"How much of that shitty deal did you sell to your clients?" Goldman Sachs Hearing
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- Опубліковано 26 кві 2010
- Carl Levin questioning Daniel Sparks - Former Goldman Sachs Mortgages Department Head.
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Bill Noxid billnoxid.wordpress.com/
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That senator is the most senator looking senator I've ever seen.
+Josh Cohen I was thinking the same thing dude.
+Josh Cohen He looks like a cartoon character, and I say that in the kindest way possible.
Josh Cohen he looks like he Helped write the deceleration Of independence 😂😂😂
He is an idiot. We have Congress full of these morons who don't understand how the capitalism works.
If it was fraud why they are not in court? Why is no one indited ?(I feel conspiracy theory is coming from you)...These hearings resulted in NOTHING, why? Because these hearing were designed for simple, dumb Americans to see who they need to hate next and for senators to puff their chests and posture as defenders of ethics (laughable). To conclude here is the example so you understand how market works: If I buy stock at 10 and hold it until it goes to 100 I make zero money. I only make money when I sell. So when I change my opinion about the stock and see that company is really a bubble and going to implode or become a dog in a long run I sell my stock to other investors on the market. Oh, wait , according to you and the dumb Senators that would be ethics violation or a fraud, would not it. I have to instead sit on my investment and wait until company goes bankrupt and only then try to sell my stock, cause that what is Congressmen and their wives do.....
I think hes enjoying saying "shitty deal" over and over again, in a professional capacity.
For real
I'd enjoy it.
MGT oh, I love it when I can justifiably drop a "yeah bitch" or a "fuck yeah" during a powerpoint presentation.
MGT, LOL. The stock MGT was delisted, a lot of people lost money. But it may make a comeback this year. Mcafee's new company involving cybersecurity and bitcoin technologies.
*Yes, I was thinking the same thing* 😄 😄 😄 😄
Crazy how no one actually got in trouble 🤣
Fucked up world
After the next coming crises , they will walk away with millions leaving the rest in dust.
They should be in jail
Now the CIA and FBI are investigating everyone who made millions off GameStop
@@Pedro-Say50 good. I can’t wait to see the list of people who are going to get in trouble from it.
Note to viewers: Congress will always pretend to be outraged while their buddies take campaign donations.
They’re all against you
Amen
Based
Facts
Flint Water crisis
100% its smoke and mirrors.. exibit Janet yellen with citadel melvin corp
After the 2008 crash, Goldman Sachs had to pay a $550 million settlement for their role in it. Following that settlement, Goldman received $12.9 billion in bailouts and $10 billion in government loans as part of a larger financial bail-out plan. In June 2009, after the firm repaid the government loan from the U.S. Treasury, Goldman made some of the largest bonus payments in its history due to its strong financial performance. Immunity and Socialism for the rich, cold hard capitalism for the rest of us.
This was the real wealth transfer. Happened over a decade ago.
It’s always happening it’s not isolated events and transfers, they do that to induce fear and control, yes the wealth heists are real but there’s also inflation, budgets that give 80% of the entire pie chart to military and corporate welfare for the rich, and 20% goes to social spending for the managerial class that keeps the poor and workers confined and in poverty. Plus the tax havens that are grotesque and immoral that exist throughout the world. Add this on top of pollution costs along with loss of environment, we are living in the peak of hell. It’ll get better tho
Lol cry me a river. If you don’t like it, go interview at these firms and earn the privilege yourself.
You’re all bitching about a business that you have no experience in. You’re like children.
All this was, was a dog and f**kin' pony show. No one went to jail. Goldman got bailed out. 8 million common folk lost their jobs, 6 million common folk lost their homes. F**k all these goons straight to the grave.
So they paid back the bailouts and loans. What's the problem then?
I'll pretend I am mad and you pretend you're sorry....
True
***** Bingo!
OVL you said it very well it's a pretend show!
That's exactly how this video feels..
Exactly, it's a circle jerk funded by the tax payer.
Then they got to keep all our money, avoid prison, and the senators went back to being bought and paid for.
This is performance art.
That's true, they put on a show to make it look honest, but all were involved
They didn't get to keep it. They had to pay it all back with interest.
And they all did.
I find it amazing that nobody seems to understand that a financial institution uses it's client's money to make money for themselves, and their client's to take their losses for them.
But everybody seems to still do business with them.
