Saturday, April 24, 2010

Skelton calls for expanding investigation of Goldman Sachs

The following news release was issued Friday by Fourth District Congressman Ike Skelton:

In a letter to SEC Chairwoman Mary Schapiro, Congressman Ike Skelton (D-Mo.) joined 29 Congressional colleagues in calling for an expanded Securities and Exchange Commission (SEC) investigation into the activities of Goldman Sachs and any fraudulently obtained taxpayer dollars the Wall Street firm may have received. In a statement about the letter, Congressman Skelton said:

"I am pleased that the SEC is finally working to crack down on Wall Street misdeeds. The allegations of fraud by employees at Goldman Sachs are troubling and highlight the 'get rich at all costs' mentality that permeates Wall Street and helped to create the recent economic crash.

"It is clear that the values of responsible, hardworking Missourians are not shared by the Wall Street bankers whose tricks almost destroyed the American economy. In fact, only the sacrifices of taxpayers prevented the complete collapse of our financial markets. That is why the SEC needs to be very thorough in its investigation and recover any federal tax dollars that may have been involved in the alleged illegal actions of Goldman Sachs."

The SEC has filed a civil complaint against Goldman Sachs relating to allegedly fraudulent credit default swaps. Insurance company AIG, which insured Goldman’s transactions, transferred $12.9 billion to Goldman Sachs to cover losses associated with Goldman's bets. Given the taxpayer support to keep AIG from collapsing the nation's financial system, it is imperative that the SEC pursue whether Goldman received reimbursements from the taxpayer through AIG.

1 comment:

Why This Blog? said...

I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
issues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO's, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It's over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO's.

A Time line of what's going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven't already gone BK...

 Oct 26, 2005 Litton Loan Servicing Class Action - mishandling loans, servicing over 400,000 borrowers - case settled Feb 17, 2009 for $537 (limited due to class status)
 Feb 27, 2007 FDIC Cease and Desist - Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
 Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs - Predatory Lending Practices - settled May 11, 2009 for $60 mil
 Dec 11, 2007 - Goldman Sachs Acquires Litton Loan Servicing
 June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
 June 19, 2008 Fremont Reorganizing files BK
 Apr 16, 2010 - SEC vs Goldman Sachs - Securities Fraud

Here is the link to my blog if you want to download court documents pertaining to my case.

Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds for legal action.