When you think of that missing 23 TRILLION DOLLARS the Fed has handed out to its buddies like Goldman Sachs and refuses to say who got the loot or what is being done with the haul, then maybe this video isn't so funny?
Add in the fact that Goldman Sachs is still playing hi-roller gambler with derivatives and credit default swaps, then the laughter might turn to howls of pain... of knowing that another tax payer bailout of Wall Street is still in the works... if it ever stopped.
JP Morgan and Goldman Sachs...Gambling High Rollers
These two firms are the top two largest dealers in Credit Default Swaps CDS). If I am correct in my thinking Credit Default Swaps are what brought down AIG because they could not cover the bets. Yes, cover the bets as many say trading CDS is a form of gambling and some in Congress have even said it is illegal gambling.
Bloomberg.com writes in their article:
“This growing dependence on a limited number of counterparties, for better or worse, appears to be a permanent feature of the market and can be traced to the collapse” of market-makers such as Lehman Brothers Holdings Inc. and Bear Stearns Cos., Fitch analysts wrote in the report.
In a report published in June, JPMorgan was the largest trader of credit derivatives among U.S. commercial-bank holding companies, with $7.5 trillion (emphasis added) in gross contracts outstanding at the end of the first quarter, according to the Office of the Comptroller of the Currency. Goldman had the second-most contracts outstanding at $6.6 trillion (emphasis added), Morgan Stanley was third with $6.3 trillion, Bank of America Corp. had $5.6 trillion and Citigroup Inc. had $2.9 trillion, according to the OCC report.
If this type of transaction is so toxic and led to the collapse of so many other firms which led to the multi billion dollar bailouts then why are we still allowing this type of transaction and why are JP and Goldman the leaders of the pack.
Credit is still defaulting which means that these gambling debts will have to be paid off by someone. AIG had over $12 trillion dollars of CDS's and these two firms have a combined total of over $14.1 TRILLION.
Who's money are they betting with and will the taxpayer have to be the backers once again? I would love to go to a casino and place bets with no money - just chips that I created - then have a whole nation to cover my losses.
"What a country".
JP and Goldman are the true High Rollers in this casino.