If your bookie was taking your winnings and giving you his losses, you wouldn't use him.
The criminal underworld is fairer than these sociopaths.
bingo. the private label fixed income securities market is the shadiest swamp i've ever seen. and it still is, nothing has changed. they just change the name to something else. anyone with a brain will just do index funds
Wtf man, are you for real!? It sure feels empowering for you to just talk shit about processes you can't understand!
That's how things work... You going into a bank knowing getting a deal is risky, but you take it because you know you gonna take that shitty deal and trying to make a profit from another dude that trying to do the same thing you're trying to do until it's 0.
Think it’s called laundering money to cleanse 😂
@@XORTION if your bookie was taking money and not paying, he'd get clipped.
Goldman Sachs was getting its ass kicked on timber wolf (mortgage backed securities) and it's top priority was to dump it, that is to sell it to clients. Yes, my tax dollars bailed them out, no I did not receive a bailout, and yes, I did have to pay for my shitty deal mortgage. These guys are a disgrace to mankind. Too big to fail, but me the little guy, it's ok if I'm homeless. A disgrace.
+Daniel Baker
Hi Daniel.
I really could`t agree more with you and I sincerely hope that the pieces that were left are worth picking up and starting over.
The biggest problem with these fuckers is, that they are not accountable to anyone.They do exactly as they please with complete anonymity.
The situation is somewhat similar over here in the UK but on a much smaller scale.
The icelandic government got it completely right for they jailed the bankers who brought their country to its knees, and rightly so.
Anyways, you look well young enough to make good what the bankers did to you. May I add that there are thousands of other individuals who feel the same as we do.
Good luck to you Daniel and that goes to your family too.
Most sincerely
JF ( UK )
+Daniel Baker Mortgages ARE NOT NEGOTIABLE and therefore aren't SECURITIES..How do you create securities with paper that's not negotiable ??
TheRiceowlex Its common knowledge sir, they are absolutely securities. They are literally called mortgage backed "securities". They are not securities to the borrower, but the lender bundles together thousands of these and sells off the bundles and those bundle are/were bought as securities. Just like timberwolf. Thats why the bubble happened, because wall street was making so much money selling these securities and they pushed for more product (mortgages) to sell......this is all common knowledge sir.
+RushOrbit - No, they should be sentenced and monitored to living in a trailer park on minimum wage to see the true faces of the damage they inflict on people. This is who my tax dollars go to? My hard earned money goes to these jerkoffs?? Wow, no wonder they can sit there and lie. There's no reason for them to tell the truth because nothing will happen. I risk more jail time selling a dime bag of weed than these people do for collectively ruining the lives of billions of people on a global scale, and this crap happens EVERY SINGLE DAY!! Oh and look out for the cheap oil prices now too. This will implode just like the housing crisis. First drive down the cost so the little guys in the oil biz can't compete and are forced to sell and/or go out of business. Then the top 1%ers can come in and buy low, and then drive the cost back up to astronomical levels. It's coming folks, and you know it. And we do nothing to stop them. The people we PAY to stop them are being lied to at this congressional hearing if that makes you feel all warm and fuzzy.
+Daniel Baker Sometimes I feel I wish there was someone out there who would put a large amount of money into an account and when some scumbag did something like this money would be paid out to certain individuals to personally end these individuals. Harmless Fantasy.
I graduated high school in 2007. I enrolled in a public university (an inexpensive one as far as universities go). My father cosigned my loans as we were not affluent people as he was a carpenter. When the crash in 2008 occured my father, a union member, was layed off for 2 full years. He was unable to back my loans during this uneasy time due to financials. I was forced to drop out prematurely - not due to bad grades, laziness or the inability to comprehend what was in front of me, but rather these slimy greed driven whores. Im 30 now and make a decent living as a laborer however I'd much rather had continued a potential career in medicine than having my body broken down on a daily basis just to survive. My story is 1 of many and in my humble opinion, an entire generation had their potential stolen from them.
What practice of medicine were you interested in, friend? And what kind of labor are you currently, if you don't mind me asking?
I went back to school at 37
What do you mean "back your loans"?
Don't borrow money to go to college people!!!! There are ways to do it debt free!!!!! First, you'd best bet is to have parents worth a sh*t who sacrifice while you're growing up. I put the maximum amount in both my daughters ESA's every year while they were growing up. This included the crash. After that my investments soared. Second, I had my kids take dual credit courses in high school. Both my kids were already almost juniors by the time they got to college. With scholarships they are both now attending expensive private universities and there will be ZERO debt when they graduate, including their graduate degrees.
