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Fraud*
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, December 11, 2009

More Of The Same...No Change In Sight. What Part does Goldman Sachs Play?

Obama preached "change" as many Presidential candidates have done for many years but this time American's really believed he (Obama) could do so.

Wrong!  It is not only more of the same, it will continue to be the same as long as the same people are in power in front of and behind the scenes.  You see, I currently believe that it matters not who we elect as President as that position is just a figurehead for those truly in charge.

If we want change we need to clean house - not just the White House but the House of Representatives and the Senate where you have long term members (dictators) who run the show.

You need also clean house in both the Democrat and Republican Parties as both seem to be growing closer together while attempting to show their differences.  As a friend of mine always says, "they are the same head on a two sided coin".

There are "new" housekeepers out there but their views and parties are suppressed by our two major parties and the ruling forces behind them.  This country needs a complete overhaul.  We need political reform - getting away from a just two party system - we need economic reform, health care true reform, regulatory reform (especially in our banking system), tax reform, education reform and social reform.   Have I left out any broken pieces?

My same friend (the two headed coin guy) also says that this country is headed to becoming a "third world" country.  I believe he is right but at the very least it is becoming a two class society - the very rich and the poor.

Edward Harrison of The Huffington Post reported today on a story - Matt Taibbi on Obama's Big Sellout.  He writes:
This article originally appeared on my site Credit Writedowns
Matt Taibbi is one of the few commentators in the mainstream media who is not worried about 'access' and has, therefore, been free to write much more critically about the economic crisis and reform efforts on Wall Street.
His first piece was a polemic against Goldman Sachs, which triggered a backlash against the venerated Wall Street firm due to its incestuous relationship with Washington.  Afterwards, he took on health care reform. Now, he is taking on the Obama Administration and its status quo bias. I have an excerpt below and a link to the full article. But, first, let me say a few words.
As you probably know, I have been quite disappointed with this Administration's lead
As you probably know, I have been quite disappointed with this Administration's leadership on financial reform. While I think they 'get it,' it is plain they lack either the courage or conviction to put forward a set of ideas that gets at the heart of what caused this crisis.
Read Harrison's full article which includes excerpts from Matt Taibbi...click here

Read Matt Taibbi's article Obama's Big Sellout in Rolling Stone...click here

The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway

...What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.
Then he got elected.
this article is being simultaneouslly published in:
www.BarackObama666.com
Link to comments from this site...click here
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Goldman Sachs PR Release

Goldman Sachs Announces Changes to 2009 Compensation Program

Management Committee to Receive No Cash Bonus for 2009
All Discretionary Compensation Awarded as Equity “Shares at Risk”

Equity “Shares at Risk” Subject to Sales Restrictions for Five Years

Strengthened Recapture and Clawback Provision

Shareholder Advisory Vote on Compensation Principles and Executive Compensation

New York, December 10, 2009 - The Goldman Sachs Group, Inc. (NYSE: GS) today announced that its Board of Directors has approved changes to compensation for 2009. They include the following:

• The firm’s entire 30-person management committee, which comprises all global divisional and regional leadership, will receive 100 percent of their discretionary compensation in the form of Shares at Risk, which are subject to restrictions for five years. Discretionary compensation represents the vast majority of senior management's compensation and is directly tied to the firm's overall performance.

• Shares at Risk cannot be sold for five years, in addition to other restrictions.

• The five-year holding period on Shares at Risk includes an enhanced recapture provision that will permit the firm to recapture the shares in cases where the employee engaged in materially improper risk analysis or failed sufficiently to raise concerns about risks. Enhancing our recapture provision is intended to ensure that our employees are accountable for the future impact of their decisions, to reinforce the importance of risk controls to the firm and to make clear that our compensation practices do not reward taking excessive risk.

• The enhanced recapture rights build off an existing clawback mechanism which goes well beyond employee acts of fraud or malfeasance and includes any conduct that is detrimental to the firm, including conduct resulting in a material restatement of the financial statements or material financial harm to the firm or one of its business units.

• Shareholders will have an advisory vote on the firm’s compensation principles and the compensation of its named executive officers at the firm’s Annual Meeting of Shareholders in 2010.

