President Obama said it is his responsibility to make sure that the economy rebounds from this recession
"Put simply, Wall Street reform will bring greater security to folks on Main Street," the president said.
"My responsibility as president isn't just to help our economy rebound from this recession; it's to make sure an economic crisis like the one that helped trigger this recession never happens again," he said. "That's what Wall Street reform will help us do."
"You'll be empowered with the clear and concise information you need to make the choices that are best for you. Well help stop predatory practices, and curb unscrupulous lenders, helping secure your familys financial future," Obama said.
"With reform, well make our financial system more transparent by bringing the kinds of complex, back-room deals that helped trigger this crisis into the light of day. Well prevent banks from taking on so much risk that they could collapse and threaten our whole economy."
Saturday, May 15, 2010
Saturday, April 24, 2010
The Hidden Side of Wall Street: SEC Case Against Goldman Sheds Light into Darkness, Greed and Conflict of Interest Among Good Ole Boys' Business
One thing is clear: what happens on Wall Street does not always stay on Wall Street. It has an impact on households all over this country and the rest of the world.
Who did not know about what was common knowledge among the workers of Wall Street? Maybe those who are from Main Street America. How else would you explain such large bonuses paid to the employees if money was being made the regular way? Guys like Paulson devise new ways, new math or logorithm to take advantage of a weakness in the market, package it and sell it to banks in the US and overseas. Then, $billions are expected to be raked in and shared among the top players. The Hamptons and parts of Connecticut will not soon know the misery that Main Street America has known for many years. There is enough dough hidden in thick layers of paper and in bank accounts? The billions are not dissipating soon.
Here is what has been going on:
"f so, this is going to be the biggest scandal to hit Wall Street since the dot-com meltdown, and the SEC's actions will be seen as the sharpest attack on a major firm since then-New York Attorney General Eliot Spitzer sued Merrill Lynch back in 2002.
But even after the worst financial crisis since the 1930s, the Wall Street banks have won victory after victory in their lobbying efforts and have paid their undeserving minions rich bonuses, which have really stuck in the public's craw..."
According to this MarketWatch article, here is how things have been going down there:
""We expect to leverage ACA's credibility and franchise to help distribute this Transaction," an internal Goldman e-mail said.
Paulson, the SEC claims, handpicked a bunch of the mortgage securities that ultimately went into that CDO, called Abacus 2007-AC1. They were chock full of adjustable-rate mortgages to borrowers with low FICO scores in Arizona, California, Florida, and Nevada, the complaint says.
Unfortunately, Goldman didn't disclose Paulson's role to IKB, the German bank to which it sold $150 million worth of the $1 billion CDO, nor did it mention it in its marketing materials to other institutions, the complaint says...."
Now you can have an idea of what people on Main Street America have been dealing with. Their losses are gains for a few on Wall Street. They are out of their home while these guys or Paulson are enjoying millions, their ill-gotten money. Pure Greed! One guy who is playing the game and expected to win big. And he did with the complicity of banks such as Goldman and others.
Read the rest of the article at MarketWatch
http://www.marketwatch.com/story/goldman-case-shows-wall-streets-true-colors-2010-04-24
Who did not know about what was common knowledge among the workers of Wall Street? Maybe those who are from Main Street America. How else would you explain such large bonuses paid to the employees if money was being made the regular way? Guys like Paulson devise new ways, new math or logorithm to take advantage of a weakness in the market, package it and sell it to banks in the US and overseas. Then, $billions are expected to be raked in and shared among the top players. The Hamptons and parts of Connecticut will not soon know the misery that Main Street America has known for many years. There is enough dough hidden in thick layers of paper and in bank accounts? The billions are not dissipating soon.
Here is what has been going on:
"f so, this is going to be the biggest scandal to hit Wall Street since the dot-com meltdown, and the SEC's actions will be seen as the sharpest attack on a major firm since then-New York Attorney General Eliot Spitzer sued Merrill Lynch back in 2002.
But even after the worst financial crisis since the 1930s, the Wall Street banks have won victory after victory in their lobbying efforts and have paid their undeserving minions rich bonuses, which have really stuck in the public's craw..."
According to this MarketWatch article, here is how things have been going down there:
""We expect to leverage ACA's credibility and franchise to help distribute this Transaction," an internal Goldman e-mail said.
Paulson, the SEC claims, handpicked a bunch of the mortgage securities that ultimately went into that CDO, called Abacus 2007-AC1. They were chock full of adjustable-rate mortgages to borrowers with low FICO scores in Arizona, California, Florida, and Nevada, the complaint says.
