Perjuring Goldman Sachs executives: Wrong religious morality endangers your savings, countries’ currencies and finances

Why Isn’t Wall Street in Jail? |Rolling Stone

Financial crooks brought down the world’s economy — but the feds are doing more to protect them than to prosecute them […]

Goldman Sachs New World HeadquartersThe rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted.

The immorality of Wall Street

Human-Stupidity was wondering long ago why Rating institutes’ AAA ratings for junk (causal for world economic collapse) went unpunished. Not only is the financial sector one big behemoth that profits from unproductive gambling in financial markets, The financial sector fraudulently rigs the game, gains immorally high commissions and ruins the world economy, banks, and entire countries like Ireland and Iceland.

When caught red handed, executives at Goldman Sachs, unaware that their own memos and emails had leaked, blatantly denied their wrong-doings under oath. What are the conclusions?

We need true morality in big world-moving issues.

  1. We need morality in economy and business. Maybe a Western Confucianism.
  2. Profit should come from production, not from financial gambling and fraud
  3. Big fraudsters need to face punishment.
  4. Or maybe the lesson is: Destroy your tracks. Don’t send and keep incriminating emails. When planning to con your own customers, don’t discuss it in writing

Our moral philosophers, religions, churches fail, philosophizing about silly issues like:
birth control, the beginning & end of life, sex & possession of child porn

Our churches, moral apostles and philosophers fail miserably. Entire countries get plundered, the world economy gets shattered, currencies are a house of cards waiting to collapse under collective debt. Banks make immoral profits from the world’s miseries. Our moral guides and philosophers are caught up in silly issues like

Our religions and moralists are just as useless and damaging as banks.

The People vs. Goldman Sachs

A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it.

A legal system that allows the financial sector to make huge gains while producing nothing, or worse, destroying the productive economy.

Total dishonesty. Outright fraud. Impunity. Rating institutes that give AAA rating to junk and don’t get punished. Governments that bail out banks instead of letting them pay for their mistakes.

Government and nations borrowing like there is no tomorrow

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Rating institutes’ AAA ratings for junk (causal for world economic collapse) unpunished

Rating agencies gave AAA ratings for junk financial instruments, out of financial conflict of interest.   Still they remain unpunished.  The stupidity here is a system where greedy incompetence is rewarded and not kept in check by law.

The sheer fraud and greed of rating agency analysts and executives is staggering. That no one has gone to jail, and none of the agencies have been shut down is a travesty of justice on an infinitely larger scale than Bernie Madoff’s Ponzi scheme. Until depositors, bankers and investors regain confidence in the quality of ratings we rely upon to measure financial stability and creditworthiness, the tremors that underlie the credit crisis will drag on indefinitely.   […]

The problem with the business of rating the issuers of securities, and rating the securities they issue – such as mortgage-backed securities and collateralized mortgage-backed obligations – is that the rating agencies are paid by the issuers to rate them. Objectivity aside, ratings firms are in business not to rate but to make money for themselves by rating issuers and their securities. It’s like all the contestants in the Miss World pageant paying the judges with country funds … who’s not going to be judged beautiful?

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