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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

Wednesday, November 18, 2009

Goldman Sachs Story Of The Day - I'm Sorry

For the past few weeks all the talk and buzz about Goldman Sachs was about Blankfein's comment on doing God's work.  This week we have a new story that will probably fill the blogs and headlines of the media - Lloyd Blankfein's apology for the role his company played in the housing crisis.  Of course, the housing crisis or mortgage meltdown, as it was referred to, evolved into a full blown international financial crisis never before seen.
CBS, reporter Ilyce Glink quotes CEO Blankfen as saying,
“We participated in things that were clearly wrong and have reason to regret,” Blankfein reportedly said, adding “we apologize.”
 Read Ms. Glink's full here

"We aplogize", that's it?  This does not seem like a real heartfelt apology.  The real important part of his statement is where he admits that "things they did were clearly wrong Clearly, they were wrong.  Ask other countries, retirement plan administrators. cities, counties and those millions of Americans who are unemployed.  They will all tell you that "things they did were clearly wrong". 

I just don't think Lord Blankfein gets it.  They were the kingpins in the Wall Street Cartel.  They managed to save themselves, let some of their brothers like Lehman Brothers  fail and somehow get a taxpayer bailout for AIG (also in the news today...see News Links below) from which they further enriched themselves at 100 cents on the dollar.

America, we need not continue to support those who do not support us.  Folks, they knew what they were doing and they knew what the consequences would be.  One thing that cannot be said about Goldman is that they are not dumb.  Indeed, they are very intelligent and good at what they do.  They knew!

So how sorry are they?  Ilyce Glick says,
...Goldman Sachs is ready to kiss and make up. It’s offered to put up a total $100 million per year over five years to help give small business owners better access to capital and business education. The company will contribute $200 million (over five years) for business and management education and $300 million (again, over five years) to provide loans and philanthropic support to increase access to capital for small business owners.
 Yes, $500 million does sound like a lot but you must put it into perspective.  If - as she says - they are now talking about bonuses of up to $36 billion then the good faith gesture of $500 million represents only 1.38 percent of the bonus pool. When you are talking billions of dollars - that's 9 zeros ($36,000.000,000) - and you offer up such a small amount in comparison, it does not seem genuine. 

What would have made a somewhat more believable statement would have been 10% of the estimated bonus pool - $3 billion 600 hundred million dollars ($3,600,000,000).  That would make a ripple at least.

To add insult to injury the $500 million is going to be spread out over years and different allocations.
  • $100 million per year over five years to help give small business owners better access to capital and business education.  That's just $20 , million per year.
  • $200 million over five years for business and management education   That's just $40 million per year
  • $300 million over five years to provide loans and philanthropic support to increase access 
  • to capital for small business owners. That's just $60 million per year.

Now their apology is only worth $120 million per year.  Over the next five years their bonuses alone could total $180 billion if it stays at the same  level.

Some apology for being a kingpin in bringing down the world's economy, leaving millions of their fellow citizens unemployed, foreclosed on and in poverty.  Give me a break!  How dumb do you think we are,  Lord Blankfein? "Clearly" you are at fault and "clearly" you should be working diligently at making amends and righting the wrongs you did not  insulting us by rubbing our noses in manure as you ride your lavish mechanical camels off into the dessert sunset.

Last but not least by any stretch of the imagination, this proposed apology offering will most probably come from company revenues not their own bonus money. 

If you were indeed doing God's work as you have claimed, then would you not apply this philosophy - "Give and ye shall receive".   By the way, is the god you refer to The Almighty Dollar?

Goldman Sachs and their brother Wall Street bankers have accomplished the greatest transference of wealth in the history of the world.  They have left many broke and destitute through their actions and like the Lords and Rulers of the past, they throw back a few morsels to the rest of us peasants.

More on this outrage in the future.
Go to TheMortgageCornerFORUM for other views and opinions by Larry Rubinoff


Anonymous said...

The new slogan coined by Goldman Sachs operatives in and out of government: "We looked into the Abyss". This "Abyss" was the potential losses by Wall Street. The ancients sacrificed to angry volcanos by tossing in virgins. Our ruling billionaires tossed in whole generations of virgin taxpayers--even those as yet unborn!

Anonymous said...

My only questions are....Where are the authorities? Where are the indictments? Who is truly looking into this mess? Who is going to clean this up? Who is going to punish those responsible and conduct a Perp walk? What the hell is going on here? White collar crime is only illegal when a nobody commits it but is legal when a somebody commits it?
Did they really think we would think Madoff did all this? What the hell has happened to our elected officials? Where is honesty and integrity amoung those elected? Did that go out the door after payment was made by the lobbiest?
God help these people in their after life because Hell could not be hot enough for them and those dollars become merely ashes.

Ilyce R. Glink said...

Thanks for the mention and for visiting Home Equity blog

Ilyce R. Glink

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