Ex-Goldman Trader Who Said $8 Million Bonus ''Too Low'' Involved in Fraudulent Activities

[Octafish]

34. I hope this guy doesn't get jumped from the top of a tall bank. He's the Bankster Rosetta Stone.

From 2012:

GoldenTree Hires Goldman Sachs Trader Salem In Mortgage Push

By Jody Shenn - Bloomberg
. . . .

Subprime Securities

Returns on senior subprime securities from 2005 through 2007, the years that produced the most defaults, have averaged more than 26 percent this year, Barclays Plc index data show.

Salem joined Goldman Sachs in 2001, according to records maintained by the Financial Industry Regulatory Authority, which don’t show him involved in any regulatory actions, civil lawsuits, criminal matters or customer complaints.

During the mortgage meltdown in 2007, he was the bank’s lead trader of single-name credit-default swaps referencing residential-mortgage-backed securities, according to the 2011 report by the Senate’s Permanent Subcommittee on Investigations.

His group was “able to learn from our bad long position at the end of 2006 and layout the game plan to put on an enormous directional short,” Salem said in a 2007 self-evaluation excerpted in the report. “The results of that are obvious.”

‘Short Squeeze’

Company documents also showed Goldman Sachs traders led by Michael J. Swenson sought to encourage a “short squeeze” by putting artificially low prices on swaps that would gain in value as mortgage securities fell, the panel said. The idea, abandoned after market conditions worsened, was to drive holders to sell and help the bank buy at reduced prices, according to its report.

GoldmanSachs666.com

Seeing how this and many other areas worth investigating are spelled out by Mr Deeb Salem and his colleagues, the FBI surely will soon apprehend the thieves and return the loot. Right?