Say you didn't have parents worth a shat who didn't save. You could still go to college without debt. Its called starting at a local community college then transferring to a low cost state school. Then you do something revolutionary....you WORK your way through school. There are numerous ways to go to college without acquiring debt. Get off your arse and find a way!!! Then don't get a worthless degree in something like Women's Studies or Sociology.
@@moncorp1 He said he already attended an inexpensive public uni, and not all credits transfer from CC anyway. Saving doesn't matter when wages won't budge and education grows much faster than inflation.
Imagine committing fraud and theft worth trillions of dollars and your only punishment is to be respectfully ridiculed on CSPAN by elderly men… it makes you wonder, what’s stopping them from doing it again?
They never stopped doing it.
That’s the secret they just keep doing it
Well, this had all been covered by higher up people for decades, as usually. And silently supported by the regular people who wanted to buy more expensive stuff than their earnings allowed. But when the whole thing blows up, people need scape goats to blame.
Remember they're all actors, on the same team.
"we are selling to willing buyers at the current fair market price - so that we may survive"
Antonio Wakardo Great quote from a brilliant movie
Valerio Pantalena what movie is that?
TheSonjaxfactor Margin Call
Sorry I'm really late to this conversation, but do you know of any more of these kind of movies? I'd like to get into these things, but don't really know how to. These 2 movies taught me a great deal, so I reckon I can learn a lot from these.
Based God Zyzz too big to fail, both the book and the movie are good, it doesn't take too much side, just tell you how it all happened. Inside job, a pretty good documentary. money for nothing, inside the federal reserve, also a documentary. There's another documentary talked about the US debt, called IOUSA
Please, speak as you might to a young child or a Golden Retriever.
I assure you it was not brains that got me into this chair 🥴
squidman22 isn’t that from How to win friends and influence people? xD just read that
@@MarusWorld no it's from the movie, "Margin Call". It's a good one but now im curious about the book you mentioned.
Norman LaddleSchnitzel I was thinking it was from the big boom with Steve carell
@@johncamp7679 here ya go bruddah
ua-cam.com/video/SmHl7hKlVj4/v-deo.html
$140,000 of my Mom’s portfolio evaporated with either Goldman or Morgan. She had Alzheimer’s and lived in a little room with no frills so the children of these bastards could dine out every night and buy designer label.
Sorry to hear that.
Senator: who’s Daniel sparks!?
Daniel: uh, me.
Senator: I know that.
If I committed a crime and told the judge "My performance in that act wasn't good," I'd be in jail.
Justice is dead though, I'm afraid.
Spartaculus, that sounds resonable.
Yeah but you're not a rich Jewish banker.
That's not what he tried to say though
@@slappy8941 What does being Jewish have to do with this? The heads of these banks at the time were Christian.
what a circus show
senator pretends he's angry, wall street dude pretends he's sorry and no one was held to account
@Fleece Johnson after the world economy went to shits because wall st firms had taken on too much risks and the rating agencies were corrupt in not accurately marking financial options and US politicians decided to give taxpayer money to the big firms so they wouldn't go bankrupt, this inquiry was held where this politician tried to act like a tough guy, the banker pretended to sympathise and not a single arrest was made, there was no government overhaul, instead the firms used all the money the government gave them to give themselves bonuses and millions lost 401ks, savings, homes etc. This video is just an act.
@@kadafi4lyf how dare you claim no single arrest was made? We all know Kareem Sarageldin single handedly orchestrated the whole fraud from start to finish, and he was judged with full extent of the law, prosecuted and sentenced to 30 month, yes you got that right thirty painful months, in prison. Poor Goldman Brothers and all others just fell for his shenanigans.
@@eliseogabriel1489 30 months of prison. I can't believe America was this inhumane. Even he (supposedly)broke the whole world's economy, caused trillions of people to suffer and some thousands to die, 30 months just too much. poor man.
Trillions of people?
@@eliseogabriel1489
30 months for making the entire world economy shit itself.
Meanwhile, some dude is spending his 90th month in prison for selling a couple grams of weed.
America, land of the free and home of the brave.
It's still amazing to me that these bankers got away with these blatant crimes.
