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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

Thursday, July 16, 2009

The Real Price of Goldman Sachs' Giganto-profits...Matt Taibbi

Goldman Sachs has less than $.02 Trillion in assets and $39 Trillion in derivatives exposure.

Is table 1 on page 22($million) creative accounting?

Matt Taibbi... knocks another one out of the park!

So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy.

`Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal.

Read More . . .


Anonymous said...

Start by asking what and where Dan Sparks, Goldman’s former mortgage head and his team is doing now, it was more than just great timing that he left in Spring 2008.

Anonymous said...

Dan doesn't work at GS anymore, most of the GS mortgage guys came from Bear Stearns now with the exception of Kevin Gasvoda and Michelle Gill. Never short, count out, or bet against GS, the company is hot shit.....this guy knows what I'm talking about....

Anonymous said...

so where is Dan Sparks now? I know Gasvoda, but I never found out what happened to Sparks...

riot act said...

sitting in front of a senate committee nuancing and parsing every syllable, hoping not to perjur himself.

Cheap Viagra said...

I think stuff related to Matt Taibbi is very concerning.
Ever since he knocked another one out of the park, I just hope thing keep going right.
By the way, Matt Taibbi seems to be a nice person

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