The demoniac man knows no limit to his desire to acquire money. That is unlimited. He thinks only of how much assessment he has just now and schemes to engage that stock of wealth further and further.
[Posted
April 28, 2010]Law of the Wall Street Jungle: "Me First"
What goes up must come down
Lloyd Blankfein, Goldman Sachs CEO, now facing a congress hearing over its record profits from the housing meltdown at the expense of its clients
Goldman Sachs And Gold
In 1998, Ashanti Gold (based in the African country of Ghana) was the world's 3rd largest gold miner. However, in the spring of 1999, when Gordon Brown was dumping 415 tons of the UK's gold onto the market (purportedly to bail-out the massive "short" position held by none-other than Goldman Sachs), the price of gold collapsed to a post-Energy Crisis low: to $252/ounce.
According to an article which recounts these events, Ashanti Gold approached its "financial advisor" - Goldman Sachs - for "help" in coping with this ultra-low price for gold, and (surprise, surprise) Goldman Sachs "advised" Ashanti to enter into massive "hedging" agreements to forward-sell all their gold. Of course, they didn't think it necessary to inform the management of Ashanti Gold that not only was Goldman Sachs making profits for itself in selling these hedges, but it was making much bigger profits shorting gold.
...In just a few weeks, the whip-sawing which Goldman Sachs had inflicted on the company had generated $570 million in losses (and that was back in the days when $570 million was a lot of money).
It had to "beg" the 17 banks which were holding the other side of these hedging contracts not to "execute" the terms of the contract - which would have instantly bankrupted the company. Thus, it essentially entered into a bankruptcy negotiation. At that point, Ashanti's "financial advisor", Goldman Sachs was given the task of "negotiating" the terms of bankruptcy on behalf of Ashanti.
This was not a case of "the fox guarding the hen-house". Rather, it was a case of a "fox" being allowed to blindfold and tie-up the hens, and then being put in charge of "guarding" the hen-house. Ashanti's share price (and market-cap) plummeted by almost 80% - despite the 40% rise in the price of gold. go to story
Related:
Goldman Sachs Senate hearing: live blog
Guardian - Apr 27, 2010 RICHARD ADAMSGoldman Sachs faces new accusations
Aljazeera - Apr 27, 2010Goldman Sachs Emails: Firm Traded Against Clients, Profited Off Their Losses, And Spread 'Poison Throughout System'
Huffington Post - Apr 26, 2010 SHAHIEN NASIRIPOUR
The Bhaktivedantas World Sankirtan Party and Inside Nam Hatta are hosted by Hansadutta das, a senior disciple of Srila Prabhupada and trustee of The Bhaktivedanta Book Trust. Participate or learn more about World Sankirtan Party.
From the highest executive in his skyscraper office down to the coolie in the street – all are working with the thought of accumulating wealth, legally or illegally. Actually it is all illegal, for to work for one's self-interest is both unlawful and destructive. Even the cultivation of spiritual realization for one's own self-interest is unlawful and destructive. The point is that all activities must be directed to the satisfaction of Krishna and His service. Those who are not engaged in the transcendental loving service of the Supreme Lord wrongfully think that they are accumulating so much money day after day. ...Consequently, although there is no lack of money in the world, there is a scarcity of peace. So much human energy is being diverted to making money, for the general population has increased its capacity to make more and more dollars, but in the long run the result is that this unrestricted and unlawful monetary inflation has created a bad economy all over the world... more
Just in case you've missed this... (published earlier I dunno how many times in response to just this kind of thing which keeps on going on)
"I, me, mine"
purport, Bhagavad-gita 16.16
The demoniac man knows no limit to his desire to acquire money. That is unlimited. He thinks only of how much assessment he has just now and schemes to engage that stock of wealth further and further. For that reason, he does not hesitate to act in any sinful way and so deals in the black market for illegal gratification. He is enamored by the possessions he has already, such as land, family, house and bank balance, and he is always planning to improve them. He believes in his own strength, and he does not know that whatever he is gaining is due to his past good deeds. He is given an opportunity to accumulate such things, but he has no conception of past causes. He simply thinks that all his mass of wealth is due to his own endeavor. A demoniac person believes in the strength of his personal work, not in the law of karma. According to the law of karma, a man takes his birth in a high family, or becomes rich, or very well educated, or very beautiful because of good work in the past. The demoniac think that all these things are accidental and due to the strength of one's personal ability. They do not sense any arrangement behind all the varieties of people, beauty and education. Anyone who comes into competition with such a demoniac man is his enemy. There are many demoniac people, and each is enemy to the others. This enmity becomes more and more deep – between persons, then between families, then between societies, and at last between nations. Therefore there is constant strife, war and enmity all over the world.
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