As the dust settles it is clear that Goldman Sachs knowingly let a hedge fund client pick the mortgages to be assembled in a bundle of mortgages which were to be sold to the public. Goldman Sachs sought to get a certain credit rating on the bundle that was at odds with the selection process so that the buyer would not know that the bundle had been selected to fail.  The SEC begins to investigate.

Goldman Sachs is one of the biggest shareholders in the private Federal Reserve, so some would say they literally own the US government.  Ben Bernake, is a former Goldman executive and today he is the chairman of the Federal Reserve. The treasury secretary under President Bush was Hank Paulson, who is the former CEO of Goldman Sachs.  So where does this leave the status of the SEC’s investigation against Goldman Sachs.  According to these two news clips Goldman has nothing to worry about except bad PR to the lower middle class and since Goldman Sachs does no busines with the lower middle class they have nothing to worry about at alll.

Next week new credit card provisions from the 2009 Credit Card Accountability, Responsibility, and Disclosure Act (CARD) will take effect, making it easier for consumers to understand their credit card bills and how interest charges are determined.

Credit Card Changes

Consumers now have 21 days to send their payments in instead of 14 and credit card companies must give consumers 45 days notice if their terms change, instead of 15 days. One important exception to the 45-day notification rule is if your credit card company decides to reduce your credit limit – the company can do that without any warning.

Beginning on Monday, credit card bills must make clear how long it will take the consumer to pay off the balance and how much interest the consumer will pay if he or she only pays the minimum amount every month.

To protect young people from incurring debt the Credit CARD Act has made it more difficult for college students to get a credit card.  Credit card companies can no longer offer a card to someone under 21 without a co-signer or proof of proper income. Nor can the company increase the limit on the card unless both the co-signer and the student agree. Offering inducements to sign up for cards - such as free t-shirts or beach towels – on or near a campus are also banned.

Aaron Patzer is a young entrepreneur who started Mint.com when he was only 25. He designed the site because he wanted a way to organize his personal finances. The traditional computer based programs took too long so he created Mint.com in 2007.  Mint.com is a web based money management tool that helps a person to analyze their spending habits.

Milun Tesovic is a young intelligent web entrepreneur who started Metrolyrics eight years ago when he was only 16. Milun started Metrolyrics.com for one simple reason he needed to make money to buy a car.   Mulin says this about starting his company using the Internet, “I went into the only market that doesn’t discriminate against age but rather for ability and knowledge.”