Cash advance lenders should turn spotlight around

Cash advance loan lenders get a bad rap as they attempt to aid main street consumers, while the industry looks to change its beleaguered image, there are no attempts by the government to police its own, a troubling concern that will further divide Wall Street and Main street. The Federal Government has conveniently turned a blind eye to one of the biggest scams of the year, allowing Goldman Sachs to participate in the credit default swap swindling of AIG and the American taxpayers along the way. The company is likely to have annual profits in the range of twenty billion dollars; nearly half of this amount comes courtesy of AIG and was paid directly to Goldman Sachs from funds delivered with emergency loans from taxpayers. The money paid to allegedly save AIG late last year as part of their 150 Billion dollar TARP rescue package was immediately repackaged to firms such as Goldman Sachs, which entered into agreements (legalized wagers) that the U.S. mortgage industry would collapse and along the way force AIG to pay billions on insurance of mortgage backed loan securities.

The windfall to firms such as Goldman Sachs should certainly are not a surprise to industry insiders. There is no lack of coincidence that one of the biggest financial beneficiaries with Goldman Sachs financial reversal were friends of the former Treasury Secretary, Henry Paulson. Mr. Paulson was a key figure in leading the public and Congress into believing that the emergency money from TARP last year was a necessity to “save the system” from collapse. The urgency to save Bear Stearns, never materialized and along the way the financial system lost all of its confidence. The mere fact that the government allowed financial institutions to grow to become, too large to fail is a prime example of the lack of oversight that has been involved on Wall Street for far too many years. The lack of regulation on bets against the housing market, while at the same time leading investors to believe that housing was simply to regional to ever experience a national collapse are not an accident. Clearly, Goldman Sachs should be renamed the Golden Ticket for all of its constituents and employees who are likely to pocket bonuses in excess of one million dollars apiece at a time when the national unemployment rate will surpass ten percent. The time has passed to demand reform and accountability for the insider knowledge that has been passed between Mr. Paulson and his colleagues that have clearly taken the taxpayers for a ride.