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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 25, 2009

Timothy Geithner, "PR Spin Dr. For Goldman Sachs"

Janet Tavakoll writes in the Huffington Post, Goldman Sachs Prsponds To The New York Times. Here is how she begins.

Pulitzer Prize-winner Gretchen Morgenson of the New York Times wrote a must read article ("Revisiting a Fed Waltz with AIG," November 21, 2009) on Sunday in which she recaps salient points from the November 17, 2009 report of the Office of the Special Inspector General (Neil Barofsky) for the Troubled Asset Relief Programs, "Factors Affecting Efforts to Limit Payments to AIG Counterparties," and wrote:

On the question of whether this payout was what the report describes as a "backdoor bailout" of A.I.G.'s counterparties, Mr. Barofsky concluded: "The very design of the federal assistance to A.I.G. was that tens of billions of dollars of government money was funneled inexorably and directly to A.I.G.'s counterparties." [T]his was money the banks might not otherwise have received had A.I.G. gone belly-up.
Tavakoll continues,
Timothy Geithner's interaction with the New York Times, first in his role as President of the FRBNY and later as Treasury Secretary, seems to be that of a bailout enabler and a PR spin doctor for Goldman Sachs.(emphasis added) Based on the Sunday article's revelations, I would not characterize his behavior as that of "a good man in a storm;" he seems a mere water-boy:

Timothy Geithner, "a bailout enabler" and a "PR spin doctor for - none other then - Goldman Sachs.  It is just these types of observations that is the problem we are all having with Goldman Sachs and the Goldman Sachs involvement with our government.  Yes, we are all angry at GS for taking bailout money both up front and through the backdoor.  Yes, we are all angry that they take this money and then pay themselves billions of dollars of obscene bonuses.  Yes, we are angry that they claim to be broke and "too big to fail" and hold a gun to our heads for their own enrichment, but the real issue is how they do it.
It becomes more and more apparant that our government has lost control of our country through our economic system that is being held hostage.  It is even more apparent that through each administration - Republican or Democrat - that the front door to high level government positions exists at Goldman Sachs.  (View, Map of Goldman Sachs Employees Past and Present In Government, I posted October 31st.)

I have always believed that the economic crisis that began with the so called mortgage meltdown was a preplanned event.  I now believe that the planner was Goldman Sachs.  I could never understand how the meltdown occurred almost overnight.  Markets just don't react to that extent that quickly.  What drove the mortgage market was the securitization process which was driven by the bottomless pit of investors of all shapes and sizes world wide.  As an insider in the mortgage industry, what I saw was that almost overnight that endless pit of worldwide investors disappeared.  I said then and I say now, "who turned off the tap?"

Further more, Merrill Lynch, Bear Stearns and Lehman Brothers were the kingpins of mortgage backed securities and Goldman Sachs insured their MBS against failure with a little help and participation from AIG.  All of them, I believe, were working in concert with then Treasury Secretary Paulson (former CEO of GS) and then Federal Reserve Bank of New York (FRENY) President, Timothy Geithner (current Treasury Secretary).  Both played on the same team yet they wear different color uniforms - red and blue. 

Being co conspirators to a failed economy by providing an even more failed bailout plan, these two most recent team members obviously have a team captain called Goldman Sachs not the people of the United States whose interests they are obliged to uphold.

It becomes even more apparent when you consider that the only surviving and prospering entity is Goldman Sachs.  Paulson and Geithner orchestrated the demise of Merrill and reportedly forced Bank of America to acquire them.  Of course ML's stockholders got wiped out in the process.  They very specifically negotiated the demise of Bear Stearns by providing $55 billion to JP Morgan who in turn purchased Bear Stearns for $250 million, less then the market value of the Bear Stearns headquarters building.  You should find it interesting also that the most prominent member of the board of FRENY is Jamie Dimon, CEO and Chairman of JP Morgan/Chase.

Then the demise of Lehman Brothers, a long time and hated rival of Goldman Sachs.  They were simply allowed to fail and go away.  Why?  I suppose it is because they just did not want them around anymore in any way, shape, manor or form.  Their arch rivals - gone.

Like on the TV program SURVIVOR - the last survivor standing is Goldman Sachs - who receives the grand prize.  But in this case it is not just the fame and one million dollar prize.  It is infamy with trillions of dollars in rewards.

If we are a country being held hostage by one of our own domestic corporations it would sound to me like this would be a treasonous act.  One that should be investigated as any other person, group or government which causes harm to the United States.  Our President and our Congress are constitutionally obligated to protect us.  But they are not.  Does that mean that Goldman Sachs tentacles reach into the White House and Congress?  It seems so as I said earlier, their influence was evident throughout different administrations and different controlling political parties.

The dots are connecting. Goldman's apologies, lame efforts to offer up some money to small business and comments about being one of gods angels become comical if you look at the picture developing from connecting the dots.

We have said here before and I say again, Wake Up America.  It is time we learn the truth and begin to correct and protect.  Pulitzer Prize winner Gretchen Morgenson is questioning as is Janet Tavakoll as we are here at are along with the many other Americans in the many blogs and throughout the media.

This may still be a silent revolution but if Americans continue to lose their jobs and homes, as new college graduates cannot find work and the million upon millions of underemployed continue to survive at minimum wage levels, the revolution will get louder.  Goldman is at the head of the cartel who is causing this - by their own admission.  It is this admission of guilt that requires the pursuit of justice.

We are experiencing domestic terrorism.  Not with guns or bombs as our foreign enemies use but with a force more deadly and widespread - money.  These domestic terrorists have taken this nations wealth from the people.  We are all victims.
Read Janet's Full here

The HuffPost also offered these links:  I offer these in place of Today's News and Links - November 24, 2009


Anonymous said...

Federal Reserve Endorses Communism for the Wealthy

There has been little or no clawback of the ill gotten gains from the people who caused the problem, but escaped with 100s of millions of dollars; there has been endless subsidies for the banks, but little hard-to-swallow medicine for the banking system.

My pet theory is that all of the anger about Health Care Reform is misdirected rage at the corrupt Bailouts. I don’t want to get too Continental on you, but the conversation in Europe I encountered repeatedly was the sheer perplexity at why people are protesting health care coverage for all. One fund manager said to me in Berlin, “You give trillions to rogue bankers, yet you have 40 million uninsured American. Why is that?”

My answer: I haven’t the foggiest idea why.

Let me be brutally frank: With George W. Bush AWOL during the crisis in 2008, it was Bernanke and Paulson who stepped into the void. But make no mistake about it — the chief architect of the massive bailouts was none other than former Goldman Sachs CEO and then Treasury Secretary Hank Paulson.

Larry Rubinoff said...

Editor's comment to Anonymous:
I agree with what you say. I too believe the health care reform is no more then a smoke screen to divert our attention to the true economic situation and to the transfer of wealth.

"They" keep saying "where's the money going to come from?". Yet the government can create and produce money at will for wars and bailouts. Why not for healthcare?

Our country has operated under a deficit for years and years and it always seems to get going. Even at a trillion dollars for health care spread out over 10 years as they say, would do little to affect anything.

Trillions were spent on TARP but if they get us preoccupied with health care then we don't ask too much about that and other government deficit cpending.

Thank you for your comment. The Europeans are right and so are you. We should have health care but first we also need jobs and food or health care costs will rise.

Anonymous said...

Great website, great article. THank you very much.


John Frum said...

Let us begin to put our complaints and pettitions on Form 1040 then send them to the appropriate address. They don't make our paperwork easy either!

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