“The measures that we are announcing today reflect the compensation principles that we articulated at our shareholders' meeting in May. We believe our compensation policies are the strongest in our industry and ensure that compensation accurately reflects the firm's performance and incentivizes behavior that is in the public’s and our shareholders’ best interests,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer of The Goldman Sachs Group, Inc. “In addition, by subjecting our compensation principles and executive compensation to a shareholder advisory vote, we are further strengthening our dialogue with shareholders on the important issue of compensation.”

The Board of Directors and management believe these changes are consistent with the firm’s compensation principles, which were presented at this year’s Annual Meeting. Going forward, we continue to be focused on refining and improving our compensation practices. The principles underlying effective compensation practices include linking compensation to multi-year performance, aligning compensation with the long-term interests of the firm and its shareholders, and ensuring that compensation incentives are formulated so that they serve as a tool to attract, retain and motivate talent, without encouraging excessive risk-taking.

The Goldman Sachs Group, Inc. is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
Media Contact:
Lucas van Praag
Tel: 212-902-5400
Investor Contact:
Dane Holmes
Tel: 212-902-0300

Goldman Sachs Links and News - December 9 - 10, 2009

As you will see, the news of the day is GS eliminating "cash" bonuses for many of its top exec's. Everybody - again as you will see - is talking about this. There are a few who are still talking about the GS gun toting employees but few report on the real issues of
Goldman Sachs.

We provide these daily links to allow you to view what is "out there" about GS. From the New York Times to the Wall Street Journal to Reuters and Bloomberg News as well as many bloggers and financial and economic blogs. Yet, with all the information out there, with the admission of Lloyd Blankfein that they caused the economic crisis and even offered an apology, NO ONE IS WRITING ABOUT IT!

Worse yet is the fact that NO ONE is taking legal action or initiating investigations. Where is our Justice Department? Where is our Congressional oversight? Where are our 50 states and their regulatory agencies? I just don't get how someone can admit to conning the world to the tune of trillions of dollars and then try to make amends by saying no cash for bonuses.

As to no cash for bonuses, don't be the least bit fooled by this new PR attack. At the rate they are manipulating, pillaging and profiting using free money, getting a dollars
worth of stock instead of the dollar in reality pays them MUCH MORE.

Unfortunately, most poeple in this country listen only to small sound bytes from our national media like NBC, CBS and ABC. Sure there is FOX and CNN but the big three have the market share and until they run the story at "the top of the hour", most Americans just don't know. They will not, so it is up to us in this world of the blogosphere to spread the word and the news around.

If you see a piece that you feel should be brought to the public's attention, email the link to info@gold666.org. We have the space and the desire to publish the truth and the facts.

Larry Rubinoff- Editor


Goldman Sachs Bars Cash Bonus for Top Officers
New York Times
Goldman Sachs execs won't get 2009 cash bonus
Washington Post
Goldman Sachs backs down on pay, yanks 2009 cash bonuses for top ...
By Sam Gustin
Goldman Sachs management won't get cash bonus - MarketWatchGoldman Sachs (GS) Management Will Get Shares Not Cash – 24/7 Wall St.
By 247wallst
OneRiot.com - No Christmas For Goldman Sachs Execs
Goldman Sachs Awards Billions of Dollars in Bonuses | LoanSafe.org
CORRECT: Goldman Sachs Top Execs Get No Cash Bonus For 2009
Wall Street Journal
("UPDATE

Top 30 at Goldman Will Get Stock, Not Cash, as Bonus
New York Times
Goldman Sachs execs won't get 2009 cash bonus - Yahoo! News
Goldman Sachs | Press - Goldman Sachs Announces Changes To 2009 ...
Editor's Note: This is a GS PR piece.

Goldman Sachs's Top 30 Managers to Get Bonuses in Stock Only ...
[bn:WBTKR=GS:US] Goldman Sachs Group Inc. [], the most profitable securities firm in Wall Street history, said the firm's top 30 executives will receive ...
Are Goldman Sachs Bankers Really 'Loading Up On Firearms ...
By Jessica
Grant Lawrence--Bodhi Thunder: The United States of Goldman, Sachs
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In view of Goldman, Sachs' pervasive influence over Washington and the bailout that benefitted it so extensively, America's name should be changed to the “United States of Goldman, Sachs,” a law school dean said. ...

Bankers at Goldman Sachs arming themselves in case of reprisal ...
By Truth is Contagious
Bankers at Goldman Sachs arming themselves in case of reprisal ...
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So far this year, Goldman Sachs (GS) has set aside nearly 50 percent of revenue for compensation and benefits. That's historically high. ...

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By admin