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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Friday, July 17, 2009

Goldman Sachs' Earnings: the $47 Trillion Reality


But wait, what about the $47 trillion in derivatives hiding off balance sheet, most of which are either backstopped by the federal government or rotting in a toxic pool where no CPA dares tread?

Yes, kids, we've been here before. In case you didn't see the OCC report the first time around, it may be found here. Here's the Cliff Notes version:
  • The notional value of derivatives held by U.S. commercial banks increased $1.6 trillion in the first quarter, or 1%, to $202.0 trillion, due to the continued migration of investment bank derivatives business into the commercial banking system.
  • U.S. commercial banks generated record revenues of $9.8 billion trading cash and derivative
  • instruments in the first quarter of 2009, compared to a $9.2 billion loss in the fourth quarter of 2008.
  • Net current credit exposure decreased 13% to $695 billion.
  • Derivative contracts remain concentrated in interest rate products, which comprise 84% of total
  • derivative notional values. The notional value of credit derivative contracts decreased by 8% during the quarter to $14.6 trillion.

The worst derivatives offenders list looks familiar, now doesn't it?

1 JPMORGAN CHASE & CO. $81,108,352
4 MORGAN STANLEY $39,125,255
5 CITIGROUP INC. $31,715,734

$47 trillion in off-sheet monsters? Yeah, ok, profits eh? (and btw, JPM, no offense but WTF r u doin?!)

Now, that being said, as we already know full and well, I am not the only one critical of GS' performance. Someone asked me on Twitter today what exactly it was that I had against Goldman Sachs, though I'm sure some people prefer living underneath rocks to the splendor of the "real world" so I let that one go. What isn't there to have against GS? Really?

HuffPo agrees!

'Government Sachs' Strikes Gold ... Again

Connect the dots: Goldman Sachs made $3.44 billion in profit this past quarter, while the U.S deficit topped $1 trillion for the first time in the nation's history and appeared to be headed toward doubling that figure before the budget year is out. Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?

More GS haters in the media. Exactly exactly what we need - and for once I am not being sarcastic in saying as much.

Indictments or it didn't happen.

Read the rest of the story - click here (via Jr Deputy Accountant)


Investing for beginners said...

The rich wants to become stinking rich and the poor are becoming poorer. While some are trying to suffocate themselves making millions some are going to sleep without food. These banks need to think about bringing a sustainable economy which can help everyone instead of drowning in greed.

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cash gifting programs said...

It is alleged that Goldman Sachs misled investors and profited from the collapse of the mortgage market at the expense of its clients. On June 2, 2011 Goldman was summoned for relevant information.

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