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

Thursday, August 20, 2009

JP Morgan and Goldman Sachs...Gambling High Rollers

These two firms are the top two largest dealers in Credit Default Swaps CDS).  If I am correct in my thinking Credit Default Swaps are what brought down AIG because they could not cover the bets.  Yes, cover the bets as many say trading CDS is a form of gambling and some in Congress have even said it is illegal gambling. writes in their article titled;
“This growing dependence on a limited number of counterparties, for better or worse, appears to be a permanent feature of the market and can be traced to the collapse” of market-makers such as Lehman Brothers Holdings Inc. and Bear Stearns Cos., Fitch analysts wrote in the report.
In a report published in June, JPMorgan was the largest trader of credit derivatives among U.S. commercial-bank holding companies, with $7.5 trillion (emphasis added) in gross contracts outstanding at the end of the first quarter, according to the Office of the Comptroller of the Currency. Goldman had the second-most contracts outstanding at $6.6 trillion (emphasis added), Morgan Stanley was third with $6.3 trillion, Bank of America Corp. had $5.6 trillion and Citigroup Inc. had $2.9 trillion, according to the OCC report.
If this type of transaction is so toxic and led to the collapse of so many other firms which led to the multi billion dollar bailouts then why are we still allowing this type of transaction and why are JP and Goldman the leaders of the pack.

Credit is still defaulting which means that these gambling debts will have to be paid off by someone.  AIG had over $12 trillion dollars of CDS's and these two firms have a combined total of over $14.1 TRILLION. 

Who's money are they betting with and will the taxpayer have to be the backers once again?  I would love to go to a casino and place bets with no money - just chips that I created - then have a whole nation to cover my losses.  "What a country".

JP and Goldman are the true High Rollers in this casino.
Read The Full Article in here


Post a Comment