America, I want to introduce you to an investment bank named Goldman Sachs. Goldman Sachs, this is America Ferrara. You’re both big supporters of Hillary Rodham Clinton’s presidential bid. America, I have a lot of respect for your success and career, so I want to try to explain to you why Hillary accepting speaking fees from Goldman Sachs is the ultimate in cynicism, basically akin to you booking commercials for Lockheed Martin or Jack in the Box or Monsanto.
Yeah, you could do it, they might even pay well, but why would you? You don’t want nor need your brand mixing with theirs, right?
In 2006–7, Goldman Sachs (and several other investment banks who’ve also donated millions of dollars to all of the Clinton campaigns / and the Clinton Foundation) committed the biggest sin that an investor or an investment bank can make — they didn’t know what it was they owned, or what it was that they were selling. Not immediately anyway. They thought they were selling bonds that were bundled mortgages. Goldman didn’t know that the mortgages that guaranteed these bonds were never going to be paid off, because super-predatory lending companies had gotten money into the hands of non-credit worthy citizens, who also committed the sin of not knowing what it was that they owned (a bunch of super high interest debt that they’d never be able to pay off.)
Since the loans were never going to be paid off, savvy investors sold those bonds short, because they were going to default. These guys calling BS on those bonds (and the ratings agencies who said the bonds were all good, because of pressure from Goldman Sachs) was the subject of the book and movie entitled, “The Big Short.” Maybe you’ve read the book or seen the film. Anyway…
What I believe is important is the actions that Goldman Sachs took AFTER they knew what they had. They essentially had a house, that was on fire, and now they needed to unload that house, or they (and many of their investment banking buddies) would take huge losses. So they sold MORE of these sure to fail bonds. To pension plans. To unions. To any poor sap that trusted them to be dealing fairly. Then, Goldman Sachs bought a ton of insurance on these bonds from an insurance company called AIG. Do you remember that name? So they basically sold a house on fire, and bought fire insurance for a house on fire to other people who didn’t know the fire was there, even though Goldman Sachs definitely knew.
But that wasn’t enough. Goldman Sachs contacted EVEN MORE of their favorite customers. “Hey, I’ve got these awesome bundled upon bundled mortgage backed secure bonds. You should buy some. They’re even more safe than those other ones.” And their customers said, “Okay.” Then, Goldman Sachs bet against those same bundled upon bundled bonds they’d just sold to their customers! They shorted their own customers, basically screwing over millions of people by doing so.
These actions constituted big time FRAUD. Was a $5 billion dollar fine enough? Who knows. We’re talking about a fraud that so wide-reaching that it STILL might collapse the entire world economy. The world’s economy has had to be propped up by central bank policies that are, um, unprecedented. That’s probably the nice way of looking at it. The bad way of looking at it is that they are printing money as fast as they can, out of thin air, just to keep everything afloat (aka Quantitative Easing.)
I wonder what Hillary Rodham Clinton really knows/ thinks about all of this? Anyway. Back to Goldman Sachs.
Back to Goldman Sachs. Yes. That is where Hillary Rodham Clinton went. For their money. Even after they’d blatantly screwed over millions of Americans, and set up a bogus system that hurt so many working people, and put all of us, even you America, in more financial peril than many know.
Yes, Hillary Rodham Clinton is totally within her rights to take lots of money from big companies that do bad things to people and to the world. And yes, she doesn’t actually have to say a word about it, or apologize for it. Or print out a transcript of what was said when she did it. And guess what? SHE NEVER WILL. Because here is what was said behind closed doors by Hillary Rodham Clinton to Goldman Sachs — Don’t you worry Goldman Sachs, if you screw over some more people in the future, don’t sweat it, my presidency and the rest of this bought-and-sold corrupt government will have your back. Just keep the money coming please.
Now that you’ve met Goldman Sachs, would you take a speaking fee from Goldman Sachs, if they wanted you to speak to them? Would you do that, now that you know what they’re all about? If you would, hey, that is your call.
But if you wouldn’t, then why would you vote for someone who would?