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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

Friday, November 20, 2009

Goldman Sachs Links and News - November 20, 2009

 Today's links are very good, especially the AP story about them taking the garbage out.  While in itself, volunteering on a holiday is a good thing and certainly good PR for GS to BS some more. I do congratulate the employees - all 300 of them - for taking the time to give of themselves.  

I hope - as they look around the room of those they are serving - that they begin to understand how some of those billions they are making corporate wise and personally can truly be better served by serving those in need.   

It would not be ironic at all if they meet some former Wall Streeters who didn't make it as they have.  I hope they look into the eyes of these people and see the pain and most of all hunger.  

What they are going to see is a picture of America, the richest nations still on earth with millions of starving, homeless people many of whom fell from grace as a result of "what they (GS) did wrong" 

The number of meals is 10 times as many as last year and come at a time when more and more Americans are struggling to put food on the table.
Great Performances' CEO, Liz Neumark, will help out in the Bronx with her 14-year-old son. Her elite catering company's first such effort was last year, serving 1,000 meals
"These were regular, ordinary people, just like us, who were hungry," she said. "And you think, 'there but for the grace of God."
 Imagine from 1,000 to 10,000 - a  true sign of the times
More than 49 million Americans — one in seven households — struggled to put enough food on the table in 2008. That's the highest rate since the federal Department of Agriculture began tracking food security in 1995.
This - Goldman Sachs - is a by product of "what you did terribly wrong". Look into their eyes, see the hunger, the pain and frustration.

To the 300 volunteers, let your managers and executives know what you have witnessed.  As we enter the holiday season perhaps you can rethink how you can begin to repay America - not by eliminating or renaming "Christmas parties" but by using the money you all have earned at the cost of 10,000 you will be cleaning up after.  Happy Holiday?
Read the full story...Goldman Sachs to take out garbage at on the link

Today's Links:

Goldman Sachs, Shareholders Just Can't Get Along | BNET Financial ...
By Alain Sherter
Goldman Sachs's employee compensation

Goldman Sachs Execs Skirt Christmas Party Ban
By The Huffington Post News Editors
At Goldman Sachs, tis the season of giving. Not only is the firm lavishing huge bonuses on its employees, but its executives are finding ways around the company's ban on Christmas parties - by calling them "dinners."

Goldman Sachs to take out garbage at Thanksgiving
The Associated Press
Three hundred employees of Goldman Sachs Group Inc., Wall Street's richest firm, have volunteered for the holiday feast and will be tasked with taking out ...

The Media is Wrong about Goldman Sachs, AIG
Atlantic Online
Goldman Sachs Group Inc could have suffered dramatic losses if the federal government had not intervened to prop up American International Group Inc ...

      GS666 Editor’s Note:  This story I do not get at all.  All three –GS, AIG, U.S. Government other bankers - walked hand in hand in creating this disaster, yes but where is the media wrong?

Goldman Sachs: Here's What Makes Us Awesome (GS)
By John Carney
Lloyd Blankfein delivered a presentation about Goldman Sachs last week in which he explained what Goldman Sachs is and what its plans for expansion are. His comments were made at the Bank of America Merrill Lynch banking and financial ...

Dear Reader, We Cannot Criticize Goldman Sachs. Instead, We Admire ...
By Daily Reckoning
The Lloyd's Prayer Our Chairman, who art at Goldman Blanfein be thy name The rally's come God's work be done On earth as there's no fear of.
     GS666 Editor's Note:  This comment is worth reading even if you don't read the entire atricle:

Goldman has its former operatives in key posts throughout the government. It knows what the government is doing; it has a fair idea of what the government will do next. In trading US government securities, the biggest business in the financial world, this “insider” knowledge is no doubt a handy thing to have. It doesn’t hurt either that the Fed is making money available to Goldman at practically no cost. Nor, that the Fed is buying its mortgage backed securities - perhaps even ones that would be hard to unload on the private market.
Goldman Sachs' $500 Million Mea Culpa
Huffington Post (blog)
It's truly touching that Goldman Sachs' CEO Lloyd Blankfein, who recently said that his too-big-to-fail, Fed-backed holding company is doing "God's work," ...

Some Goldman Sachs Shareholders Want a Bigger Piece of the Pie (subscription)
Some of the biggest shareholders of Goldman Sachs (NYSE: GS) have asked the firm, which is set to deliver $20 billion in bonuses, to pass more of the ...
     GS666 Editor's Note:  Finally the stockholders are beginning to wake up.  Don't they know they are the ones that own the company and can control its operation?

UPDATE 2-Investors ask Goldman to be less greedy-WSJ
ZURICH, Nov 20 (Reuters) - Big shareholders at Goldman Sachs (GS.N) have asked the US bank, on track to deliver $20 billion in bonuses, to pass more profit ...
     GS666 Editor's Note:  That's like asking a shark not to bite.

