An E-Mail to a Member of the Research Team at Goldman Sachs

Harry:

Thank you for the opportunity to be on your e-mail list. I appreciate your generosity and hard work.

I am writing to ask you to unsubscribe me from your list. I value your research reports. However, it would be hypocritical of me to accept them.

I believe in death penalties for private corporations and partnerships. My vote for one of the first to be executed is Goldman Sachs.

You and your colleagues have helped to build and manage a machinery that has committed treason and genocide on a breathtaking scale. The history of Goldman Sachs over the last two decades is living proof that it is possible to kill with a financial system and a pen.

The fact that you don’t understand what you and your colleagues are doing is breathtaking. It raises more than a few questions about whether you understand what is really behind the flow of funds you track and publish.

The question before us is who will pay the price of the mess that you and your colleagues have had such a significant hand in creating:

Who will lose their business and who will keep it?
Who will lose their job and who will keep it?
Who will lose their home and who will keep it?
Who will lose their reputation and who will not?
Who will lose their family and who will not?
Who will lose their health and who will not?
Who will lose their future and who will not?
Who will lose their life and who will not?
Who will lose their freedom and who will not?

My plan for bailing out the country would include asserting common law offsets against the assets of the NY Fed member banks and all of their partners and employees who benefited up to an amount sufficient to repay $4 trillion missing from the US government, to fund losses caused by the manipulation of the precious metals markets and to fund claims of fraudulent inducement and fraud on mortgages and mortgage securities. To fund the offsets, I would propose to seize the offshore and onshore assets of those who created the mortgage bubble and derivatives mess in the first place.

Frankly, I see no reason why millions of poor people around the world should pay a global tax through the dollar and US treasury and agency securities for which the American people are liable, so you and your colleagues can continue to live in comfort and luxury without concern that you will be held accountable to the same standards of enforcement applied to the people who live in the communities wrecked by the mortgage, money laundering and financial fraud that made you and your clients so powerful.

It seems to me if anyone should lose their business, jobs and home, it is you and your colleagues.

Sincerely Yours,

Catherine Austin Fitts

29 Comments

  1. Catherine-

    Thank you, once again, for your succinct analysis of the part Goldman Sachs has played, and continues to play, in destroying our sovereign country. I’m posting your e-mail comment on every listserv of which I’m a member.

    As you mentioned 6 months or more ago, Eliot Spitzer was about to blow the whistle on AIG–with whom Goldman was the largest trading partner, as you have outlined–and clean house there, so it is no surprise that he was caught in flagrante delicto, and pushed out of the way. He’s back in NYC at his father’s real estate firm and lying low–no doubt because he’s probably being threatened to stay out of the way or risk imprisonment.

    It would be interesting to hear what he has to say about your take on Goldman and how to enforce the Common Law Assets provisions.

    Elizabeth Elliott, DC

  2. Well written, I agree with you completely. Catherine, you have a finely-honed moral sense! I put an excert of this on my blog; everyone should read it.

  3. This is the reason why I have been hooked to Catherine and this website since I discovered it a few weeks ago. Catherine is synonym of integrity, honesty, experience and knowledge. Reading this website and many other excellent ones have helped me understand the economic situation of Puerto Rico, why I have remained in poverty and the general inability of puertorricans to find a stable job.

  5. GREAT LETTER to them Catherine!!!Myself,a past successful real estate agent in the 90’s,(who ALWAYS dealt honestly,and “above the table”),I often wondered,(being from a blue collar background before becomming an agent),how much income it takes to be finally be comfortable.My lifestyle didn’t change,although my income did,(went from 40k to 150k a year),so I lived comfortably,(i.e.= no typical money worries).However,my collegues never seemed to make enough!!!I soon learned why!They always overspent themselves,and thus would make “shady” deals,with no concern as to who they hurt in the process.My point is that it seems to me that once you reach an income level well beyond what you really need to be comfortable,it becomes just “bragging rights” at the country club!!!!The “shoe seems to fit” the execs of these bailouts!!!Keep up the good work!!!I enjoy listening to you on Coast to Coast,and getting the “real” story!!!!

  6. Excellent points you made. Need explanation for ‘common law offsets’ in the following: My plan for bailing out the country would include asserting common law offsets against the assets of the NY Fed member banks and all of their partners and employees who benefited up to an amount sufficient to repay $4 trillion missing…

    Rather than the death penalty could we not turn the entire financial industry to work only for the US treasury, with the alternative penalty of life sentence in gulags for cheating? Russia got away with it. And after all, by now we all should be disabused of the notion that we are still a democracy. A criminocracy, perhaps? Thanks, Jan C

  7. I got a very calm, intelligent response. Very Goldman Sachs. A reminder of how incredible this world could be if we could attract all the hard, working intelligent people back into the real economy.

    I should point out that Goldman would not be #1 on my list. The competition for that honor would be between JP Morgan Chase and AIG. Looks like Morgan has already nailed AIG when they pulled the liquidity on Lehman.

    It is like watching a civil war break out among the crocodiles.

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