T O P
Psylux707

Unbank yourself right into a bank


MaximumStudent1839

Also, Goldman Sach is probably the most corrupt and unethical major bank. In the 2007 housing bubble, they actively marketed trash mortgage securities to their clients while they were also betting these securities to fail. They even trashed talked their clients as idiots in buying what they sold and they got exposed when their emails were made public.


flextrek_whipsnake

American bank maybe, but Deutsche Bank is unquestionably the most corrupt and unethical global bank.


superworking

HSBC is pretty good at that stuff too


MaximumStudent1839

Goldman Sachs is well-known to send its former employees to hold top govt positions when they leave the bank. They pretty much mastered the so-called "revolving door" technique - switching positions between the bank and a top govt position. Once they are in govt, they help to craft financial legislation favorable to the bank. No other bank has such a deep and intricate social network in the US govt. I am not sure Deutsche Bank is as powerful corrupting/corrosive force in Germany as Goldman Sachs is to the American govt.


cozzster

$CORRUPT Send it.


unbuottawa

I am not here to defend Goldman Sachs or traditional banks. But I assume one part of Goldman was selling mortgage securities and another unrelated part betting against them. I do know in these big financial institutions there walls between departments (mandated by law) to avoid conflict if interest. I am pretty sure the people betting again those mortgages were in touch or coordinateding with the ones selling them


MaximumStudent1839

>I do know in these big financial institutions there walls between departments (mandated by law) to avoid conflict if interest. Are you talking about the Glass-Steagall Act? That got repealed before the financial crisis. A similar act was reenacted after the financial crisis to combat the conflict of interest you are talking about. So, no, during the mortgage crisis, there was no legal barrier between its commercial side and investment banking/trading side. However, Goldman Sach's shenanigans helped to justify putting the barrier up again.


unbuottawa

Okay thanks for clarification. I didn’t realize there was a gap in which there were no internal walls to prevent conflict of interest issues


xrayinvestor

‘betting against’ is a dysphemism for hedging which is what any smart bank would do


nojudgment3

They sold the assets to sophisticated financial institutions and hedged.


MaximumStudent1839

>... and hedged. It is not hedging to bet against your sold securities that you lied about them being A grade. It is called fraud. That is why they got fined. Banks don't pay fines unless they know it is impossible to fight back.


margalolwut

If it saves peoples assets I’m sure they don’t give a flying fuck. There in lies a problem in crypto. It’s all good till it ain’t.. It’s all about sats, but measure it in dollars. Blah blah.


CognizantSynapsid

Looks like Celsius users wanting to get away from traditional banking just got bamboozled ​ ![gif](giphy|vWDrezW0rMjmM|downsized)


Xenu4u

By yourself they meant themselves not us.


AdministrativeJob232

Big bank take little bank


MarshalThornton

…cause the broomstick fits your ass so perfect


Wise-Grapefruit-1443

That irony sure is ironic


mibjt

Congrats celcius. You effectively handed power over to the one you swore to kill.


Set1Less

Those who had money in Celsius were fucked.. and now they are even more fucked. Vultures are circling over the carcass


TomSurman

Well that's a big old slap in the face.


MarshalThornton

Based on this article, it looks like GS is interested in buying Celsius’s assets but not Celsius as an operating business. Don’t get your hopes up that GS is going to be paying back any crypto you may have deposited with Celsius. More than likely, any money will just be distributed pro-rats in accordance with the bankruptcy rules (I.e. secured creditors first, then unsecured).


Set1Less

This exactly, GS is buying celsius to complete the rug pull. GS knows Celsius depositors are unsecured creditors. They will get virtually nothing. GS can probably get a good bunch of discounted assets in return of bailing out the secured creditors of Celsius by buying the distressed assets at a huge discount. Retail depositors are not gonna see a penny of their coins


MarshalThornton

In fairness to GS, I don’t think they care who gets the money they just want to buy assets in a fire sale. It’s going to be the insolvency process that screws over deposit holders.


Set1Less

Celsius already screwed up depositors by trying to trade their way out insolvency instead of going into administration. GS is just here to take whats left. Surprising its not someone big from crypto who pounced first, maybe too much bad blood bw Celsius and the others. Celsius tried to short few coins after they locked deposits trying to make up for their losses, didnt work out well. One of their shorts SNX went up 200% in the last week alone. Wreckage on top of rekt. Oof


_dekappatated

Have we seen any crypto grifters do prison time yet? Might be time to start.


chuck_portis

Source for those Celsius trades?


xrayinvestor

lol. I was spreading the word that Celsius was a Ponzi months ago and got laughed off as FUD.


