By - Psylux707
Unbank yourself right into a bank
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.
American bank maybe, but Deutsche Bank is unquestionably the most corrupt and unethical global bank.
HSBC is pretty good at that stuff too
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.
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
>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 That got repealed before the financial crisis.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.
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
‘betting against’ is a dysphemism for hedging which is what any smart bank would do
They sold the assets to sophisticated financial institutions and hedged.
>... 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.
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.
Looks like Celsius users wanting to get away from traditional banking just got bamboozled
By yourself they meant themselves not us.
Big bank take little bank
…cause the broomstick fits your ass so perfect
That irony sure is ironic
Congrats celcius. You effectively handed power over to the one you swore to kill.
Those who had money in Celsius were fucked.. and now they are even more fucked. Vultures are circling over the carcass
Well that's a big old slap in the face.
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).
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
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.
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
Have we seen any crypto grifters do prison time yet? Might be time to start.
Source for those Celsius trades?
lol. I was spreading the word that Celsius was a Ponzi months ago and got laughed off as FUD.
You are vindicated
Gary gensler showing why he’s the youngest partner ever at Goldman sach
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.
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.
The timeline just keeps getting darker and darker
This sounds fucked.
Somehow GS is gonna fuck the users even more...
It's like a necrophiliac selling a corpse to another necrophiliac.
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.
It be like that. I remember Ross Ulbricht’s bitcoins was auctioned off, but was not available to the public.
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.
Dude you got into crypto and then sent your crypto to a centralized custodian. You yourself are part of the problem.
…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???
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.*
I was banned from r/Bitcoin for saying this all started with a 120 m paper short..... Big money just fleeced the masses imo
I probably have enough Moons to buy Celcius.
Would you.... Please?
I can help
We are the borg....
Is resistance futile?
one way to find out.
Load forward torpedo tubes, arm phasers...
Photon torpedoes locked…Engage!
nothing is ever good when baldman sacks enter the ring
So they have money, but just won’t let us have ours?
Lost a lot of money in Celsius. Never felt better about Wells Fargo.
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!!!!*
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.
Current sec head is the youngest partner ever at Goldman sach … they must be proud of their boy
Well now, things are starting to get interesting
I say great job guys.
You played yourselves!
What real Assets do they really have?
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?
Well this could be a movie.
insitutions have zero chill
RIP Celsius depositors. You're going to get nothing.
I was told not to catch falling knifes now big guys are doing opposite
I thought nexo was putting an offer for celcius assets.
This basically means that Celsius will be liquidated.
Just sit arround and wait for BTC to drop to Celsius liquidation levels.