They’ll tell you that the us economy would collapse if they were to be taken away from their jobs. They are too important, which is a lie. They are the most worthless scum of society
Cuz it was a plan
they should all be executed.
Freemasonry plagues the entire world with this filth daily. No need to be amazed or surprised.
In a way, it's actually more depressing to not be surprised by it
They’re actually trying really hard to contain their laughter.
The senator is upset because he didn't get the call to short timberwolf.
Screw you Canadian, this is none of your business!
@@bogyo66 my guy it was everyone's business when the American economy crashed and it caused the big sad, it was everyone's business when in 2008 the housing market crashed, just because his may or may not be American doesn't mean he can't crack jokes about America, almost everyone in the world involved in politics has joked about some aspect of America get over it.
@@Potatotenkopf All right there guy, chill buddy. How bout some maple syrup to calm your nerves.
By the way a guy named apetor is constantly calling your name. Crazy Swede, must be the cold.
@@bogyo66 who's calling who's name, also I very much dislike syrup, just saying, when the us coughs the world gets a cold, doem guy said something similar to that but I forgot the actual quote and the name of the guy who said it.
Some context: In the lead up to the 2008 crash Goldman ran a fire sale where they sold these dog shit CDOs that they knew were worth nothing to unsuspecting customers. Then, they proceeded to bet against them through “insurance” policies from AIG once they were off their books. It’s like selling your car that you know is going explode next week to your neighbor, then, once it’s sold, buying insurance on it, betting that it will explode next week.
Very well put my friend
Those unsuspecting customers were other big banks who also should have known the deal was shitty and not bought.
If you add Incompetence of the buyers the price adds up well , its not ones duty to ascertain fair price and value over things and objects ,it's market determined - capitalism for you .
They made billions, then got bailed out for billions while repossessing and selling peoples homes. Insane.
My dad use to work for Lehman brothers! It sucks that this happened and a lot of people lost there money! Although it did save my parents marriage! My dad was at work 24/7 and my mom is a doctor and they always argue! My dad realized that money isn’t everything! Now my mom and dad are stronger than ever!
“We are selling to willing buyers at the fair market price...” Yes, but Moody’s, Standard & Poors, knowingly gave these worthless securities a 93% rating. And the Jeremy Irons character absolutely knew it.
To me, this is the critical component which allowed the fraud to be perpetrated. Only with their AAA ratings on junk securities were investors interested in paying a “fair market price,” as this dirtbag Goldman Sachs executive tries to justify. No. He didn’t go to jail, and is probably elbows deep into the next fraud. Why not? No consequence.
Great movie
"So that WE may SURVIVE"
Where’s Eric Dale?
@@Fafafohi Where's Eric Dale?? They shut off his cell phone. He's not answering his personal cell and his wife says he's not home.
Fu(k him. Fu(k me.
thats one of the biggest binder i have ever seen.
thats how you know theyre doing some hard work bruh... big stacks of paper. put em on your desk and your boss will think your working harder than anyone.
also carry papers everywhere you go, to the shitter, everywhere
@@thedude4795 LOL, and while we all plop down $2 or $3 for a cheapass binder, that thing is thicker than a dictionary! And not, it ain't cheap for a binder. Office Max and Staples sell those for almost $25 a piece! I've picked one up that was stuffed and you do not want to drop it on your toes when they hold a whopping 1,000 pages. Yes, one thousand pages. :D
How do you know it's not just a $20 bill wrapped around a bunch of $1 bills?
They didn't print double sided. Seriously bothers me.
@@devinbaird2470 Sometimes, it's because they use very thin paper. Double side printing makes the back text slightly show up so it's very difficult to read the front of the page.
“If you work at Goldman Sachs”, you don’t talk about “Goldman Sachs”
"I don't recall" is the most used statement by crooks in congress hearings, everytime the shit hit the fan ...
“Republicans power sentence.”
The crime here is someone spent a lot of time digging up all this information and facts but no one goes to prison. Why was the FBI called and arrest this guy on the spot and throw in prison.
+Phuck Ewe good post, the answer is your name. These guys insulate themselves with money and they hide out in the good ol boy network.
+Phuck Ewe facebook.com/occupy.politiek/
+Phuck Ewe 600 million dollars goes a long way.
+Phuck Ewe Generally, in the United States, you need to be charged with a crime in order to be arrested. A crime is an action which violates one or more criminal statutes. In the absence of a criminal statute proscribing a particular type of action, it cannot be said that the action constitutes a crime, and thus the actor cannot rightfully be arrested.
