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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

Thursday, October 15, 2009

Goldman Sachs News and Links - October 15, 2009

It seems like all of todays news about Goldman Sachs is about their record profits and the bonuses they are going to pay out.  There are stories from main stream media as well as bloggers who I believe represent more of the people.  Let's take a look at some of the stories they are all worth reading.

There is just a lot of outrage against the profiteering and bonusing from many leading authorities.  Many of these publications are the "main stream" that I often say are biased and controlled.  There are exceptions and below you will see them. 

Comments from you on the various posts would be interesting.

Dow 10000, Goldman $3 Billion: Welcome to the 'Bush Recovery'
New York Times
This morning, Goldman Sachs announced a quarterly profit of $3.19 billion. Neither number would have seemed believable a year ago, but now that these ...
Larry Rubinoff: This article from the WSJ has several quotes from various reporters, bloggers and "experts".  However, the quote that says the most is:

If you don’t have a job you’re in deep trouble. You are a “lagging indicator.” You are one of the 29 million who are without work or forced into part-time jobs (the BLS U6 Jobless rate stands at 17 percent). You are gobbling up what savings you have or already digging a deep hole of debt. You are hoping other family members can keep the ship afloat until you find employment. You’ve worked hard all your life only to watch your industry pack up and leave or shut down all together. You’ve drawn the short straw.
From Wall Street to Main Street to Skid Row
BBC News
As Goldman Sachs makes quarterly profits of more than $3bn, and ponders paying bonuses, for the first time in 34 years social security payments to Americans
Larry Rubinoff:  We seem to get better and more accurate news from the UK.  Maybe because they are not and cannot be controlled by "big brother".  This quote from this article speaks loudly:

The politicians said that Wall Street had to be saved to rescue Main Street. But even as Wall Street makes profits, the loans don't seem to be flowing into Main Street.

The United States economy is about to pose an interesting political problem. As the Dow Jones industrial average hits 10,000 for the first time for over a year, unemployment hovers on the edge of the 10% mark. (emphasis added)

Goldman Sachs: Your tax dollars, their big bonuses
Goldman Sachs is having a banner year, and is getting a big boost from government programs. By Colin Barr, senior writer Goldman shares have soared during
NEW YORK (Fortune) --
Larry Rubinoff: This article comes from as reported by CNNMoney.  Here is the opening line - the bold emphasis was added.
It's probably cold comfort, but Goldman Sachs couldn't have done it without your help.

No, they could not have done it without our money.  As you read in antoher article below, GS has done no more then "gamble" with the money we gave them and they hit.  Give me that kind of money and turn me loose in a casino and I will clean the house.  But then again, if you borrow money to gamble with and you win, shouldn't you share the winnings with those that loaned you the money and not your friends?
Bonus trouble as Goldman Sachs clocks record revenues
Goldman Sachs has just clocked up quarterly earnings of $3.2bn. Is it really possible to bully such an organisation? But apparently some banks, poor dears, ...

Goldman Sachs: “A Bunch of Clever Thugs” | The Big Picture
By Barry Ritholtz
Goldman Sachs has a PR problem. I want to direct you to a few of the more interesting articles discussing these. Let's start John Gapper writing in the FT –

Larry Rubinoff:  Here is part of what John Gapper from the Financial Times in the UK )UK news again) had to say:

There is outrage that, having taken government money to survive the crash, Goldman is in such rude health that it will hand out billions in bonuses. Matt Taibbi, a Rolling Stone writer, caught the mood memorably by describing Goldman as “a giant vampire squid wrapped around the face of humanity”. . .
Who Really Will Pay for Goldman Sachs' $23 Billion in New Bonuses ...
By Robert J. Shapiro
Related Programs Other Related Programs: Globalization Initiative Systemic Financial Crisis The Great Recession It was an auspicious week for the touchy issues surrounding executive pay. One after another, President Obama's.

Larry Rubinoff:  The quote below is a good start to this conversation.

Starting with Goldman, it’s obvious that a sheaf of annual bonuses each equal to 10 or 20 times what an average American earns in his or her entire lifetime, coming from a firm which recently received huge, direct and indirect taxpayer-funded assistance, is certain to spark outrage.   That reaction isn’t misplaced,
Connecting the Dots in the New World Order: Goldman Sachs Set to ...
By DotConnector
Bankers' pay and bonuses is set to spark more anger this week after it was revealed that U.S. investment bank Goldman Sachs is set to pay out a record $23 billion to its employees. Bumper third-quarter profits from the Wall Street giant ...

Larry Rubinoff: Two things are interesting in this post from blogger DotConnector.  One is his reference to "The New World Order", George Bush the First talked about that as well as did Meyer Rothschild in the late 1700's.  Rothschild is the creator of the Central Banking System we in America call it The Federal Reserve.

Second is the fact that his blog links to an article in another British on line journal that actually makes a comment about this blog saying,  The comment actually favors this site and its founder, Mike Morgan.  Please read.  Note:  You will have to go to the "read and weep" link at the bottom of DotConnectors post.

The House That Goldman Sachs Built « Blog
By Karen De Coster
The coup of the Treasury Department, which promotes itself as the “steward of U.S. economic and financial systems,” means an economy and financial system run by and for the Wall Street oligarchy, with Goldman Sachs spearheading the ...

Larry Rubinoff:  Here is how this article begins.

The House That Goldman Sachs Built

The U.S. Treasury Department is the central headquarters of Wall Street, and Timmy Geithner is its demigod. The coup of the Treasury Department, which promotes itself as the “steward of U.S. economic and financial systems,” means an economy and financial system run by and for the Wall Street oligarchy, with Goldman Sachs spearheading the ruling class.

Bloomberg runs a “breaking news” headline at the top of its page this morning: “Geithner Aides Reaped Millions Working for Banks, Hedge Funds.” It summarizes what we already knew — Timothy Geithner’s aides/advisors/kingpins are reaping huge salaries from Goldman Sachs and other Wall Street megalomania brokers at the same time that they influence policy that affects the entire economy and financial system. However, the details of the story are startling.

Shareholders Challenge Goldman Sachs as It Prepares To Pay Record Bonuses
Shareholder Resolution Filed Early As Company "Rushes to Pay Huge Bonuses" BOSTON and NEW YORK, Oct. 14 /PRNewswire/ -- Goldman Sachs is issuing its much ...

Larry Rubinoff:  Hoorah!  Stockholders taking control of "their" company.  It is their company.  It does not belong to the Chairman, CEO or any of the employees getting the bonuses.  Have they forgotten who they work for?  Well, this is a reminder.  I am not Catholic but friends of mine who are and attended Catholic schools have always said, "don't get a Sister mad at you, the punishment is severe.  Go get em, Benedictine Sisters, you are one of their bosses so even the Great Goldman Sachs must answer to "a higher authority" (sorry, I couldn't resist that).

The Nathan Cummings Foundation and the Benedictine Sisters of Mt. Angel,
Oregon announced today that they have filed a shareholder resolution urging
the Board to review pay disparity at the company and analyze the
appropriateness of its spiraling pay packages - packages that have an
unprecedented impact on Wall Street compensation in general 

The resolution, which is expected to gather more co-sponsors, has been filed
early to challenge Goldman Sachs as the Board makes final decisions on
bonuses.  It was filed to appear in the 2010 proxy and be voted on at the
stockholder's meeting.


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