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POPSGoldman Sucks’ new role: Taking Your Homes The couple alleges that Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a subprime lender, even after they wrote to Goldman’s then-Chief Executive Henry Paulson — later U.S. Treasury secretary — in 2003. Unable to identify a lender, the couple could neither capitalize on a mortgage hardship provision that would allow them to defer some payments, nor on a state law enabling them to offset their debt against separate, investment-related claims against Goldman. In July, the Beckers won a David-and-Goliath struggle when Goldman subsidiary MTGLQ Investors dropped its bid to seize their house. By then, the college-educated couple had been reduced to shopping for canned goods at flea markets and selling used ceramic glass. Theirs is an infrequent happy ending among the hundreds of cases...
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POPSU.S. Offshoring and Multinational Corporations Perhaps the ultimate expression of capitalism results in the export of jobs to lowest-cost countries to enable what used to be “American companies”, now multinational corporations that have the sole goal of maximizing their corporate profits. The ultimate political expression has evolved to a sector of the world that is, in effect, ruled by multinational corporations. What is worse is that these multinationals fail to realize that ultimately they are undercutting their own profits and shrinking their own market by underminding their own profit center in formerly prosperous prime economies. The bonus from offshoring can only last so long and is highly subject to proper application and use within a given multinational corporation. Offshoring is not a cure-all for corporate profits, nor a real solution for long-term benefit to anyone. No government contracts should be given to multinational corporations, ever!
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