I'm giving you this information because it seems like maybe you are unfamiliar with the rule of law, and - very likely - many other important concepts...
+Merrick
even still.. I think this is close to fraud and inside trading..
Which is illegal.. And people should be punished.
"You'll never sell anything to any of those people ever again".
"I understand".
DO YOU?
@@smirnova2236 Do *YOU* ? I'm telling you, this is IT!
...THIS IS IT!
@@shehryarkhan2916 well well well how did this age
This is the big one......not everyone survives this time
"That senator is the most senator looking senator I've ever seen.
" - Josh Cohen
There should be a platform for what you are doing.
Loved this act, man.
There should be a platform to celebrate people, like Josh Cohen. and good crowd like you
Lol i saw this comment under the original
"Loved this act, man." --- Nishandh Mayiladan.
o m g :D
@@yacineboudella4898 Just wanted to give buddy his credit because I thought the exact same thing haha
Privatize the gains, socialize the losses. The Department of the Treasury sent a fat $10 billion check to Goldman Sachs to bail them out.
How many working class Americans received a bailout when they lost their jobs and their homes?
"We are selling to willing buyers of the current fair market price. So that WE may survive!"
Hey I saw that movie too.
2020:... This is it, this is it.....
I just bought margin call
Tuld would have given that senator The Business.
Margin call
Strange how a group of people got away with this. They literally broke every financial law on Earth.
Unfortunately there are so many loop holes and weren’t as many financial laws in place at the time. Even today there are limited laws. These guys are stealing millions of dollars and only going to prison for a handful of years...if that. It’s more beneficial to take the risk and do a few years. Sad.
When those hired to hold these guys accountable don't do their job - or worse yet, actively look the other way because they're profiting too, then you've got a totally corrupt system...checks and balances, doesn't work when you're all part of the same cult...and nobody raises their hand to call out the behavior for what it is.
//Strange how a group of people got away with this. They literally broke every financial law on Earth.//
.
I'm pretty sure there were financial laws on earth that they did not break.
Yep and these fuckers are doing it again... By doing business with the CCP and selling out for profit.. These guys deserve to bleed...
If you cant beat em join em
And now it's beginning to happen all over again. Truly unbelievable.
I was lucky to be just a high school kid during that time and my parents never lost their jobs or hurt from any of it. I hope that everyone who went thru that was able to get back up and is living well now
So you are still paying taxes for the bailout an so did they... an they lost buying power an I'm sure the 401 k took a hit to
My whole country was destroyed from these bankers and out USA puppet politicians. I am Greek.
Nope, the people that died during and because of this bank-induced collapse aren't "living well now" because they're dead. Maybe you'll get to go through hard times someday and you'll gain a deeper understanding.
@@GregSmith-jd7zm Take a chill pill bro- that's obviously not what he meant lol.
I was laid off in early 2009, it was a good job that paid well and had good benefits. Our employer even bought us breakfast and lunch twice a week and took us to eat out and on field trips, one time the company took us to a horse race and gave us money to bet.
14 years later and I haven't been able to find anything like that. Those jobs were lost never to return.
Sparks: "I don't recall the sales."
Translation: I do recall those sales, but not at this moment.
"I do not recall" = "oh shit oh shit oh fuck oh shit"
+joesomenumbers - yep, you're right! Selective amnesia!
No He was trying to buy time
That's actually a common mkstake, it's a false friend. What it actually translates into is "I don't feel like talking about it", but in their language it can also be aproximately translated into "I'd rather not remember that" or "I'm going to deny any knowledge of that until you get lied to to the death".
Can I have a piece of that danish?
Not a single one of these snakes did a single day in jail. No conscience as they kinowingly destroyed people's lives. Not one would even acknowledge they did anything wrong. Senate hearings are a waste of time. Could we just once see somebody lead out of the hearings in handcuffs please?
Bitches at Goldman and their bumchum crooks should have been shot!, that's feckin justice!
@DeltroxTv If the cops caught the drug dealers they would be jailed tho...
Senator: Are you a Human Being ?
Daniel: Well that depends on your context of what a Human Being is ?
The fact that any of them still have a broker license tells volumes about who is actually in power.
I pulled up the Goldman Sachs stock chart for April 10, 2010 and the stock pummeled 30% during this hearing!
