Warren Buffett LIAR extraordinaire!

 

Warren Buffett LIAR extraordinaire!

Once again the rich protect the rich in the on-going fraud called CDOs and other derivatives.

Buffett who gleefully declared war on America in the New York Times came to the defense of Goldman Sachs for the fraud they committed and were charged with by the SEC.

This is the same Buffett that declared:  “Yes there is class warfare (in America), but my class the rich, are making war and we are winning.”

If you are not rich, you are losing and Buffett and his friends, love every minute of your lose. 

The Wall Street Journal reported: “Mr. Buffett mounted a vigorous defense of Goldman, the embattled firm in which he is a major investor, arguing that the identity of the investor betting against the collateralized debt obligation—hedge fund manager John Paulson—would have been irrelevant to the investor betting on the underlying subprime mortgages. "For the life of me, I don't see whether it makes any difference," Mr. Buffett said at the Berkshire Hathaway annual meeting.”

What did Goldman do?  According to the SEC and the facts admitted by Goldman they did the following.

"Goldman Sachs failed to disclose to investors vital information about the CDO, in particular the role that a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO." The essence of the alleged fraud is that Goldman let the short seller choose some of the underlying subprime mortgages, failed to disclose that, and instead promoted the idea that an independent third party chose those securities.”

The portfolio was designed to fail so the hedge fund could beat against the portfolio and make billions and they did.

Investors would not have bought these securities if Goldman had said, “We let a hedge fund manager design the securities and put high risk mortgages in that will probably fail and the guy who designed the security we are selling you is beating billions the security will fail.”

Goldman knew the above to be true and withheld the information from investors.  In fact Goldman told the investors the securities were good and got them rated AAA, by paying off the rating company.

Buffett owns billions in Goldman stock and he doesn’t really care if Goldman cheated people, he doesn’t want to lose any of his investment.

Buffett is also a huge player in the derivative market and has made billions trading these high risk investments that serve no purpose but to make money for speculators.

Buffett and his good buddy Bill Gates claim to be Christians, as do many of the obscenely wealthy in America.

Matthew 22:39-40 

39"The second is like it, YOU SHALL LOVE YOUR NEIGHBOR AS YOURSELF.'

40" On these two commandments depend the whole Law and the Prophets."

Can you love your neighbor as you love yourself if you are making economic war on them?  The Republicans and the Tea Baggers say to hell with Jesus Christ and his commandments; let the unregulated free market rule.  If Goldman can fool pension funds into buying bad investments that is just fine with these right-wing nut-jobs.

 Matthew 7:12 GOLDEN RULE -

12 “Therefore all things whatsoever ye would that men should do to you, do ye even so to them: for this is the law and the prophets.”

John 14:15 “If ye love me keep my commandments.”