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Live Chat: Robert Scheer on Goldman Sachs

Posted on Apr 22, 2010

(Page 2)

3:15 Robert Scheer

Thu, 22 Apr 2010 23:15:29 GMT


 I don’t accept the assumption that the Obama administration will just roll over for Goldman Sachs and the other Wall Street hustlers. I think not only this administration but even some Republicans will feel the need to respond the immense outrage of ordinary Americans that has left so many millions losing their jobs, savings. I think you’re exaggerating the ability of politicians to ignore the public will. The reason of my writing and speaking out is to get the public out.

3:15 Truthdig

Thu, 22 Apr 2010 23:15:31 GMT


 Suzannedk from Netherlands asks:

“Dear Robert Scheer:

Have you heard of or read anything about the Jean-Claude Paye study of how the
U.S is changing all laws by challenging each and everyone of them that would stop
their road to permanent World War/Corporate Empire? ‘La fin de L’Etat de droit’
published in Paris in 2004 was held from publishing the English translation by the
U.S. Intelligence powers until key E.U./U.S. agreements giving the U.S. final rights
over International Human Rights Laws were signed. The English translation came
out in late 2008, the title chosen first by the author completely changed. Noam
Chomsky knows it well. ‘Global War on Liberty’.”


Square, Site wide

3:16 Truthdig

Thu, 22 Apr 2010 23:16:31 GMT


 Another question from the Yahoo: “Why are there so many Goldman Sachs executives in our government?
Does anyone out there see how this is a huge conflict of interest?”

3:16 Comment from farras abdelnour

Thu, 22 Apr 2010 23:16:55 GMT

Comment: I fully agree that this country needs badly an alternative, viable, and reliable party as a counterweight to the established and corrupt Republicans and Democrats. Nothing will substantially change until this happens.

3:18 Robert Scheer

Thu, 22 Apr 2010 23:18:56 GMT


 It’s a conflict of interest that was very obvious, or should have been, in the Clinton administration, that of George W. Bush and yes, in the Obama administration. It is in fact outrageous that whether Republicans or Democrats gain control of the White House, that they turn basic control of economy to the wealthiest and most powerful financial contributors that happen to be based out of Wall Street. Moreover, I find it, as the column indicated, very disappointed that Obama would turn over to Robert Rubin, who did so much to create this mess. People like Geithner and Summers and former Goldman lobbyists, yes it is outrageous.

3:19 Comment from Samuel the Brave

Thu, 22 Apr 2010 23:19:07 GMT

Comment: Hi Robert—What do you think the outcome of the SEC suit is likely to be?

3:21 Robert Scheer

Thu, 22 Apr 2010 23:21:53 GMT


 I’m worried about it because as I indicated before, the laws regulating the activities of derivative traders are very limited. I applaud the SEC for having unearthed this incredibly blatant swindle, which defies all expectations of responsible, financial transaction, and because it is so blatant I hope that it can prevail, but I would never underestimate the power of Goldman’s lawyers to muddy the waters and escape relatively unscathed. This is a civil suit. The fine will probably not be on the dimension that would cause inconvenience to Goldman, so no, I am not counting on it to produce major change or accountability. 

3:22 Truthdig

Thu, 22 Apr 2010 23:22:51 GMT


 We have time for a few more questions.

3:22 Truthdig

Thu, 22 Apr 2010 23:22:58 GMT


 ...or comments.

3:23 Comment from Guinevere28

Thu, 22 Apr 2010 23:23:48 GMT

Comment: What do you think it would take to weed out the Goldman influence from the government?

3:25 Robert Scheer

Thu, 22 Apr 2010 23:25:54 GMT


 Well first of all, Obama should have enforced his own ban on lobbyists going into the government, which was violated when he appointed Mark Patterson. ... Think about it, he [Patterson] was lobbying in Washington to get the laws that already favored Goldman to be even kinder and now he is the chief of staff in the Treasury Department. Talk about a platinum revolving door between Goldman and the government. I think the only way to get these folks out is to shame them, call attention to their power and to demand that the president turn to people that don’t have dirty hands in the enterprise to help bail us out.

3:25 Comment from Terry Stamats

Thu, 22 Apr 2010 23:25:56 GMT

Comment: What would we be discussing if the market hadn’t adjusted yet? Suppose real estate values were still climbing, we wouldn’t even be talking about reform, would we? Think about it.

3:28 Robert Scheer

Thu, 22 Apr 2010 23:28:11 GMT


 That’s not true in my case because as a columnist and previously correspondent for the L.A. Times I wrote during the ’90s about the dangers inherent in this push for radical deregulation of the financial industry. I was not alone. Even William Safire, former Nixon speechwriter turned columnist for the N.Y. Times, wrote about the dangers of reversing Glass-Steagall and allowing development of these too-big-to-fail financial monstrosities. Certainly Brooksley Born testified 17 times about the danger of failing to regulate the rapidly spiraling derivative market. There were others expressing concerns, they just weren’t being listened to. 

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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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