GoldmanSachs666 Message Board

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

Wednesday, October 21, 2009

Goldman Sachs News and Links - October 20, 2009

Dark Pool' Trading Limits Said to Be Reduced by 95% Under SEC Proposal
The rule change may curtail the number of transactions on dark pools, off-exchange platforms run by firms

such as Goldman Sachs Group Inc. and Getco LLC ...

Benjamin Wachs: Behind the Goldman Sachs Recession
By Benjamin Wachs, columnist Are we supposed to be impressed that Goldman Sachs is spending $200 million on a foundation to support “education”? ...

Larry:  This is probably the best part of the article when Wachs says:
Politicians debate whether this is the “Bush” or “Obama” recession even though neither of those gentlemen ever offered a sub-prime mortgage or traded derivatives. It was the wizards of finance who actually committed the acts that dragged the economy down, thus triggering what could be more appropriately called the “Goldman Sachs Recession.”

Hank Paulson Held A Secret Meeting With Goldman Sachs In Moscow
By John Carney
He and Treasury had had enough trouble trying to fend off all the Goldman Sachs conspiracy theories constantly being bandied about in Washington and on Wall Street. A private meeting with its board? In Moscow? ...

Felix Salmon has the appropriate reaction:
How on earth did Paulson think this was OK? Goldman Sachs was a hugely powerful for-profit investment bank, and there he is, giving private chapter and verse on his opinions about the US and global economy, talking about internal Treasury matters, and previewing an upcoming (and surely market-moving) speech. All in secret, at a “social event” which somehow got kept off his official calendar. Oh, yes, and one other thing — the whole shebang took place in the Moscow Marriott Grand Hotel, in the context of Goldman directors joking about how all the Moscow hotels were surely bugged.
This is sleazy in the extreme, and will only serve to heighten suspicions that Paulson’s Treasury was rigging the game in favor of Goldman all along.

Newmark's Door: How Goldman Sachs and JP Morgan made their money
By Craig Newmark
Wondering how they made roughly $6.8 billion last quarter "trading"? Philip Greenspun's friend explains. (Taking the explanation at face value, it sounds quite bad for several reasons.)

Larry: Hmmm.  They can borrow money from US at zero interest and buy bonds earning two percent???  Then they can even pledge assets to leverage more bonds.  In other words, free money to invest.  How about giving every American some free money to invest in bonds.  Here is the exlpanation.
...He explained that “carry trade” would be a more accurate description of what they’re doing. Because of the Collapse of 2008 financial reforms, the big investment banks are able to borrow money from the U.S. government at 0 percent interest. Then they can turn around and buy short-term bonds that pay 2 or 3 percent annual interest. Now they’re making 2 percent on whatever they borrowed. They can use leverage to increase this number, by pledging some of the bonds that they’ve already bought as collateral on additional bonds.

Felix Salmon » Blog Archive » The secret Paulson-Goldman meeting ...
By Felix Salmon
At this point, we're still months away from the now-famous but then-secret waiver, issued in mid-September, which allowed Hank Paulson to talk to Goldman Sachs; he'd promised not to do that when he moved from Goldman to Treasury. ...

Shareowners Rush to Challenge Goldman Sachs on Huge Payouts of Bonuses -- Goldman Sachs, the investment bank that received a $10 billion bailout from taxpayers via the Troubled Asset Relief Program (TARP), ...

Larry:  It is about time.  Not a real new story but one worth reading again.  Remember GS exec's, you work for the stockholders.  They own the company not you but then think you own us all.

Blogs For Victory » Blog Archive » Goldman Sachs and Your $70 Billion
By Mark Noonan
Goldman Sachs and Your $70 Billion. by Mark Noonan on October 20th, 2009 at 05:50am. It was a match made in heaven…for them: Guess which two Wall Street banks were acting as informal agents of the government in order to support the bond ...

The Whig: Goldman Sachs: All Your Treasury Are Belong to Us
By Septimus
The announcement last week that yet another executive from Goldman Sachs (NYSE:GS) was installed in a major financial regulatory position of the Obama administration raised even more red flags on the growing and apparently disturbing ...

Make do and Mend with Miss Marketcrash: Carl Icahn, CIT and ...
By missmarketcrash
We have Goldman Sachs suing Carl Icahn over a an entirely different matter. We have Goldman looking to profit from a CIT collapse. We have Mr. Icahn in a similar position, but in a more stealth kind of way. ...

Lou Minatti: Jealous of Goldman Sachs
By Lou Minatti
Reading one of Mish's posts from this past weekend made me realize that a lot of the criticism aimed at Goldman Sachs is plain old jealousy. And I for one think it's great that the son of the star of F Troop is now the COO of the SEC. ...

What should Goldman Sachs do?
Lost in the hubbub over Goldman Sachs' (GS) blowout third-quarter earnings and ever rising bonus pool was the fact that the firm actually reduced the ...

Larry:  I can answer that.  Let's stop supporting them, take back their Federal Bank Charter because they are not a bank and borrow money from the Fed at zero interest for their own use not to lend.  Stop the bailout and let them fail.
Corruption Behind Wall Street Compensation
Just a few days ago we learned Government Sa-er, I mean Goldman Sachs-announced it had set aside $16.7 billion for compensation and benefits in the first ...

Ratigan on Goldman Sachs: "Legalized Theft"
By Steve Christ
Goldman Sachs did exactly what any company would have done if put this position. They are not the bad guys in this scenario. Would you blame the home owner if he got a no strings attached no interest loan from a bank and he bought a big ...

The Essence of Politics: Goldman Sachs Executive are Primed to Get ...
By Hodari PT Brown
A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.” But these days that old dictum is being trunc


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