time ago.
    But I’m getting distracted and wish to focus only open the one question to the SEC below.What is the SEC’s proof that Fannie Mae,Freddie Mac and other stocks named on their website were really ‘naked shorted’ ? Below my dialogue with SEC ‘Special Counsel’ Note SEC’s Steven G. Johnston does not even address me by my name in his reply :

    Thank you for your additional communication.

    Our office has no record of a 2003 complaint with us. If you filed the complaint with another division of the SEC, you may wish to contact that division.

    I hope this information is helpful.

    Sincerely,

    Steven G. Johnston
    Special Counsel
    U.S. Securities and Exchange Commission

    QUESTION

    Submitted: 2009-11-05

    INVESTOR INFORMATION
    Name: Mr. Tony Ryals
    Day Phone:
    Email: wolfblitzzer0@gmail.com

    Dear SEC and Steven G. Johnston,
    First there is only one SEC office in Alexandria,Virgina and I sent
    and lodged my complaint using the SEC’s own official internet
    complaint format.But you must realize there were TWO queries I sent to
    you NOT JUST ONE.So the SEC HAS SOMEHOW LOST MY COMPLAINT re the
    Endovasc biotech pump and dump scam,James Dale Davidson(founder of
    the National Taxpayers Union who still runs penny stock scams a few
    blocks away from you at his NTU office in Alexandria) and Virginia
    Heritage Bank penny stock conman David P Summers (who posed as a Texas
    biotech exec and inventor from Montgomery,Texas while running the scam from the Beltway,(where he really resided and resides),and then
    claiming it was a victim of ‘naked shorting’ or an ‘oversold’ position
    in press releases of 2002.No surprise.

    However my other and more important query both to me and MANY
    investors who lost money in companies making fraudulent ‘naked short
    selling’ victim claims are the cases of dividend paying Fannie Mae
    and Freddie Mac.If Christopher Cox was correct in his sec.gov press
    release of July 15, 2008 (with link below) that shares of Fannie Mae
    and Freddie Mac were ‘counterfeited’ or ‘naked shorted’ why did not
    some shareholders come forward to claim they did not receive their
    dividends ? This question is really very simple but may to too complex
    for you Mr. Johnston.Maybe you are new to the SEC and didn’t even
    realize Cox claimed those dividend paying U.S. government connected
    ‘public’ companies shares were ‘naked shorted’ or ‘counterfeited’.

    What remaining question I am asking is either the evidence ex SEC
    Chairman Christopher Cox based his claim on that Fannie Mae,Freddie
    Mac,Goldman Sachs,etc., were ‘naked shorted in the press release of
    July 15, 2008 below so that I can present this to other concerned
    parties or an acknowledgement that,( like Patrick Byrne and his NCANS
    and James Dale Davidson and his NAANSS before that ) ex SEC Chairman
    Christopher Cox and the Securities Exchange Commission has and had no
    evidence at the time that the SEC and Christopher Cox released the
    statement below to back up Cox’s claim that Fannie Mae and Freddie
    Mac were ‘naked shorted’.By evidence I mean which market makers and
    how many ‘naked short’ or ‘counterfeit’ shares did they have out on
    each individual company,(particularly Fannie Mac and Freddie Mac but
    all dividend paying companies named by ex SEC Chair Chris Cox in his
    press release of July 15, 2008) and how long did the ‘naked shorts’
    or ‘counterfeit shares circulate in the float(s),before real share
    were purchased to replace them.And if indeed there was ‘naked
    shorting’ or counterfeiting’ of shares’ how come all investors
    received their dividends ?
    Sincerely,
    Tony Ryals

    http://www.sec.gov/news/press/2008/2008-143.htm

    SEC Enhances Investor Protections Against Naked Short Selling
    FOR IMMEDIATE RELEASE
    2008-143

    Washington, D.C., July 15, 2008 – The Securities and Exchange
    Commission today issued an emergency order to enhance investor
    protections against “naked” short selling in the securities of Fannie
    Mae, Freddie Mac, and primary dealers at commercial and investment
    banks….
    The SEC’s mission to protect investors, maintain orderly markets, and
    promote capital formation is more important now than it has ever
    been,” said SEC Chairman Christopher Cox. “Today’s Commission action
    aims to stop unlawful manipulation through ‘naked’ short selling that
    threatens the stability of financial institutions. We will continue
    our vigorous commitment to investors by working within the SEC and in
    close cooperation with our regulatory counterparts to promote the
    continued health and vibrancy of our markets.”….
    The securities identified in the Commission’s order:

    Company Ticker Symbol(s)
    BNP Paribas Securities Corp. BNPQF or BNPQY
    Bank of America Corporation BAC
    Barclays PLC BCS
    Citigroup Inc. C
    Credit Suisse Group CS
    Daiwa Securities Group Inc. DSECY
    Deutsche Bank Group AG DB
    Allianz SE AZ
    Goldman, Sachs Group Inc GS
    Royal Bank ADS RBS
    HSBC Holdings PLC ADS HBC and HSI
    J. P. Morgan Chase & Co. JPM
    Lehman Brothers Holdings Inc. LEH
    Merrill Lynch & Co., Inc. MER
    Mizuho Financial Group, Inc. MFG
    Morgan Stanley MS
    UBS AG UBS
    Freddie Mac FRE
    Fannie Mae FNM

  23. collapse expand

    Taibbi is a great asset to the writing community. I seriously doubt Blankfein is human.

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    About Me

    I'm a political reporter for Rolling Stone magazine, a sports columnist for Men's Journal, and I also write books for a Random House imprint called Spiegel and Grau.

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