Billions for bankers who wrecked the economy; the innocent poor starve

Remember last week’s Vox Political article about the way the bankers who caused the financial crash of 2007 onwards have gone totally unpunished for the trouble they caused – and in fact have been rewarded for their crimes?

Here’s a different angle on the same issue:

150118bankers

In the midst of the financial crisis (which had its roots in the US sub-prime housing market), Goldman Sachs made a profit of $4 billion by “betting” on a collapse in that market, and shorting mortgage-related securities. This is an organisation that relied on the economies of the western world going into freefall, in order to profit from the catastrophe.

They’re laughing all the way. How do you feel about that?

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9 thoughts on “Billions for bankers who wrecked the economy; the innocent poor starve

  1. Jeffery Davies

    Untill we get a government who will hold them to account then theyl keep on doing it
    the ninty nine percent who aint rich pays the price for their greed but was holding up
    the banks the way has then it would have left few banks standing its the rich who would
    have lost out not the poor but then it was never about the ninty nine percent who aint rich but keeping the rich rich funny it isnt but untill the masses say no more then these
    banksters will keep on doing their fraudulent trading

  2. Mr.Angry

    Sadly they are and always will be the untouchables, pity they can’t be sanctioned. Their actions are immoral and the government stands by and supports it, a total disgrace.

    1. Mike Sivier Post author

      I wouldn’t go that far! Living people are able to do something to pay off their debt.

  3. Andy

    Goldman Sachs are a bunch of crooks. They said that the losses would have been worse if they hadn’t ‘hedged’ and they got a $10Bn bailout from the US government. They actually thought they had saved the American tax payer money by hedging against their own bad loans! Technically it’s fraud but we’ve seen no heads rolling.

  4. Niki

    Have you been watching the programme on BBC2, the super rich and us? It’s a three part I think. It’s been interesting….

      1. Niki

        Watch it, two parts not three. It’s a scathing inditement of how the crash happened and what is happening now with the super rich getting richer. It’s not a reality show, I think you will find it interesting. ( I’m interested that it’s been allowed to be broadcast at all!!)

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