Unfortunately, Goldman didn't disclose Paulson's role to IKB, the German bank to which it sold $150 million worth of the $1 billion CDO, nor did it mention it in its marketing materials to other institutions, the complaint says...."
Now you can have an idea of what people on Main Street America have been dealing with. Their losses are gains for a few on Wall Street. They are out of their home while these guys or Paulson are enjoying millions, their ill-gotten money. Pure Greed! One guy who is playing the game and expected to win big. And he did with the complicity of banks such as Goldman and others.
Read the rest of the article at MarketWatch
http://www.marketwatch.com/story/goldman-case-shows-wall-streets-true-colors-2010-04-24
Friday, April 23, 2010
President Obama on Wall Street and in Wall Street: Warning Against Selfish Pursuit of Business...
The president warns against a selfish pursuit of business which carries bad news for the rest of the economy.
"It is essential that we learn from the lessons of this crisis, so we don't doom ourselves to repeat it,'' Obama said. "And make no mistake, that is exactly what will happen if we allow this moment to pass – and that's an outcome that is unacceptable to me and it's unacceptable to you, the American people.''
"I believe in the power of the free market,'' Obama said Thursday. "I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. But a free market was never meant to be a free license to take whatever you can get, however you can get it.
"That is what happened too often in the years leading up to the crisis,'' he said. "Some on Wall Street forgot that behind every dollar traded or leveraged, there's [a] family looking to buy a house, or pay for an education, open a business, save for retirement.''
"It is essential that we learn from the lessons of this crisis, so we don't doom ourselves to repeat it,'' Obama said. "And make no mistake, that is exactly what will happen if we allow this moment to pass – and that's an outcome that is unacceptable to me and it's unacceptable to you, the American people.''
"I believe in the power of the free market,'' Obama said Thursday. "I believe in a strong financial sector that helps people to raise capital and get loans and invest their savings. But a free market was never meant to be a free license to take whatever you can get, however you can get it.
"That is what happened too often in the years leading up to the crisis,'' he said. "Some on Wall Street forgot that behind every dollar traded or leveraged, there's [a] family looking to buy a house, or pay for an education, open a business, save for retirement.''
Tuesday, April 20, 2010
Goldman Sachs into SEC Radar: SEC Files Suit Against Wall Street Goliath
The secrets of Wall Street are hitting Main Street. Remember all the humongous bonuses of yesteryear? Well, now you can understand what was going on. Who was watching out for us on the Main Street? It is time that something is done!
The Securities and Exchange Commission (SEC) filed fraud charges against Goldman Sachs on Friday, alleging that the famously successful but vilified Wall Street bank sold investors a subprime-mortgage investment that was secretly designed to lose value. Huge news on the Wall Street Stratosphere!
In filing the civil suit, the agency targets one of the few banks that, with the help of taxpayer bailouts, emerged from the financial crisis stronger than before. The case strikes at a main cause of the financial crisis: the creation of investments derived from home loans made to borrowers who couldn't afford the houses they were buying.
But the suit, which alleges that Goldman Sachs misled its clients, goes beyond, raising the possibility that the bankers who devised these investments knew they were selling toxic financial products that could endanger the financial system but were concerned only with the fees they would earn by doing so.
The SEC suit comes against the backdrop of a escalating battle on Capitol Hill over how best to overhaul the regulation of financial firms and prevent the kind of abusive practices that contributed to the worst financial crisis in decades.
The Securities and Exchange Commission (SEC) filed fraud charges against Goldman Sachs on Friday, alleging that the famously successful but vilified Wall Street bank sold investors a subprime-mortgage investment that was secretly designed to lose value. Huge news on the Wall Street Stratosphere!
In filing the civil suit, the agency targets one of the few banks that, with the help of taxpayer bailouts, emerged from the financial crisis stronger than before. The case strikes at a main cause of the financial crisis: the creation of investments derived from home loans made to borrowers who couldn't afford the houses they were buying.
But the suit, which alleges that Goldman Sachs misled its clients, goes beyond, raising the possibility that the bankers who devised these investments knew they were selling toxic financial products that could endanger the financial system but were concerned only with the fees they would earn by doing so.
The SEC suit comes against the backdrop of a escalating battle on Capitol Hill over how best to overhaul the regulation of financial firms and prevent the kind of abusive practices that contributed to the worst financial crisis in decades.
