U.S. senators formally referred to the Justice Department and the Securities and Exchange Commission an investigative report that found Goldman Sachs Group Inc. (GS) misled clients about mortgage-linked securities.
Senators Carl Levin of Michigan, the Democratic chairman of the Permanent Subcommittee on Investigations, Tom Coburn of Oklahoma, the senior Republican, signed a letter asking the agencies to examine the panel’s report, Levin said in an interview yesterday. The results of the investigation, made public by the committee April 13, lay much of the blame for the credit crisis on Wall Street banks that earned billions by enticing clients to buy the risky bond deals.
“If something comes up that needs to be reviewed by some agency, it gets referred,” said Levin. “That’s the way we do it.”
The scrutiny is a setback for Goldman Sachs, which hired lawyers, lobbyists and public relations specialists to monitor the two-year Senate probe and tamp down any controversy that arose from the subcommittee’s conclusions. ...
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Comment: It's highly unlikely anything will be done to correct the questionable and illegal activities of Goldman Sachs because both the Legislative and Executive Branches are too closely tied to its money and executives, and this is why there has been no debate surrounding this issue. Moreover, the average American citizen neither has the basic understanding of the issues nor desire to examine the truth surrounding the financial corruption, particularly since 2008, because the media is partially protecting this sector failing to fulfill its "democratic role" to inform the public. The media is also as equally ignorant of the situation as the American citizen because they have not taken the time to investigate the issues any deeper than what they are fed by the banking sector or the political class.
Yet when we look at the roots of the problem our investigation leads right to one significant point in US History, the year of 1913. In that year our Congress, our elected officials, handed over our wealth, sovereign power and government to the banking elites. They made it possible to take our wealth through our labor, they divorced the Senate from Congress making it an extension of the ruling Executive Branch and in doing so laid the ground work for the Executive Branch to become despotic and at the same time making the people's "house" impotent, and gave control of our money supply to private corporations that print our money which they then charge us interest to use through a centralized fascist banking system.
So what should be done to correct the ills of the last 100 years and particularly the current financial problems that are causing gas to go over $4.00 a gallon and a housing mortgage crisis of epic proportion, just to name a few? Well certainly tinkering with the financial system by creating useless consumer protection departments in the US Government or adding layers of new regulations that further insulates the banking sector won't do any good. Only something as radical as what took place in 1913 will, and that is the repeal of the three insidious acts (16th and 17th Amendments and Federal Reserve Act) that have brought America to its knees.
By repealing these three acts, the 16th and 17th Amendments and Federal Reserve Act, America's wealth, citizen sovereignty, and the Legislative and Executive Branches are restored, and at the same time the fascist influence of the banking industry will be eliminated.
The time has come for the ignorance to end. We need to rise up and demand our government was restored by repealing these acts. If not we will only be chained to more debt, corruption and a very bleak future.
"History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance."
— James Madison