McClatchy newspapers reported that Goldman Sachs and other international banks deliberately triggered the global economic collapse by shorting the derivatives they sold, primarily Collateralized Debt Obligations and Credit Default Swaps. They have been implicated in unprecedented fraud leading to the destruction of the Icelandic and Greek economies. Iceland is fighting back by jailing their bankers and filing billion-dollar lawsuits.
We need to follow Iceland’s lead — the bankers are NOT too big to jail. I am calling for a full investigation into the activities of these megabanks and prosecuting them to the fullest extent of the law — up to and including revocation of their charter to operate. And if Goldman Sachs is found guilty of defrauding American taxpayers, we need to investigate *all* of its former executives in government, regulatory and rating agencies for any part they played in the criminal conspiracy under RICO statutes.
Former Goldman Sachs CEO Hank Paulson used his position as Treasury Secretary to ram through the original banker bailout bill, ostensibly to “ease up the credit markets.” This let the banks steal $23 TRILLION from we the taxpayers, (Bloomberg, 7/20/09) and to add insult to injury, they’re still not lending.
It’s the biggest heist in history and everyone responsible needs to go to jail.