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Live Chat: Robert Scheer on Goldman Sachs

Posted on Apr 22, 2010
Read a full transcript of Robert Scheer discussing with readers his latest column, the crooks at Goldman Sachs and the prospects of financial reform.

2:57 Truthdig
Thu, 22 Apr 2010 22:57:30 GMT
Comment:Hello everyone, welcome to this live Q & A

2:58 Truthdig
Thu, 22 Apr 2010 22:58:04 GMT
 Feel free to start talking while we wait for Robert Scheer.

3:03 Comment from Terry Stamats
Thu, 22 Apr 2010 23:03:00 GMT
Comment: How could they have gotten away with these derivatives for so long?

3:03 Robert Scheer
Thu, 22 Apr 2010 23:03:08 GMT

3:03 Robert Scheer
Thu, 22 Apr 2010 23:03:17 GMT
 In answering your question ...

3:04 Comment from Geo
Thu, 22 Apr 2010 23:04:31 GMT
Comment: Truman's decision to drop the Bomb saved hundreds of thousands

3:04 Robert Scheer
Thu, 22 Apr 2010 23:04:37 GMT
 Because they got to write the laws, they're basically removed [from] any legal restraint on derivatives. That's the significance of the Commodity Futures Modernization Act that Clinton signed into law in the last month of his presidency; particularly the language of Titles three and four of that law exempted these derivatives from any existing legal restraint or the action of any existing legal regulatory body.

3:04 Truthdig
Thu, 22 Apr 2010 23:04:45 GMT
 Montaigne in New York asks "Why should anyone, let alone money makers like Goldman Sachs, heed a bankrupt government in hock for $13 trillion? As far as they are concerned, in a twisted morality for sure, the public sector is a loser, deadbeat, to be fleeced at will."

3:06 Robert Scheer
Thu, 22 Apr 2010 23:06:14 GMT
 They are not without fault in putting our government into hock; the banking debacle is one of the main reasons why the deficit has gone up these last few years, and they and other top financiers and industrialists have certainly favored major government expenditures on the military, on building of business infrastructure and everything else that allows American corporations to prosper.

3:06 Robert Scheer
Thu, 22 Apr 2010 23:06:43 GMT
 It should also be pointed out that the taxation on many of these activities is at a lower rate than individuals pay, particularly that of hedge funds.

3:06 Truthdig
Thu, 22 Apr 2010 23:06:59 GMT
 Question from Eric in Portland: "On 'Left, Right & Center' you consistently point out the corruption and collusion of this federal government with its subsidiaries, the corporations and banking cartel.

Yet most of your proposed solutions would seem to require pristine behavior from the very same government.

In what ways do you see the neoserfs of the 21st century taking back control of their lives, outside the Red vs Blue soap opera?"

3:09 Robert Scheer
Thu, 22 Apr 2010 23:09:48 GMT
 To begin with, we should restore walls between investment, commercial banking and insurance that existed in the Glass-Steagall Act that would prevent co-mingling of activity between people playing with their own money as investors and that of banks which we, as taxpayers, evidently obligated to bail out. Just as we control loan sharking by demanding well-regulated process and the lending of money, laws that guarantee consumer rights, transparency, trading on regulated exchanges will go a long way to preventing what should be illegal activity ripping off unsuspected costumers.

3:10 Robert Scheer
Thu, 22 Apr 2010 23:10:40 GMT
 As for the neoserfs, and if by that you mean the voters, we have to get organized, have our voices heard, hold the politicians accountable, which is why I talk and write so much about this issue. It's called making democracy work.

3:10 Comment from Terry Stamats
Thu, 22 Apr 2010 23:10:41 GMT
Comment: If this gvt cared about its people, they would require bio-engineered food to be labeled as such. Back to the financial mess.

3:11 Truthdig
Thu, 22 Apr 2010 23:11:20 GMT
 Top question from Yahoo Answers: "Do you really expect the government to fully investigate any wrongdoing by Goldman Sachs?
Come on. What a bunch of baloney. The conflicts of interest are much too great to ignore. Goldman Sachs was the #1 contributor to the Obama campaign. The Obama administration is packed with former Wall Street money men and former Goldman Sachs management. This is simply an acting job by Obama to make it look like they are doing something about corporate crime. What a joke.

Note: I am not a Democrat or a Republican. I support justice and third-party candidates."

3:13 Comment from Terry Stamats
Thu, 22 Apr 2010 23:13:01 GMT
Comment: Nothing will change unless we have a legitimate third political party to keep lawmakers accountable.

3:13 Robert Scheer
Thu, 22 Apr 2010 23:13:24 GMT
 Look, if you're asking me to shut up and stop writing about this stuff and getting people agitated about their well being, I insist on my right as a citizen to defend my interest and that of other people who work hard, pay taxes and demand justice and I won't accept the idea that Goldman Sachs controls all the action.

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By greg, April 24, 2010 at 6:37 pm Link to this comment
(Unregistered commenter)

I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
issues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO’s, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It’s over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO’s.

A Time line of what’s going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven’t already gone BK…

?  Oct 26, 2005 Litton Loan Servicing Class Action - mishandling loans, servicing over 400,000 borrowers - case settled Feb 17, 2009 for $537 (limited due to class status)
?  Feb 27, 2007 FDIC Cease and Desist - Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
?  Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs - Predatory Lending Practices - settled May 11, 2009 for $60 mil
?  Dec 11, 2007 - Goldman Sachs Acquires Litton Loan Servicing
?  June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
?  June 19, 2008 Fremont Reorganizing files BK
?  Apr 16, 2010 - SEC vs Goldman Sachs - Securities Fraud

Here is the link to my blog if you want to download court documents pertaining to my case.

Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds for legal action.

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