Spinedaddy

You are vindicated


Fast-Counter-147

Gary gensler showing why he’s the youngest partner ever at Goldman sach


kn0lle

I'm fucked.


Aquabloke

Yes, this is not new management, this is a garage sale. The collateral from the people that unbanked themselves will be sold on the cheap to Goldman Sachs and Celsius runs away with the gains from their worthless CEL token.


busted351

aka... customers and investors will be left hold zero bags, creditors will get fraction of their money returned or whatever GS is willing to give them, GS gets all that IP to start their own shop on the cheap... if this does not tell you how daddy capital views you, then i don't know what will.


zack14981

Bank yourself™️


tehLife

The timeline just keeps getting darker and darker


LifeDraining

This sounds fucked. Somehow GS is gonna fuck the users even more... It's like a necrophiliac selling a corpse to another necrophiliac.


whitehypeman

Fuck this hard. So I can't buy the crypto I sent Celsius at a discount but Goldman Sachs can? Stuff like this is exactly why I got into crypto, to get away from the bs.


aioncan

It be like that. I remember Ross Ulbricht’s bitcoins was auctioned off, but was not available to the public.


upboatsnhoes

But see your problem is that you sent someone your crypto. They told you they would keep it safe? They told you you could earn more crypto for free by sending them your keys? Seems kinda sus. Why do we trust these shady companies more than we trust the scammers in your DMs? They don't deserve it.


BrokenParachutes

Dude you got into crypto and then sent your crypto to a centralized custodian. You yourself are part of the problem.


therealvanmorrison

…you thought giving your money to an uninsured and unregulated bank that expressly said it could do whatever it wants with your money was safer than a bank???


coinfeeds-bot

tldr; The Wall Street firm is seeking $2 billion in commitments from investors to buy distressed assets at steep discounts if the crypto lender goes bankrupt. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*


[deleted]

I was banned from r/Bitcoin for saying this all started with a 120 m paper short..... Big money just fleeced the masses imo


ImaFreemason

I probably have enough Moons to buy Celcius.


OperationMonopoly

Would you.... Please?


cryptoguy66

I can help


ChiTownBob

We are the borg....


HarryBelafonte2

Is resistance futile?


ChiTownBob

one way to find out. Load forward torpedo tubes, arm phasers...


HarryBelafonte2

Photon torpedoes locked…Engage!


lordchickenburger

nothing is ever good when baldman sacks enter the ring


Jimi7D

So they have money, but just won’t let us have ours?


jml3837

Lost a lot of money in Celsius. Never felt better about Wells Fargo.


joannew99

Literally took all 99% of my ETH off that platform 1 1/2 day before they froze withdrawals. It took 24 hours to disable HODL mode and another 24 hours to add an address. Almost didn't make it 😭 😭 Only thing left on there is like .069 in ETH and .47 SNX. *WHEWWWW HUGE SIGH OF RELIEF!!!!*


[deleted]

Same. Not sure why you’re getting downvoted. I had a buddy tip me off that they were in trouble and went through the same holding period. I feel very fortunate and I feel equal heartache for those that got fucked.


osogordo

nice


Fast-Counter-147

Current sec head is the youngest partner ever at Goldman sach … they must be proud of their boy


Wonzky

Well now, things are starting to get interesting


K9US

I say great job guys. You played yourselves!


Fireflyfanatic1

What real Assets do they really have?


jesuzombieapocalypse

Oh so thaaaaat was that insane pump cel coin had in the last week or so lol ay yo where’s that Goldman Sachs telegram group bros?


kitastrophae

Well this could be a movie.


Wubbywub

insitutions have zero chill


throwaway1177171728

RIP Celsius depositors. You're going to get nothing.


shib_army

I was told not to catch falling knifes now big guys are doing opposite


IndependenceFew4956

I thought nexo was putting an offer for celcius assets.


Inspetor_Ventoinha

This basically means that Celsius will be liquidated. Just sit arround and wait for BTC to drop to Celsius liquidation levels.