GoldmanSachs666 Message Board

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 10, 2009

Goldman's "All the other kids are doing it" defense

Editors note: This is hilarious! Matt Taibbi takes on some questions about his Goldman article. I won't post the funniest stuff because you should read the whole article but here's a taste.


I’ve been shocked by how many grown adult people seem to have swallowed this argument, that the argument against Goldman’s behavior during the bubbles of recent decades is invalid because “everyone was doing it” — and other banks, like for instance Morgan Stanley, were “just as bad” as Goldman was.

Two things about that. One, it isn’t true, not really. By any reasonable measure Goldman is and has been the baddest guy on the block for a long time. When it comes to government influence, no other Wall Street company even comes close. And while maybe one might have made an argument that other players were more damaging to society before the crisis of last year, there’s simply no question now, after the bailouts and especially after the AIG fiasco, that Goldman now reigns supreme in the area of insider advantage. To pick any other bank to tell the story of the rapidly growing influence of Wall Street on politics and the blurring of public and private roles would be a glaring journalistic oversight, and surely even Goldman’s biggest supporters would admit this.

Two, even if it is true that “everyone else was doing it”: so what? Who cares? To me this response is highly telling. We published a piece accusing Goldman Sachs of systematically ripping off pensioners and other retail investors by sticking them with rafts of toxic mortgages it knew were losers, of looting taxpayer reserves to cover its bad bets made with AIG, of manipulating gas prices to massive detrimental effect, of helping to explode an internet bubble that caused over $5 trillion in wealth to disappear, and numerous other crimes — and the response isn’t “You’re wrong,” or “We didn’t do that shit, not us,” but “Well, Morgan did the same stuff,” and “Why aren’t you writing about Morgan?”


Read the full story.


Post a Comment