Goldman Sachs, the Wall Street firm often derided as Masters of the Universe for their seeming ability to make money no matter what the economic climate, have been indicted for the Securities and Exchange Commission (SEC) for fraud.
The details of the case are complex but essentially boil down to Goldman encouraging investors to buy collateral debt obligations that they themselves were betting against. It also seems that they aided and abetted the run up of these financial instruments even as they were creating a climate for their ultimate collapse. Involved, but not charged, John Paulson, an investor who profited from the scheme, appears to have directed Goldman in this effort.
Goldman Sachs is already proclaiming its innocence. Some opinions suggest that the case may be so convoluted that it may be difficult to prosecute before a jury. Others suggest that it is just the tip of the iceberg.
Important in this discussion is how they were able to even conceive of such a scheme. In therapy, medical practice, social services, etc. professionals are taught to avoid even the appearance of impropriety. In the case of bankers, apparently the rules are to obfuscate everything and rely on the investors not asking questions.
This is the free market in action. Take the suckers for all they have. Goldman Sachs has not even attempted to defend its actions as ethical or even above board. When your defense is that the case will be hard to prove in court, there seems to be an admission of improper behavior.
As I write this, Goldman just announced record profits for the first quarter. Goldman Sachs: making money the old fashioned way - stealing it.
British Petroleum Gulf Oil Spill Costs
- 11 workers killed in initial blast
- Damage to Ocean Ecosystem
- 35,000 to 60.000 Barrels of Oil Per Day. That's somewhere between 1,500,000 to 2,500,000 gallons a day or 150 to 300 million gallons already spilled into the ocean as of July 27th by that estimate.
- Gulf Fisheries Industry
- Gulf Tourism (ongoing costs)
- Long Term Health Effects to Humans and Wildlife (to be determined)
Worst Oil Spills
- Kuwait 1991 - 520 million gallons: Gulf War I
- Gulf of Mexico 2010 - 206 million gallons: BP Oil
- Mexico, Bay of Campiche 1979 - 140 million gallons: Pemex Oil
- Trinidad & Tobago 1979 - 90 million gallons: Greek Oil Tanker Atlantic Empress
- Russia 1983 - 84 million gallons: Leaky Pipeline collapsed into Kolva River
- Iran 1983 - 80 million gallons: Tanker collided with Oil Platform
- South Africa 1983 -79 million gallons:Tanker Castillo de Bellver sank
- France 1978 - 69 million Gallons: Amoco Cadiz ran aground and broke in half.
- Angola Coastal Waters (700 miles at sea) 1991 - 51-81 million gallons: ABT Summer exploded at sea.
- Italy 1991 - 45 million gallons: M/T Haven Oil Tanker exploded.
- Source: Mother Nature Network. mnn.com. The 13 largest oil spills in history. by Laura Moss. Friday July 16, 2010.
Nuclear Accidents (Under Construction)
- 1957 Windscale, UK
- 1961 Idaho Falls, Idaho, US
- 1979 Three Mile Island, Pennsylvania, US
- 1984 Athens, Alabama, US
- 1985 Athens, Alabama, US
- 1986 Plymouth, Masachusetts, US
- 1986 Chernobyl, Ukraine, USSR
- 1996 Waterford, Connecticut, US
- 1989 Griefwald, Germany
- 1999 Ibaraki Prefecture, Japan
- 2002 Oak Harbor, Ohio, US
- 2004 Fukui Prefecture, Japan
- Source: Benjamin Sovacool
Mining Disasters (Under Construction)
- China 1942 - 1549 deaths
- France 1906 - 1100 deaths
- Japan 1963 - 447 deaths
- Wales 1913 - 438 deaths
- South Africa 1960 - 437 deaths
- Source: Epic Disasters Website
- Note: Do not look at the dates herein and conclue that mining disasters are a things of the past. Every year thousands of miners die worldwide in largely unreported accidents.
OIL IS OVER! - Resources
- The Dirt People - Ray Bawarchi (yes, that's me)
- The Razor's Edge - Somerset Maugham
- Demian - Herman Hesse
- Black Elk Speaks - Black Elk (as told to R. Neimur)
- The Quiet Don - Mikhail Sholokov
- Catcher in the Rye - J.D. Salinger
- Catch-22 - Joseph Heller
- 1984 - George Orwell
- Delicious Laughter - Jallahudin Rumi
- The Sybil - Par Lagerksvitz
- The Fixer - Bernard Malamud
- Spirits Rebellious - Khalil Gibran
- The Quiet American - Graham Greene
- Midaq Alley - Nagib Mafouz
- Cat's Cradle - Kurt Vonnegut
- Slaughterhouse 5 - Kurt Vonnegut
- Farenheit 451- Ray Bradbury
- We - Yevgeny Zamyatin
- John Coltrane - St. John the Divine
- Patti Smith
- The Clash - the only band that matters
- Billy Bragg
- Yo Mama's Big Fat Booty Band
- Art Blakey
- Death - pre-punk visionaries from Detroit
- PJ Harvey - Polly Jean, Polly Jean
- Woody Guthrie
- Michael Franti (Spearhead)
- Public Enemy
- Ray Charles - the Genius
- Bob Dylan
- Velvet Underground
- Flaming Lips
- John Doe & X
- The Beatles
opiate of the masses
- God is a comedian, playing to an audience too afraid to laugh. - Voltaire
- I do not feel obliged to believe that the same god who has endowed us with sense, reason and inellect has intended us to forgo their use. - Galileo Galilei
- The ink of a scholar is worth far more than the blood of a martyr.- Mohammad
- If you meet the Buddha on the road, kill him. - Sheldon Kopp
- No one will be free until the last king is strangled with the entrails of the last priest. - Louisa Mae Alcott
- When it is a question of money, everyone is of the same religion.- Voltaire
- If God were alive today, he'd be an athiest. - Kurt Vonnegut
- The god I worship is not short of cash, Mister. - Bono
- Jesus died for somebody's sins, but not mine. My sins they only belong to me. - Patti Smith
- God sure baked a lot of fruitcake baby, when Adam met the Eden lady. - Joe Strummer