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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

Friday, September 25, 2009

Goldman Sachs- Friday Link Dump

Michael Moore's New Movie Was Brought to You by Goldman Sachs
New York Magazine
Big surprise: 'Capitalism: A Love Story' was funded by "capitalists".

Goldman Sachs at CGI: Women Offer the "Highest ROI"
FastCompany
10000 women bannerThat's what Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs (GS), told us today. That providing business and management education to women in developing and emerging economies meets a "great need" for "enormous ...

Analyst raises price target for Goldman Sachs; has positive outlook on Goldman, Morgan Stanley
The Examiner
An analyst on Thursday raised his price target for Goldman Sachs Group Inc. and said both Goldman and Morgan Stanley are poised for long-term growth amid a recovery in investment banking and brokerage businesses.

New Home Sales in US to Climb 30% in 2010, Goldman Sachs Says
Bloomberg
The Goldman Sachs forecast is based on the assumption Congress will extend or amend an $8000 tax credit for first-time homebuyers that was instituted to ...

Goldman Sachs CEO Lloyd Blankfein's Cup Runneth Over
New York Magazine
From all outward appearances, Goldman Sachs is still on a winning streak — analysts expect the quarter that ends tomorrow will prove to be just as disgustingly profitable as the last two.

Local Business Digest: Carlyle Hires Goldman Adviser to Help Run Global Buyout Arm
Washington Post
Carlyle Group, the world's second-largest private-equity firm, hired Gregory L. Summe from Goldman Sachs Group to help run its global buyout business. ...

3 COMMENTS:

Grandad said...

So with all this good news, why is Goldman going down?

Anonymous said...

Audit the Fed

by Thomas E. Woods, Jr.


The Fed’s arguments against the bill are unlikely to persuade, and will undoubtedly strike the average American as little more than special pleading. Perhaps the most frequent of the claims is that a genuine audit would jeopardize the alleged independence of the Fed. Congress could come to influence or even dictate monetary policy.

This is a red herring. The bill is not designed to empower politicians to increase the money supply, choose interest-rate targets, or adopt any of the rest of the Fed’s central planning apparatus, all of which is better left to the free market than to the Fed or Congress. It seeks nothing more than to open the Fed’s books to public scrutiny. Congress has a moral and legal obligation to oversee institutions it brings into existence. The convoluted scenarios by which merely opening the books will lead to an inflationary catastrophe at the hands of Congress are difficult to take seriously.



If there is any truth to the idea of Fed independence, it lay in precisely this: the Fed may reward favored friends and constituencies with trillions of dollars in various kinds of assistance, while keeping the public completely in the dark. If that is the independence we’re talking about, no self-respecting American would hesitate for a moment to challenge it.

A related argument warns that the legislation threatens to politicize lender-of-last-resort decisions. Again, this is untrue. But even if it were true, how would that represent a departure from current practice? I hope we are not asking Americans to believe that the decisions to bail out various financial institutions over the past two years, and in particular to allow them to become depository institutions overnight that they might qualify for assistance, were made on the basis of a pure devotion to the common good and were not political at all. Most Americans, not unreasonably, seem convinced of another thesis: that Goldman Sachs, for instance, might be just a little bit more politically well connected than the rest of us.
http://www.lewrockwell.com/woods/woods123.html

Multifamily Investor said...

The Goldman report re: new home sales climbing 30% (!) overlooks three key points:

1) Unemployment – Outright joblessness is kissing 10% right now. I don’t see any credible economists arguing that that number is dropping anytime soon. While a case can be made for a “jobless recovery,” no one is saying that people are getting back to work. The so- called underemployment rate — which includes part-time workers who’d prefer a full-time position and people who want work but have given up looking — reached a record 16.8 percent. With a growing number of unemployed people, a smaller pool of people have the money to buy homes.

2) Shadow housing inventory coming to market – By one estimate, seven million housing units are scheduled to come online. In a perfect world, it would take almost a year and a half to sell just those units. How is a troubled market supposed to both absorb several million units, and push the units already in the market out the door? An $8,000 tax credit?

3) Already known distressed assets – The cherry on this sundae (and you know the main ingredient of this sundae) is that half of all residential mortgages will be underwater by 2011. If more people lose their jobs, have increasingly negative equity in their homes, and some lenders/servicers take their sweet time before foreclosing, why wouldn’t more people throw their keys to the bank?

For Goldman’s sake, I hope the money Goldman is investing on this bet does not come from the Executive Bailout Fund.

http://bit.ly/xcmcB

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