Hey, let’s make money by further mangling the finances of states

Pond scum

Goldman recommends credit default swaps against NJ, CA, WI, FL, OH, MI, others

By recommending that clients buy CDS against states, Goldman is deliberately aiding and abetting the financial problems of these states in order to make a quick profit. Any concern as to the damage this will cause to those states is of course irrelevant to them.

But wait, it gets even more pond-scummy. Goldman is one of the top municipal bond underwriters, and with this recommendation, are now advising their deep-pocket investors to, in effect, sell short some of the very same bonds they helped underwrite. I’m thinking they deserve a new circle in Hell.


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