Step 1: get bank to sell shitty products as the MM.
Step 2: tell friends to short; initiate media frenzy--profit
Step 3: host congressional hearing; get metaphorical wrist slap and short stock of scape goat.
Step 4: Double Profit
Now that’s some insight!
Is that all? Fuckers deserved to go bankrupt.
TacticsTechniques&Procedures Step 5: prison because the SEC wasn’t born yesterday
A lot of people made money when it did. I wonder if friends of the senator purchased when it dropped?
This is all a show, none of this matters. everyone in politics and wall street are all in this madness together. they hold these "hearings" for us to watch, just like Judge Judy. It's a show, for us to think they care.
Mya Dyer you're right.
Mya Dyer Don't be so cynical, not all American politicians have sold their souls. Levin is an old war horse.
it you who doesn't care. you may be right, but the fact that we're watching it and doing nothing is our fault ...
the people are here to serve and run government. not government run us.
Maria Little you figured it out. no one ever goes to jail or loses their job. these hearings committees are just for show. this is not a democracy.
The irony: most of these big banks backed Democrats in the 2008 elections and during the Dodd-Frank "reform".
Most importantly - when sociopathic unethical scams - frauds and the like occur on Wall Street - NO ONE GOES TO PRISON.
Sometimes FINES are meted out - and the firms view it as "a cost of doing business" - write it off as an expense on their taxes - and keep on scamming.
AND - almost always - the people involved keep their jobs and HUGE bonuses.
"I don't recall..." should automatically lead to a conviction. Of course he and everyone else in history ever who used that excuse also recalled. It's convenient, as you can't proof whether or not someone recalls, so it shouldn't have any standing as a defense, ever!
Highly underrated observation of anyone using that particular term.
Nothing should ever automatically lead to a conviction. This is a horrible take.
@@henry5823 Yes that part was hyperbolic. It's more about the other part, that it shouldn't be accepted as an answer to a question if there is fairly conclusive evidence that they had to know.
The whole "beyond REASONABLE doubt" thing. "I don't recall..." is always used in those instances.
@@Luccaluke If there is evidence that they had to know then it doesn't matter if they say they didn't know. It's not up to the courts to automatically reject that they didn't know, it's up to the prosecution to show that they did.
I guarantee at some point in your life you will come to disagree with this statement.
The other 3 guys sitting next to him just thinking “please don’t call on me, please don’t call on me”
😄
Beware any person who cannot say "yes" or "no."
shrapnel77 who said that
shrapnel77 did you stop beating your wife yesterday? yes or no?
@@BURRNE The message I'm getting from that is my performance during that transgression wasn't great
Because the answer is never just yes or no dummy. Were talking about people on oath here. Thank God youre not a lawyer.
Feralz “did you sell this” it’s an obvious yes or no right there
And because of these crooks I was always taught by my dad CASH IN HAND KEEPS CROOKS IN THE SAND. Always cash, barely anything in the bank except for bills, everything else is locked rates and credit to cash payments ( Use credit card to build points and pay the bills with no interest). My dad taught me DO NOT TRUST ANY BANK living that mentality every day. Never bought a new vehicle, maintain what I have and do not call anyone for services, learn to fix and maintain what you own.
Your father is great, he understood everything about life. I received the same teachings from my family. Although in different continents wisdom has no borders.
@@pare1929 Indeed!
Well I'm glad we've all been gathered around this video for round 2. It's coming, and it's going to be huge.
Him:"I didn't do it"
Evidence: "I did it"
Him: "I didn't do it"
"Who's Daniel Sparks"?
"That's me"
"I know"
lol
You have done right by arriving here, even after all of this years. Keep looking. Oh, and remember that nobody but maybe two people went to jail for the 2008 crash.
Only one 1 trader in US was sentenced to jail - nice to have a scapegoat. But Iceland, Ireland and Spain sentenced quite a few people to jail. Although Iceland’s jail is more like a 5 star hotel. So wrong that the US did not convict more high profile bankers who were greedy!
The guy cant wipe the smile off his face cause he knows hes getting to keep that 7 figure bonus and alls he has to do is let a few old people yell at him on TV for a couple hours.
Reminder: The only person that went to jail for the 2008 financial crisis was a guy who fucked over one of the banks. There shouldve been blood in the streets and because there wasnt, they know they can keep getting away with it.
Good. They should get away with it. Eat shit, pleb.
