Goldman in shorts strikes gold...

No one should be surprised at the revelations that Goldman went short against the mortgage market, or that it put the screws on AIG, or that it fleeced Greece. After all, it represents the elite of the banking industry- whose purpose appears to be to squeeze money in any and every way irrespective of laws or ethics.

FT.com / Companies / Banks - Goldman profited on shorts, emails show: "Goldman Sachs made big profits betting against the mortgage market even though it stated in its 2009 annual report to investors that it “did not generate enormous net revenues by betting against residential related products”, according to initial findings of a Senate investigation into the bank.

The senators’ findings mark the latest setback to Goldman’s efforts to stem the public backlash against the bank’s actions during the financial crisis, its pay policies and its stunning recovery from the downturn. The bank was blindsided earlier this month by the US Securities and Exchange Commission, which charged Goldman with fraud for allegedly misleading investors in a mortgage-backed security it created."