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Did Wall Street "Enron" the world?

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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:32 AM
Original message
Did Wall Street "Enron" the world?
When California was experiencing rolling blackouts or brownouts, one of the major players was Enron. They had been monkeying with energy futures and helped cause that mess.

Recently, several things have come to light. Financial firms set up "deals" for certain people who would bet against the system and receive a huge profit. How far did this practice and others like it extend? I'll bet it's much further than what has come to light now.

Goldman Sachs has had a hand in the financial mess in Greece. With the ability of firms to conduct deals around the world, at times with the help of local players, what other havoc have they caused and where?

The financial systems of the world are so interlocked that a tremor in one area can have far reaching effects. Even if the problem isn't large in one way, the loss of confidence in government can have profound effects. It's bad enough here. Imagine what it does in countries with less stable governments trying to bring about legitimate reform? Even stable governments are rocked to the brink in places.

I am conjecturing. I just believe the monkey business was prolonged and caused by a lot of players and not just Goldman Sachs. Dig into JP Morgan Chase and make Jamie Dimon squirm. He is the "master of the universe" now trying to control things. The dots will have to be connected but I believe they are there.
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deutsey Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:35 AM
Response to Original message
1. I assumed that was a given. n/t
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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:40 AM
Response to Reply #1
3. I believe it's a given.
However, the whole scheme needs to be pieced together to show the effects. IMHO most people aren't even aware of this. They are just now being made privy to a lot of the shenanigans that affected the US.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:39 AM
Response to Original message
2. Years ago I read that the ex-Enron traders were being hired by hedged funds.
I should have known this was coming.
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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:44 AM
Response to Original message
4. dots will have to be connected ?
Joining the dot would suffice to get the answer here same as counting your nose and getting to one would.
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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 05:56 AM
Response to Reply #4
5. What may be as plain as the nose on one's face
may be sufficient to some. It is hardly proof of what happened. The dominoes need to be identified and the forces that pushed them over do to.
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stevebreeze Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 06:10 AM
Response to Original message
6. no they did make it worse keep in mind it was not conspiracy with
people meeting in rooms to profit while the rest of us suffer. It was a few people seeing the bubble the Fed was ignoring, and seeing that they could profit from it.
The fraud was not near big enough by itself.
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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 06:35 AM
Response to Reply #6
7. It's big enough to take them down
one by one if that is true. It's like a financial drive-by. They went after a certain target that benefited them in some way. They didn't care what the consequences of their actions were. They are responsible for their actions and the consequences even if they 'didn't foresee them'.
Some may need to be taken up in civil courts.
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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 06:52 AM
Response to Reply #6
10. I don't know about you...
.. but I consider selling "investments" to one party while taking out bets they would fail with another to be FRAUD. There was I time I thought this was just a toxic combination of stupidity and greed, no more.

This was a calculated move to reap a reward for crashing the economy.

All of these fuckers should be in jail for life.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 06:48 AM
Response to Original message
8. We said shortly after
the Enron thing that we would now see an enronization of the American economy. They accomplished their goal. What is key is what we do to regulate this. And it doesn't look promising to me.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-21-10 06:50 AM
Response to Original message
9. I loathe Wall Street. Our M$M think every GOOD thing revolves around the Stock Market.
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