George Orwell, "ALL ANIMALS ARE EQUAL, BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS".
yup
“All deals are shit, but some deals are “...that’s some shitty deal” deals” ;) :P
"Who's Tom Montag? Who's Daniel Sparks?"
"That... That's me."
😂😂😂
This is like the Southpark episode where they just try to say the word Shit as many times as possible
He doesn't care because he knows he got away clean . He got to keep every dollar he stole and still gets to live off it.
"We sold to willing buyers at the then current fair market price."
@Paul Martin Its not convenient, its the by product of a free market. He is basically saying, you guys made this rule, not me.
@@missionpupa no he is saying "no one can be made responsible, for the market gives and takes however it pleases". That, however, is not true. People are responsible. He is responsible.
@@crackedZombie1876 you dont get it. He is not reaponsible for peoples actions, this is why its called a free fuckin market. No one points a gun at you to do something. Now whether he had bad intentions is besides the point.
@@missionpupa Free fuckin market?? Why then Mr. Free Enterprise when things went sideways they ran off to the Federal welfare office?? These guys are PUSHERS, and PIMPS. you can give them a suit if you want.
@@Dwightstjohn-fo8ki I said free market not a fair market. You're confused.
The recommendations have really gone wild this time. . .
Lol, someone should make a YT video called "UA-cam recommendations gone wild!"
"That's me."
"I know it is."
Everybody needs to watch this, nobody and I mean nobody was held accountable for their actions which lead to this crisis including the government who were utterly complicit in it.
"We are selling to willing buyers at the current fair market price"
beautiful margin call quote
Love that movie lol,,, jeremy irons
Good catch on Margin Call quote
1:22 This is just like that movie margin call where kevin spacey says to his boss "you're selling something you know has no value" to which the boss replies "we're selling to willing buyers at the current fair market price"
Exactly. You have to be a sociopath to do this kind of work and do it well.
Lmao, trend the shit out of this video again pls
Watch Big Short and Margin Call to get even more fired up!
Boy it sucks when you get caught up in a lie with no way out doesn't it?
@Stxr KillerX it sucks even more that this is all a show and nobody actually cared for the fraud that happened :D
Lol this is nothing but a show, the senator knows this guy wasnt going to jail, he is a peon, and they cant touch his bosses. All it is is a dramatic performance to make the public think that the government is doing something about it.
Not that much, *ONE* went to prison. ONE.
@@diabl2master well someones gotta go to prison, you need at least 1 fall guy so the government doesnt look too bad. Even the government officials get a piece of this pie. You need them under control.
@@diabl2master I would go to prison too, for like 3,000,000$
anyone came back to watch this after watching the big short? it reminded me of this instantly.
"Sold to willing customers at the current fair market price"
Exactly 😆 Great movie
I am embarrassed for these 'people'....their moral compass is so corrupted that they have no qualms about selling worthless commodities to their customers, and they just don't care.
Hey but they were able to buy a weekend house in the Hamptons with their bonus money !!! /s
Great acting by all of them. Emmy nominations
on both sides.
I purchased a home in 2004. The banks and mortgage companies were pushing deals such as, no income verification (lending to people without jobs) , really low variable rates, and lending as much as 120% of a home's value. I decide to pay a little more for a fixed rate. Only a few years later all those "deals" caught up to the banks and the crap hit the fan.
Very smart…NEVER do variable rates…always Fixed Rates with no Pre-payment penalties and if you can get it as an “assumable” mortgage that’s the trifecta. Then you can easily sell your house for the low rate you locked in at later if needed.
RIP King
My dad was financially not very smart, he took out another mortgage on his house to pay for a vacation condo and a boat shortly before the crash. His income stream fell apart during the crash, and he has never recovered. His dad, my grandpa, kept him floating for years, he now barley gets by. Mentally the crash destroyed him.
He isn't a perfect human being and this isn't an excuse for the financial mistake he made, but had this not happened, he would be in a much different place. These people destroyed lives of the most vulnerable people in our society, and they didn't give a shit and saw bonuses not bars.
Fuuuck that a massive folder
AM257 for $2,000,000 a year salary as a lawyer it’s worth reading all that lol
@@underwood9584 You dont have to read all that, its really just reports of sales.
@@missionpupa To make total sense of it you'd need to hire an accountant haha.
"We are selling to willing buyers at the current fair market price. So that we may survive."
“It’s not brains that got me here, I assure you that.”
