[Hedge fund billionaire John] Paulson goes to Goldman Sachs and asks the investment bank to create mortgage-backed bonds that he could short. Goldman Sachs agrees, taking a $15 million payment from Paulson for doing so. But Goldman goes a step farther by allowing Paulson to pick the mortgages that would be bundled into bonds — the mortgages that Paulson thought would be most likely to fail. Goldman then sold those tainted, Triple A-rated bonds to unwitting Goldman clients, collecting another hefty fee in the process. Like Paulson, it too placed secret bets that the bonds it had sold to trusting clients would fail.
Paulson and Goldman are alleged to have created the investment vehicles to fail -- they went short and Goldman got to sell them to investors who were long. Gee, I'm no expert, but that seems a tad conflicted.
Paulson, the hedge fund manager, is a good friend of none other than the menacing sleazebag known as 'Chucky Schumer', senior Senator from New York.
John Paulson, the hedge fund short-artist in the middle of today's SEC suit against Goldman Sachs, recently helped raise money for Sen. Charles Schumer (D., N.Y.), referring to the Senator in a fund-raising letter as "one of the few members of Congress that has consistently supported the hedge fund industry."
Back in the good old days before hedge-fund managers were greedy corporate fat-cats and Democrats were selfless crusaders for Main Street, Schumer was instrumental in preserving "carried interest" tax accounting that let folks like Paulson list their fees from managing trades as interest and capital gains instead of income, meaning that they are taxed at 15 percent.
That's right: for all of their tripe about protecting the "little people", Democrats were in bed with the hedge fund billionaires and even had their gains categorized in such a way that they pay less federal taxes than you and I.
And speaking of Madoff, you may remember that Schmucky Schumer was intimately familiar with the author of the world's most notorious Ponzi-scheme (after Social Security, of course).
How did Madoff keep himself insulated from regulators and government oversight? As you might expect, he greased the skids. And Schumer was one of the primary recipients of Madoff's grease.
Sen. Chuck Schumer (D-N.Y.) Monday led a long list of officeholders and groups expected to give up more than $430,000 in political contributions from Bernie Madoff and his family...
"My money, I'm returning," Schumer said... The $100,000 Madoff donated to the Democratic Senatorial Campaign Committee, run by Schumer until last month, should also be returned, but "that is their decision," Schumer said...
A spokesman for the committee, now headed by Sen. Robert Menendez (D-N.J.), said, "We're reviewing it."
You may also recall that the top three recipients of Fannie Mae's campaign contributions -- before it collapsed and precipitated the mortgage meltdown -- were all Democrats: Chris Dodd (D-CT), Barack Obama (D-IL) and John Kerry (D-MA). Obama's presence on the list is particularly troubling as he was only in the Senate for a few months before he embarked on his run for the presidency.
I need not mention that Fannie Mae execs Franklin Raines ($90 million in compensation), Jamie Gorelock ($26 million) and James Johnson ($21 million) were all Democrat operatives linked with both Bill Clinton and Barack Obama.Everywhere you look in the financial meltdown, you spot the hands of Democrats: from Bill Clinton, to Chuck Schumer, to Barney Frank, Chris Dodd and Barack Obama.
And since legacy media won't report the truth -- won't hold their feet to the fire, it's up to us to spread the word. The media apparently has their hands full trying to link the Oklahoma City bombing to the Tea Party movement.
Putting Democrats in charge of 'financial reform' is like giving a teenager the keys to the Porsche and a handle of Jose Cuervo. Misery and destruction are certain to follow.
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