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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

Monday, December 14, 2009

Goldman Sachs Links and News - December 14, 2009

Goldman faces lawsuit over anticipated bonuses
Pension Fund Sues Goldman Over Pay
New York Times (blog)
Goldman Sachs, Morgan Stanley and CitiGroup Executives Miss Obama Meeting
Subprime Blogger
In all fairness to GS this is why...GS666 Editor...see Editor's Comments below

Weather Keeps Some Bankers Away From Obama Talk
New York Times
Obama calls bankers 'fat cats' before meeting them
One small step for the giant leap for mankind...GS666 Editor
Obama to take bankers to task over lending, reforms
Goldman Sachs had bigger role in AIG than realized
Goldman Sachs' latest 'PR move'
The Week Magazine

This story is still around but these guys got it right - 'latest PR move' or as I see it "Stunt"... GS666 Editor
Goldman Sachs Was a Profitable Middleman in the Trades That Blew ...
Goldman Sachs Fueled Mortgage Crisis, Nearly Killed AIG
By admin
Actually it DID kill AIG and should have killed itself were it not for the government cavalry to the rescue...GS666 Editor
Wall Street Journal Outlines Goldman Sachs Glorified Ponzi Scheme ...
By Robert Oak
Yes, this was a Ponzi scheme so large it makes Madoff look like a "street pusher"...GS666 Editor
Open Question: Can you explain what Goldman Sachs does? Investment ...
By Technology Slice
Open Question: Can you explain what Goldman Sachs does? Investment BankingTrading Principal InvestmentsAsset Management Sec? Published on December 14, 2009 by Technology Slice. I know there are 3 main things they do, but can you explain ...
Yes I can. They rob from the rich and poor and give to themselves...Robin Hood they're not...GS666 Editor

Editor's Comments:

Imagine missing a meeting with the most important person in the entire world. I understand bad weather can cause delays but knowing you have a late morning meeting with the President of the United States...regardless of how you feel about him or you political leanings - you would think they would have flown in the night before, got up refreshed, had a good breakfast (on expense account) and been ON TIME to meet with the President.

The arrogance of these three individuals is beyond belief. They really do fee they are above everything. I can't tell from any of the reports if these three Heads of NO STATE were jet pooling, flying in their corporate jets (as before) or all three of them booked a commercial flight together. No matter which mode of transportation they chose, prudence would dictate making arrangements allowing for unforeseen events. Haven't they heard about the Weather Channel yet? Even my daughter gets it on her ipod - don't they? After all the other CEO's were there. I would be willing to bet they came in the night or afternoon before because they DID check the Weather Channel.

This was no more then a slap in the face to all Americans let alone to the President. Obama was wrong when he called them "fat cats". They are really arrogant fat cats with no respect for the highest office in our land - and the world for that matter.

Disgraceful - just plain disgraceful.


Anonymous said...

Tarp repayment scam

Anonymous said...

So there were no surprises for the likes of Jaime Dimon of JP Morgan, Lloyd Blankfein of Goldman Sachs, John Mack of Morgan Stanley or Citigroup's Richard Parsons. Said one CEO who attended: "I expected to be taken to the woodshed, but the tone was quite the opposite."

Said another senior exec with knowledge of the meeting: "The whole thing was so telegraphed that not much was accomplished, other than giving Obama a PR stunt . . . He might have sounded mean on '60 Minutes,' but during the meeting he was a hell of a lot nicer."

As a matter of policy, the administration considers "systemically important" firms like Citi, Goldman and Morgan "too big to fail" -- signaling the markets that it'll bail them out if their losses again threaten to shut them down. Plus, Goldman and Morgan Stanley have been declared commercial bank-holding companies (even though you can't get a car loan or open a checking account at either), so they can borrow from the Federal Reserve in emergencies.

It all translates into cheaper borrowing costs. And the government is also backing up the firms' long-term debt -- so, on top of borrowing from the Fed, Goldman can borrow in the open market at favorable rates.

More important, the banks just aren't focused on lending -- because it's so easy to make money by trading: Borrow cheaply at the low, government-backed rates, and put that cash in higher-yielding bonds.

On Wall Street, it's known as the "carry trade" -- and the taxpayers are financing the vast profits from it, through all the ways listed above.

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