Okay, Jeremy Irons
The context is mighty clear when you've already jumped to your conclusion
"Should Goldman Sachs be trying to sell stuff they know is crap to get it off their books and remain solvent?" Yes, of course.
This would be like Ford knowing selling defective cars and then saying, "Well they bought them at fair market value"
Damn the goldman guy was so weirdly chill and relaxed considering, you know, how the entire world economy went to shit because of him and his company.
111mmgg ehh it wasn’t only Goldman’s fault
He’s a J. He has J privilege. He knew he wouldn’t get in trouble
It took many years of savings to lose overnight, and many more years to get it back. I am now retired. If this would happen to me now I'd lose half my savings, and never get it back. It would mean we'd half to live a meager existence for the rest of our lives, which back then happened to a lot of retired older people.
It’s fun watching guilty people try with all their might to twist everything around to try and not make it look bad.
These guys don't care. They all get off anyway when they buy off the right people.
Still blows my mind no one really got jail time for 2008.
11yrs later. Nothing has changed...
Can't stop watching this over and over again. Finally someone calling BS for what it is - BULLSHIT! Calling it BULLSHIT is what USA needs so desperately.
I’m desperately looking for a job as an analyst. Frantically applying to every position I can find. When I got to a Goldman Sachs owned company, I looked over the position, and really couldn’t bring myself to applying. My parents were furious when I told them. I still stand by it.
Proud of you 🙂
Ok boys they are back for a second round but this time is gonna be HUGE
Exactly why the YT algorithm put this back up lmao
VIDEOSELEKTOR YT algorithm always one step ahead of us
🤣🤣🤯😭
What happened?
This one will be even bigger :)
FUN FACT!! Fabrice Tourre also known as the "Fabulous Fab" is a professor at my Univeristy. I am currently studying at CBS (Copenhagen Buisness School) in Denmark.
Theater. No one got punished, the senator, I'm sure, got a lucrative job on some board upon his resignation from public office.
Theater
Doesn’t matter how many times this happens, people still want to be the rich guy in the suit being grilled by a senator. Better to be bad than be broke.
"I dont wanna suck that shady millionaires cock" said no woman ever.
No.... people want to be that richer guy who has employees they pay obscene amounts of money to take the heat when things go sideways.
Jail time zero. Good work. I'm sure they were straightened out by your stern talking to
Plato said, “Never forgive a friend that betrays you. He’ll do it again”.
I love this guy. We need more people like him in the senate. The ones that call BULLSHIT. I didn't know wth was going on when I was younger at the time all this shit happened. If I had I'd try to learn something back then. Our schools, parents and other people closest to us don't even try to teach us economy and when crap like this take place we are all like a bunch of clueless cavemen.
be careful what you wish for. He's a Dem. Back then, the Dems actually cared about the country. Today, they do not. They only care about keeping their Power over you and me. They actually want to get rid of our cars, water heaters, gas stoves, and cows. Sounds like a nice life. We really WILL go back to living in caves.
Who’s back during the 2020 recession in progress 🙃
MrCaptainBufu but this time is gonna be HUGE
Just watched The Big Short and yeah this next one is going to be bad.
Bud Oliver sorry expert.
@@olivierlensvelt5698 yeah I reread that and it does sound silly. Like I'm claiming to be an expert because I watched a movie. I'm no expert. Nevertheless??? Doesn't seem like expertise is required to see what's happening. We've got the same bankers, the same failing system, and now we have a global pandemic hitting the accelerator on economic collapse. It's not looking good.
Bud Oliver hahah it was just a joke i don’t doubt you.
Holy shit, this is about to happen again, just in a different way with the printing of billions of dollars.
print print print. open your wallet peon!!!
These politicians pretending to be angry at their donors is great theater!
Tell me again why these guys aren't behind bars? I feel like I'm watching a Dave Chappelle sketch...
A corporate man never pays his debts...
They own America, and they still have a SHIT load of cash.
Thailand Sexpats, E-Beggars, Scammers & Losers tone down the anti semitism
Rich Jews almost never go to jail, unless they rip off other rich Jews.
Corrupted system.
This is like a dad scolding his kid in front of his mom just so his mom would get off his back about it
Back when accountability was a little easier to find.
Younger dude sitting next to the Goldman banker getting grilled is being as professional as possible NOT to bust out laughing. LOVE IT!
these convos are gold