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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

Saturday, September 19, 2009

Goldman Sachs & the President's Working Group

Another tentacle in the web that is. Goldman. Goldman Sachs.

What Is Goldman Alum Eric Mindich's Role As Chair Of The Asset Managers' Committee Of The President's Working Group?
by Tyler Durden

On September 25, 2007, the President's Working Group on Financial Markets, better known as the Plunge Protection Team, announced the formation of two private sector committees, one comprising of Asset Managers and the other, of Investors. It is the first one that is more interesting, as the committee is chaired by one Eric Mindich, best known for his Goldman Sachs wunderkind status, who at 27, was the youngest Goldmanite ever to be promoted to partner. In 2004, Eric split off from Goldman, nonetheless maintaining a favorable relationship with the mothership through its "Fund of Funds" division (we jest), and its various Prime Brokerage client platforms, by starting Eton Park, which with its starting capital of $3 billion, is still likely a record of highest AUM at a fund's inception.

So what was the justification for the creation of this specific committee. From its Mission Statement:



Yet with recent scrutiny of latent Goldman interests in virtually every segment of the executive branch, Zero Hedge does find it oddly convenient, that in those dark (for Goldman Sachs) days, the two key people making capital markets related decisions were yet another two Goldman Sachs alumni: Hank Paulson and Eric Mindich. And we believe in the spirit of fake transparency so heavily endorsed by the President, it is worth at least attempting to get some additional information on the deliberations by the proxy entities that truly run this country's economy and capital markets.

Read the rest over at ZeroHedge. Click here
...hatip to Anonymous


Anonymous said...

"Insiders" Continue to Show Contempt For the Rule of Law. Latest Example: Frontrunning Perot Option Buyers Wipe Their Ass With the SEC.

Nothing at all against Professor Frankel (seriously), but I don't care if it costs the price of one F-22 fighter jet! The SEC should be like Sherman marching through Georgia on this one! More from Bloomberg;

Goldman Sachs Group Inc. and Baker Botts LLP advised Perot on the transaction, while Morgan Stanley and Vinson & Elkins LLP helped Dell.

There's that name again, Goldman Sachs! To be fair though, now that half of Goldman's investment banking rivals have been eliminated, the odds of the firm advising on any deal are pretty darn high. Sometimes I wonder if Morgan Stanley was kept around just to avoid the embarrassment of having Goldman represent both parties in a merger or acquisition!

Anonymous said...

Isn't price suppression a form of transfer of wealth ?
What else do they withhold from public?

Fed admits hiding gold swap arrangements

Section: Daily Dispatches
11p Tuesday, September 22, 2009

The Federal Reserve System has disclosed to GATA that it has gold swap arrangements with foreign banks that it does not want the public to know about.

The disclosure contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.

The Fed's disclosure came this week in a letter to GATA's Washington-area lawyer, William J. Olson of Vienna, Virginia (, denying GATA's administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund's treatise on gold swaps here:

The letter, dated September 17 and written by Federal Reserve Board member Kevin M. Warsh (see ... /warsh.htm), formerly a member of the President's Working Group on Financial Markets, detailed the Fed's position that the gold swap records sought by GATA are exempt from disclosure under the U.S. Freedom of Information Act.

Warsh wrote in part: "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."

Anonymous said...

This sort of "very illegal" inside information trading has been part and parcel of this entire mess. It is part and parcel of how we have a couple of firms, one in particular (cough-Goldman-cough!) who manage to make money on their "proprietary trading" virtually every day in a quarter, a statistically-improbable outcome akin to that of getting hit in the head by a meteorite when one goes to get their mail.

What is also crystal-clear is that nobody in the government gives a good damn about the laws that are broken by this insider-trading; these are not small, random people that were making illegal profits, it is some of the biggest and best-connected names on Wall Street.,-Two-Years-Later.html

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