Goldman Suit Exposes Big Banks to Firestorm
Source: GoldSeek, Rick Ackerman (4/20/10)
"If you assert. . .Goldman defrauded its customers, you have implicated every bank in the big leagues."
But might there have been another reason the Republicans backed away from bringing formal charges against Goldman? We think there is and that it goes to the heart of the corruption in which the world's largest banks have inextricably trapped themselves. For if you assert in a of court law that Goldman defrauded its customers, you have implicated every bank in the big leagues. Enabled by their respective central banks, they all—even the ones run by otherwise spotless Swiss Burghers—play the same ponzi game. Moreover, regardless of whether the charges brought against Goldman are civil or criminal, they will open the door to an endless flood of litigation with the potential to bring down the entire banking system. From this point forward, Goldman will be fair game for every aggrieved city, county, state, sovereign fund and class of investor they have done business with for the last decade. The same goes for Bank of America, J.P. Morgan, Morgan Stanley, Deutsche Bank et al.