Professor Buffett Tutors Goldman
However, not ones to miss out on a profit, it is likely that the new initiative will bag both Goldman Sachs and Professor Buffett a nice profit. ...

Big Goldman Sachs (GS) Shareholders Fight Bonuses
24/7 Wall St. (blog)
A number of large Goldman Sachs (NYSE:GS) shareholders would like to see the firm's profits in their pockets and not in the bank accounts of the Goldman ...

Goldman's extreme makeover: If bank has heart, it should forgo state, city ...
New York Daily News
The top man at Goldman Sachs has embarked on a campaign to restore the image of the world's richest bank as it gets richer and richer after having ...
     GS666 Editor's Note:  Some good stuff in this one.

Some Shareholders Want Goldman to Cut Back on Bonuses
Wall Street Journal
By SUSANNE CRAIG Some of the largest shareholders in Goldman Sachs Group Inc. have urged the Wall Street firm to reduce the size of its bonus pool, ...

Q&A: Why Eric Dezenhall Thinks Goldman Sachs' Apology May Be a ...
By Jim Edwards
Goldman Sachs (GS) apologized for its role in the financial crisis this week and announced it would invest $500 million in small businesses as a mea c.
     GS666 Editor's Note:  See my comment in this post.

Goldman Sachs apologized for the financial crisis
By admin
The head of Goldman Sachs “regrets” and about his interview with Sunday Times, where he said that banks “are doing God's work.” This phrase has caused a new wave of criticism of the company. Mr. Blankfeyn said he was joking. ...

Goldman's Sachs-Cloth and Ashes Tour Continues
New York Magazine
In response to public backlash against them, Goldman Sachs has been going out of its way to apologize for how well they have performed post-crisis. ...


Anonymous said...

Lloyd Blankfein's Apology for God's Work? Apology NOT Accepted!

Anonymous said...

Bust the financial trusts
By Rep. Marcy Kaptur

The giant firms have already shown us they are impervious to regulation. They exploit loopholes almost before Washington has created them.

The FBI told America in 2004 that fraud was rampant in the mortgage sector. Fraud takes many forms, including control fraud. That is why I have introduced legislation, H.R. 3995, which would authorize the use of funds for the FBI to muscle up with 1,000 additional agents who would be assigned to mortgage, corporate and securities fraud investigations. We need 1,000 agents, not a few hundred, to untangle what might well be the largest financial swindle in U.S. history

Larry Rubinoff said...

I agree with Rep. Kaptur. She is one of the very few in our Cngress who sees the truth and wants to do something about it.

The FBI did tell America that fraud in the mortgage industry was rampant and it was the mortgage broker industry who took all the heat and blame. Hundreds of brokers have been found guilty of fraud and sentenced to prison. Yes, many were guilty and were criminal and some just got caught up in the rushingn waters.

The FBI also reported in 2008 that it was investigating 14 financial institutions who they would not name. Nothing has EVER been said about this investigation for fraud 0 NOTHING EVER.

I have always maintained that the fraud began at the top of the pyramid, Wall Street. Then flowed downhill to the banks then to the wholesale lenders and finally down to the mortgage broker and loan originator in the field whose only job was to match a borrower to a lenders guidelines and submit an application.

It was the bank, wholesale lender (many of whcih were owned by Merrill, Bear and Lehman) who had the authority to underwrite, approve and fund loans from guidelines created by Fannie/Freddie or one of the three Wall Street Firms mentioned above. It was their rules.

Goldman was a kingpin as they were critical to selling the derivatives - bets guaranteeing the loan pools if they failed. Bets that were never backed by real money.

Fraud when the rating agencies automatically gave mortgage pools AAA ratings knowing they were not.

There is so much evidence of fraud withing all the failing mortages, not by the borrowers but by the banks, lenders, servicing companies and Wall Street. Wall Street is even defrauding the investors who invested in the pooled mortgage securities and derivatives.

Expose Wall Street and the other commercial banks for what they are. Instead our government protects them by bailing them out continuously.

Everyone needs to listen to Rep. Kaptur

Anonymous said...

Janet Tavakoli Retracts Her Apology To Goldman Sachs, Calls For More Regulation Of The Government Backstopped Hedge Fund

Goldman’s Turn to Apologize

In light of the SIGTARP report, I withdraw my earlier apology to Goldman. Public commitments to AIG are currently around $182 billion. If you wonder what Goldman CEO Lloyd Blankfein meant when he said: “[Goldman Sachs] participated in things that were clearly wrong and we have reason to regret and we apologize for them,” think of Goldman’s role in AIG’s crisis, Goldman’s bailout, and Goldman’s ongoing heavy taxpayer subsidies. That way, one of you will be genuinely sorry about it.

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