The entire global capitalist economic system is corrupt and defunct.
We must return to Nationalist Economics to replace Globalism and the New World Order.
Nationalist Economics must be based on population, environmental, industrial, agricultural, economic and energy sustainability and self sufficiency.
Only by defending our national communities, can we protect the global environment.
The globalist system is designed to empower and enrich a tiny minority of plutocrats and oligarchs whilst exploiting the workers and environments of all nations.
The enemy no longer has to live amongst us, for its economic power extends across the face of the whole planet.
Corporations now control entire countries.
The international corporations via globalism have enslaved the whole planet.
The global economy is merely a mechanism for the plundering of our nations and peoples, we must resist and restore national sovereignity over the essential sectors of our nation states and give political power back to the people.
One of the world’s most successful banks was charged with a $1 billion securities fraud yesterday, casting a dark cloud over Wall Street.
Goldman Sachs is accused of tricking investors into spending millions on a rotten mortgage product. It is the latest blow for the US bank, already pilloried for its big bonuses and apparent disdain for public opinion.
Royal Bank of Scotland was the biggest victim of the alleged scam, according to the Securities and Exchange Commission (SEC), the Wall Street financial watchdog.
The SEC’s charges against Goldman Sachs and a London-based executive director, Fabrice Tourre, sent stock markets down around the world as investors worried that other banks might be snared in the investigation. Goldman Sachs’ shares slumped by almost 15 per cent during the day before settling down at 12.9 per cent lower.
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Robert Khuzami, the SEC’s new enforcement director, said: “The product was new and complex but the deception and conflicts are old and simple.”
The SEC said that Mr Tourre, who in 2007 was a vice-president at Goldman Sachs’ New York office, collaborated with Paulson & Co, one of the biggest hedge fund managers, to create a mortgage-backed product that they doomed to fail by purposely filling it with risky loans to poor people.
Goldman Sachs then allegedly lied about the types of mortgage that the product contained to investors who bought the product as well as the banks that insured it, causing them to lose more than $1 billion (£650 million).
One of the insurers was ABN Amro, the Dutch bank bought by RBS in 2007. A year after buying ABN, RBS paid Goldman Sachs almost $841 million to get out of the insurance deal. Another alleged scam victim, IKB, a German bank, lost $150 million after buying into the product.
The SEC obtained e-mails sent by Mr Tourre, 31, to a friend in which he joked in a mix of English and French about the impending collapse of the market for his products. “The whole building is about to collapse anytime now,” Mr Tourre wrote.
“Only potential survivor, the fabulous Fab [Fabrice Tourre] . . . standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!”
Paulson made about $1 billion from its deal with Goldman Sachs, the SEC said. Paolo Pellegrini, a former high-ranking Paulson executive, and other executives were interviewed by the SEC in late 2008 as part of a wider investigation into the mortgage products sold on Wall Street. Mr Pellegrini, who left Paulson in 2008, said yesterday that he co-operated fully with the SEC.
A spokesman for Paulson said: “Paulson is not the subject of this complaint, made no misrepresentations and is not the subject of any charges.”
Goldman Sachs called the charges “completely unfounded in law and fact” adding: “We will vigorously contest them.” The bank also pointed out that it lost more than $90 million through the transaction.
Sources close to the investigation said that the SEC needed only to prove that the bank’s behaviour had been fraudulent, not that it had profited.
A week ago Lloyd Blankfein, the chairman and chief executive, insisted that the bank had not sold its clients mortgage products while betting that the products would fail.
Chris Whalen, an analyst at the IRA Advisory Service, said: “This litigation exposes the cynical, savage culture of Wall Street that allows a dealer to commit fraud on one customer to benefit another.”
$16.2 billion Goldman Sachs total remuneration 2009
$498,246 average pay per employee
$68 million how much Lloyd Blankfein, chairman and chief executive, earned in 2007
$10 billion Tarp money that Goldman took from US Government
32,500 Goldman employees including 300 partners
£1 million The pay cap agreed by the 100 most senior employees at Goldman Sachs in London because of the 50p bonus tax
Source: Times database