Saturday, January 30, 2010
PostYourMoneyNeeds KillerApp: Post Your Projects or Business Plans to Lure or Find The Financing
Here is a new blog that aims at helping people find money to pay their bills. In a tough economic time, people are trying to be resourceful. At the same time, new tools are created to help meet their needs.
http://postyourmoneyrequests.blogspot.com is one such new tool. On this blog, you can post an extract of your business plan and business idea and hope that angel investors and others will help you fund them. That is a new idea. Let others know how you plan on executing your business plan.
WallStreet365live encourages such business ideas in these tough economic times.
http://postyourmoneyrequests.blogspot.com is one such new tool. On this blog, you can post an extract of your business plan and business idea and hope that angel investors and others will help you fund them. That is a new idea. Let others know how you plan on executing your business plan.
WallStreet365live encourages such business ideas in these tough economic times.
Tuesday, January 19, 2010
WallStreet Stands with The Haitian People After 7.0 Quake Ravaged The Country
Wallstreet bankers are already hard at work trying to figure out how much money it will take to start the rebuilding projects all over Port au Prince, Haiti. The US government and Wall Street banks will help coordinate the rebuilding once the rescue and recovery phases are over.
The 7.0 magnitude quake destroyed many important government buildings including the National Palace and various ministries that will be need to be rebuilt.
Without counting all the homes and businesses that got destroyed in the country, Haiti will need a lot of help to be able to afford to rebuild.
If you want to help Haiti, go to HelpHaitiQuake: Help Rebuild Haiti: Find a list of Organizations to donate to
And if you are thinking about volunteering and working in Haiti as an aide worker, start learning Haitian Creole to connect with the mass or the People of Haiti.
Get HaitianCreoleMP3 files which you can download onto your MP3 players and iPods.
Sunday, December 27, 2009
NakedPingPong Party is Where You Can Meet Gorgeous Babes, a Ping Pong Ball, Beer, Vodka and More for $20 Admission and $10 per Play
The brainchild of Jonathan Bricklin, Malcolm Bricklin, Franck Raharinosy, and Bill Mack, this social club unites supermodels, corporate suits and international table tennis champions through ping pong and a steady supply of booze for the mere admission fee of $20.00 ($10.00 extra to play). Now you can impress potential pick ups with your pong skills every Tuesday and Friday night. Now Open.
Sunday, December 13, 2009
Tiger Starts to Feel The Consequences of his Transgressions and Infidelity in his Checking Book
lobal consulting firm Accenture PLC has ended its relationship with Tiger Woods, marking the first major sponsor to cut ties altogether with the golfer since his alleged infidelities surfaced and he announced an indefinite leave from the sport to work on his marriage.
In its first statement since the Woods’ scandal erupted, Accenture said Sunday the golfer is “no longer the right representative” after the “circumstances of the last two weeks.” The move ends a six-year relationship during which the firm credited its “Go on, be a Tiger” campaign with boosting its image significantly. Accenture has used Woods to personify its claimed attributes of integrity and high performance.
In its first statement since the Woods’ scandal erupted, Accenture said Sunday the golfer is “no longer the right representative” after the “circumstances of the last two weeks.” The move ends a six-year relationship during which the firm credited its “Go on, be a Tiger” campaign with boosting its image significantly. Accenture has used Woods to personify its claimed attributes of integrity and high performance.
Sunday, December 6, 2009
Wall Street Mistresses are Getting Brazen: Wives Are Tightening Husbands' Purses, Where is the Lesson from Tiger's Debacle?
This is only a PHOTOSHOP representation of What May Have Occurred in the early hours of the car crash. Up to this point, any injury suffered by Tiger is believed to be resulting from the car crash itself. Despite his cheating and the potential fuel for a fight started by the wife, Tiger said that his wife acted courageously by breaking down the back window of his truck to rescue him.
We believed his story until the three women started coming out of the wood work. It was cashing time for them! They were ready to reveal everything.
But if any type of domestic violence occurred, the wife may be liable to answer to the authorities. Who wants that to drag on?
Tiger is willing to open his wallet just like Kobe did.
Wednesday, December 2, 2009
Elin Chases Tiger Woods After Catching Him Cheating: Tiger Confesses, "I have Let My Family Down"
The full statement is below:
"I have let my family down and I regret those transgressions with all of my heart. I have not been true to my values and the behavior my family deserves. I am not without faults and I am far short of perfect. I am dealing with my behavior and personal failings behind closed doors with my family. Those feelings should be shared by us alone."
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