Monday, July 16, 2012

Just this once, OWS may actually have a point!



A difficult proposition to be sure as OWS really never did have a point, a goal, a valid mission statement or an articulated endgame that ever made any sense to sensible people!

This story has nothing to do with how much these bankers earned or about any of the negative epithets thrown around by OWS at primarily American symbols of hard work, sweat equity and success attained the hard way, by earning it.

And of course there was excess and corruption on Wall Street, but that fact can just as easily describe the federal government that OWS wants to place in control of our lives or other private-sector industries as well.

To vilify the many who toil day in and day out on the front-lines of finance over the actions of the few would be akin to saying that the entire Democrat Party is corrupt by using examples of people like former Illinois Governor Rod Blagojevich, Tony Rezko, Courtney Dupree, John Corzine, William Ayers, Obamanites all, as your measuring stick.

Goldman Sachs and real life abuse of power!

Reading the New York Times business section this morning I read an article that unfortunately does show parts of Wall Street, this time in the form of Goldman Sachs, to be the fee hungry and greedy predators OWS harped on and on about.

It's a clear case of fiduciary responsibility gone awry as the firm apparently failed to break a sweat for one of its clients, putting the corporate bottom-line first resulting in them helping to turn a $580 million hard-earned fortune into $0.

Somewhat ironically, it's a story that's eerily similar to the federal government and Solyndra where an investment deemed to be a poor risk by the Bush administration was entered into at a later date anyway by the Obama administration. The bottom-line is that it ultimately cost the United States taxpayer hundreds of millions of dollars.

In the case described in the New York Times, Goldman Sachs declined to invest in a company due to sketchy financials, then two years later allowed one of its investment banking clients to merge with the same company. The result was that its client saw a $580 million all-stock merger turn worthless when the acquiring company filed for bankruptcy due to reporting sales that never existed.

Goldman Sachs, instead of admitting culpability, is litigating the case brought by its clients in an attempt to avoid any responsibility for the events that took place.

It's a story that will most likely aggravate anyone who reads it considering the fact the innovation and hard work by these two people who hired the gold standard of investment banks was then squandered and destroyed by those at Goldman Sachs who were hired to protect them.

But even given instances such as this one, simple observation of the Obama administration shows that the private-sector is much better equipped to handle the successful running of business than the federal government ever will be!

Read the New York Times article here.

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