[citation][nom]acadia11[/nom]Goldman Sachs isn't the owrst, because, I'm sorry but I really don't get that upset about rich people screwing over other rich people. When you have 30 million and your bank screws you over for a few million, you are going to be able to go home and still feed your family. When Bank of America screws you over, for a few thousand and you only make 30 thousand a year, the kids might be going to the shelter for their next meal. So, Goldman is bad, but Bank of America along with all these mega banks screw over the people who can afford to lose what they have the least.[/citation]
Except that isn't what happened. Yeah, it's multimillion/billion dollar fund managers screwing each other over in these deals but the money they play with isn't their own but people's 401k funds and other mutual fund investors. It's funny how willing people are to risk other people's money in dangerous funds, especially since they'll still make their 0.5%-2% of fund value regardless of the outcome (whereas high-end hedge funds unavailable to us common-folk have fee conditions like 'high water marks'). The big stink about this is the hedge fund managers that cater to the wealthy set up a deal to benefit their fund(s) at the expense of the funds of us 'commoners'. Since they're the ones that control it all and have all the information shared in the backrooms (which is illegal) understood long before the crash that the securities market was garbage, they made out like bandits. And of course the SEC is totally ineffective (partly due to deregulation, partly due to incompetence and partly due to not wanting to bite the hand that feeds them - i.e. SEC employees that want to get hired the high paying jobs at goldman, et al. are not so inclined to interfere) and doesn't stop them til after the damage is long done and gone to offshore accts or through other difficult to trace and track down transactions.
There's a whole secret wall st. that makes money of tiny margin, high volume, fast, risky transactions and it's made using the money or manipulating the money in 401k funds, IRAs, pensions, et al. that most of us never see or know about and rarely, if ever, get the benefits of (usually the opposite). It goes on barely noticed until the house of cards crashes and affects the 'workin man'. And when it crashes there's usually nothing of real value backing it up (e.g. synthetics, mark-to-model) resulting in them running to us for a bail out to save the economy. At least when GM crashes and burns, there's materials, products, production equipment and patents of tangible worth under it all.
Of course, this also wouldn't have been possible without the credit card loving US family (and world gov'ts) living outside their means, "but I gots to haz dat 3500 sq. ft house, 63" 7800Hz 5-D HDTV and iPhone 7G with 400 fart apps (at 1.99$ each) to keep up with the Joneses!". So there's plenty of blame to go around.