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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

Tuesday, October 13, 2009

Goldman Sachs News and Links - October 13, 2009

Les Leopold: Break Up Goldman Sachs?
By Les Leopold
Goldman Sachs and the other major Wall Street institutions are still too big to fail. In fact they are even bigger than before. They should be broken into much smaller entities that are small enough to fail.

Larry Rubinoff: Breaking up Goldman Sachs and many of the other giant banks would be the best thing that could happen to this country.  Les Leopold is right on with his column in The Huffington Post.  The more monopolies in corporate America, the less the consumer gets and the more the consumer gets screwed.
It's miraculous. Wall Street implodes and takes down the rest of the economy bringing us to the gates of the Great Depression II, and Goldman Sachs makes more money than ever

Goldman Sachs 2009 bonuses to double 2008's; $23 billion could ...
By John Byrne
On Thursday, Goldman Sachs will announce the firm's bonus payments for 2009. Analysts expect the bonus pool to mushroom to $23 billion -- double the bonus pool paid to employees in 2008. Earlier this year, Goldman Sachs said that it had ...

Larry Rubinoff:  Did you hear that?  $23 BILLION!!!!!.  The American people are hurting, small business closing, unemployment rising, food stamps participants increasing, foreclosures on the rise...but Goldman Sachs has earned enough to pay out  TWENTY THREE BILLION IN BONUSES!..Can anyone explain that?  Did Henry Paulson, the former chief of Goldman Sachs and the former Secretary of the Treasury have a part to play in this "former" (maybe not so former) compnay fourishing with the aid of himself?  Did he orchestrate the bailout to benefit himself and his compadres at JP Morgan and AIG?  Questions that must be asked and should be answered.  Her is what the article says?

Goldman Sachs 2009 bonuses to double 2008’s; $23 billion could send 460,000 to Harvard, buy insurance for 1.7 million families

US Stocks Lower; Led By Financial Issues
Wall Street Journal
... led the US stock markets lower Tuesday amid worries about increasing regulatory scrutiny, earnings jitters, and an analyst downgrade of Goldman Sachs. ...

Larry Rubinoff:  How interesting when the King of Kings loses some luster, they all begin to crumble.  OH, Hail Cesar!  But Cesar Goldman Sachs is not infallible.  The people will rise once again.

Whitney downgrades Goldman Sachs ahead of report
"While we are fundamentally constructive on Goldman Sachs over the long term, we prefer to invoke the 'why be greedy?' rationale and lock in profits at ...

Larry Rubinoff:  This is the  who caused the slide by saying "why be greedy?" referring to taking profits for her clients and not to Goldman Sachs.  Yet, I would use this comment about Goldman Sachs, "why be greedy"?  Greed never leads to good only to someone's misfortune, even their own.  It is, However, good to see the drop in value so thank you Ms. Whitney you managed to devalue many of them at the same time.

Time for big banks to show the money
Analysts expect four of the six to post profits, and the best-run banks -- Goldman Sachs (GS, Fortune 500) and jpmorgan Chase (JPM, Fortune 500) -- are ...

Larry Rubinoff:  Yes, Show ME The Money!!  Then tell me where it came from and if you could have made it without the billions of dollars we gave you.  Had the government given me just a few million, I think I could have managed to make a lot mre.
The big banks have been sheltered over the past year by lavish government assistance, ranging from Treasury loans to expanded deposit insurance to federally backed loan guarantees. Some of those props are due to start falling. The Federal Deposit Insurance Corp.'s loan guarantee program, for instance, is due to expire Oct. 31. 

Goldman Sachs Charity Bonus Watch: Andrew Ross Sorkin Edition
By John Carney
The New York Times columnist notes that the Goldman charity plan may be in trouble.


Anonymous said...

The Man Who Risked The World
A common unifying thread is the repetitive, spaced out by 5-10 years on average, spectacular blow up, the result of the bursting of yet another bubble of his own creation, for which not only would Bob not get punished, but would either frame, or be the beneficiary of, policies that would provide a generous backstop, and would subsequently progress to ever loftier positions of responsibility, both private and public.

Is this the same theme now seen with now only the five core TBTF firms, but mostly with Goldman Sachs? Is it surprising that moral hazard has now enveloped the very fabric of finance, after one of its core progenitors has been pacing the halls of both Goldman (and now nationalized Citi) and numerous administrations over the past 40 years?

More on Robert Rubin and his multi-billionaire hencheman as we delve deeper next time.

Anonymous said...

The interview with Bill Moyers is an early sign that people are shifting their attitudes significantly. Kaptur does not look like or sound like some radical nutcase, yet she presents a compelling case of a Financial Coup D'Etat.

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