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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

Monday, August 10, 2009

What Role Did Goldman Sachs Play in Loading Pension Funds with Crap?

One of the headlines in the National Real Estate Investor today was . . . Tanking Real Estate Values Take Toll on Pension Funds - Click Here. This is nothing new, and the fact that CalPERS is "yet again" at the center of another string of bad deals is nothing surprising. CalPERS was such a ripe target for Banksters and Gangsters like Goldman Sachs, Morgan Stanley, Lehman Brothers and the rest of the boys and girls that exchanged crap for cash with CalPERS and other pension funds, endowments and a littany of fiduciary money clients.

CalPERS and other pension funds didn't make these deals on their own. These "deals" were brought to them by Banksters like Goldman Sachs, Morgan Stanley and Lehman Brothers. In fact, pension funds looked to these Banksters to advise them on these deals, even though on many of these deals, the Banksters had conflicting relationships with other parties to these deals. And one huge deal in particular that blew up on CalPERS, not only involved the Banksters, but none other than Nancy Pelosi's nephew.

Sadly, not a single investigation into any of these "deals."

What's truly growing sadder by the day, is the fact that Goldman Sachs and their gaggle of Banksters are now loading up pension funds and other fiduciary clients with overprices stocks, bonds and a host of financial instruments that they either bought cheap and are selling high, or they are simply scalping huge fees on both sides of the deals.

But back to commercial real estate for a moment. I've long said that this is going to some day explode as a $5 trillion dollar global problem . . . or more. One expert, believes “the equity in $1.3 trillion of properties is at great risk, if not already wiped out.” I say hogwash.

Hogwash? Yes, because it is not $1.3 trillion and it is not at great risk. The number is triple that or more . . . and it is already wiped out. The only think left, is for pension funds, insurance companies, banks and capital groups to admit the fat lady is finished singing. The only people singing now, are the Banksters still playing games with easy marks like the pension funds.

And one reason Goldman Sachs, Morgan Stanley, JP Morgan and the rest of the Banksters can get away with it, is because pension funds, insurance companies and endowments don't need their money now . . . and they follow accounting rules that overinflate assets. It's the ultimate shell game, because no one is turning over the shells to see if there is a peanut under any of the shells. In this game, by the time the regulators realize the money is gone, Goldman Sachs and the other Banksters will be gone.

Oh, by the way. For a big chunk of this, you and I are liable, because we agreed to provide FDIC guarantees on gazillions of dollars of new debt created by the Banksters.

In closing, I guess I should just call them Gangsters, because they are not doing any healthy banking. In fact, these Gangsters make the mafia look like pre-schoolers.

Wake Up America!


Maggie Knowles said...

Goldman Sacks-CalPERS

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