This is encouraging - Banks can be sued over 2008 collapse

No real punishment yet, but this opens the door..

From Crooks and Liars

(Reuters) - Goldman Sachs Group Inc suffered a defeat on Monday as the U.S. Supreme Court let stand a decision forcing it to defend against claims it misled investors about mortgage securities that lost value during the 2008 financial crisis.

    Without comment, the court refused to consider Goldman's appeal of a September 2012 decision by the 2nd U.S. Circuit Court of Appeals in New York.

    That court's action lets the NECA-IBEW Health & Welfare Fund, which owned some mortgage-backed certificates underwritten by Goldman, sue on behalf of investors in certificates it did not own, but that were backed by mortgages from the same lenders.

    In afternoon trading, Goldman shares were down $2.47, or 1.6 percent, at $152.37 on the New York Stock Exchange.

    Other bank stocks also fell, amid concern about an escalation of the euro zone crisis, with the S&P financial sector index down 0.7 percent.

    Goldman and other banks have faced thousands of lawsuits by investors seeking to recoup losses on mortgage securities.

    The bank has said that letting the 2nd Circuit decision stand could cost Wall Street tens of billions of dollars.

Cartoon on Goldman Sachs

Eliot Spitzer to Goldman Sachs: You Lied and should be Prosecuted

Click here to read and watch a video.
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Hank Paulson, Matt Taibbi and Goldman Sachs

Many of those who have run, and are running our government's economic program are former employees of Goldman Sachs. This is not a good thing.

"Hank Paulson never should have had that job in the first place. He had a $700 million conflict of interest, and everything that he did while he was Treasury secretary, every single thing that he did, has one explanation: What's good for Hank Paulson?"
-- Florida Rep. Alan Grayson on MSNBC

Read more regarding this quote at Down With Tyranny

And If you've got the time and patience, Matt Taibbi, probably the best investigative reporter working in America today, posted a VERY long and very detailed article in Rolling Stone regarding the role of Goldman Sachs in the housing bubble, the oil bubble and the collapse of the world economic system.

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates.

Click here to read Matt's piece.
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Following the Lead of Goldman Sachs

Another Outrage

This video is actually full of outrages. It begins with the fact that Goldman-Sachs owns Burger King and underpays BK's employees as often as it thinks it can get away with it while doling out billions in bonuses to it's Wall Street brokers and administrators. Watch and see if you don't think this is a major problem with America today.