GoldmanSachs666 Message Board

Fraud*
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

Monday, July 27, 2009

Goldman Sachs- "front-runner" of a criminal syndicate

"Goldman Sachs has become the "front-runner" of a criminal syndicate defrauding US taxpayers."

Evil Syndicated By James Howard Kunstler
.... By now, everyone in that fraction of the world that pays attention to something other than American Idol and their platter of TGI Friday's loaded potato skins knows that Goldman Sachs has been caught at another racket in the stock market: front-running trades. What a clever gambit, done with the help of the markets themselves - the Nasdaq in particular - in which information on trades is held back a fraction of a second from public view, while the data is shoveled to the computers of privileged subscribers who can execute zillions of programmed micro-trades before the rest of the herd makes a move. This allows them to vacuum up hundreds of millions of dollars by doing absolutely nothing of value. The old-fashioned method used by brokers was called "churning," in which stocks were bought and sold incessantly (by phone) from the portfolios of inattentive clients merely to generate commissions. In any sensible society - i.e. a society with an instinct for self-preservation - it would be against the law and the people doing it would be sent to prison.
I'm not a lawyer, but I've got to think that the actions at the Nasdaq end - shoveling the data to the privileged subscribers a fraction of a second early - is patently illegal in the first place, since the whole purpose of an exchange is to create a fair trading space. Where both parties are concerned, it should amount to a plain vanilla criminal conspiracy to commit stock trading fraud. Maybe the larger question is: since when did we become a society lacking the instinct for self-preservation - that is, a society bent on suicide? Or maybe the question is better put to Goldman Sachs's CEO Lloyd Blankfein.

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Read the rest here.

6 COMMENTS:

Anonymous said...

Well atleast americans have the choice between american idol or hearing about the scams of goldman sachs.

people living abroad have no such idea of what is happening in the states, dealig with goldman sachs and the federal reserve.

No media coverage of such.

Anonymous said...

Goldman Sachs is the very best example of what this Decade of Greed really is. Any person who would want to work for a company like this must be a psychopath!

Anonymous said...

People living in this coutry have no idea what is happening either.

If you could get, for just an instant, how much your life is controlled by others, and how little control you really have, you'd go mad with horror.

AHHHAHAHAHAHAHAHAHAH!


CSC

Anonymous said...

comment nbr 1 - you are showing your ignorance... the reality is that people outside of the USA do know what is happening in their own country ie UK AND the USA.... given the fact that still a low % of USA have passports and your extremely biased joke of a media ie MSNBC ABC and CNN and their daily verbal diarreah with little interest or presentation of foreign affairs it is not surprising the comment you made. Comment nbr2 having previously worked at goldmans a while back when the information that is being revealed now was not unearthed or clear; do not presume that all goldman employees are aware or 'IN' on the types of deals and computer high frequency trading manipulations going on in the background. Are they supposed to just walk out and resign en masse? and go where... sure those really 'involved' in these underhand unsavoury processes will be carrying the guilt for a long time for their actions and no doubt there will be consequences.... what is the point whether it be Goldmans employees directors and other people who have illegally amassed a fortune in life and cant even be a decent kind respectful human being. And having been there at GS there are many Arrogant ruthless people who feel they are entitled to be excessively rich.... trouble is they are NOT decent integrous human beings in general. Having said that not all employees are of this ilk and some are just trying to make an honest living in this crazy world. And indeed im sure they will be questioning their future..... or will they be silenced and remain with the temptation of big bonuses and money to cover over their sense of disillusionment???

Anonymous said...

well first of all, US or Uk isnt my country, and im not talkn about medias such as the ones you have mentioned. So i aint being ignorant. How about you come and give Australia a visit and you will see what i mean. Maybe yes by showing the strife the federal reserve and the US economy is facing it may reduce consumer confidence in a time all nations are tryng to rebuild. However isnt it necessary the general public knows what is happening wit one of the major economies that has huge effects on the rest of the world. Im talkn abt recent events not what happend wit the subprime mortgages, that info isnt easy to hide. thts old news now.

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