GoldmanSachs666 Message Board

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, January 8, 2010

Goldman Sachs' Tim Geithner

Everyone who follows this site or the criminal history of Goldman Sachs, knows that Tim Geithner is crooked. The incestuous marriage between the Fed, government and Goldman continues to give birth to demented offspring that move from Washington to Wall Street and back again like a piston in a perpetual motion screw-the-taxpayer machine. Check this out from Bloomberg:
Geithner’s Fed Told AIG to Limit Swaps Disclosure

The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a “backdoor bailout” of financial firms.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”
Read the rest here

This is a picture of what the people of Iceland did when they found out they were being held responsible for the gambling debts of their banks.

If this happens in the US, I fear we may be in for a Reign of Terror like what happened during the French Revolution. Whether Wall Street reins themselves in or the government does it for them, either way, it is going to be very ugly for them if they don't. I'm actually surprised that some gun nuts aren't already taking potshots at every corporate jet that takes off.


Larry Rubinoff said...

Well said, Robert.

There is a political change occurring here in this country. I fear my children will not experience the freedoms and opportunities that we, in this country, had for a relatively short period of time.

A government controlled by and so heavily influenced by big corporations is Fascism.

The founder of this blog, Mike Morgan has always said, "Wake Up America".

This is a bloodless revolution against the people and "they" are winning.

Google the "Bilderberg's", a group of internationally powerful people - businessmen and politicians - that meet openly but whose agenda is kept secret. One must ask how so many high profile people can meet yet the basis of their meetings kept secret for so many years?

I fear that there is an international conspiracy led by bankers to form "The New World Order", a one world government they would control.

See this link by author DiLorenzo about his latest book, "Hamilton's Curse", and see how long this has been going on.

Monty Hall said...

Always the same face of the same coin

There are no two ways to see it, 2 faces of the same coin or the other hand argument.
Billions of taxpayer’s money that will never be returned were used to bailout an insolvent company. The decision to bailout this company came just days after Lehman went bankrupt and spread panic in financial markets across the globe.

To make the right questions we need to first contextualize.

a) In the week before FEDs intervention AIG paid more than 5bln USD of collateral calls to Goldman. More than to any other counterparty
b) After the intervention AIG paid more than 12bln USD of collateral calls to Goldman, more than any other entity and multiples of other American Banks exposure
c) AIG tried to negotiate haircuts on the payments of collateral and UBS accepted them. Goldman didn’t.
d) The regulators forced AIG to pay 100 cents on the dollar to its counterparties
e) New York FED was actively involved in the bail out
f) Hank Paulson was actively involved on the bail out
g) Edward Liddy from Goldman was chosen to be AIG CEO after the bail out and when blns of taxpayers’ money was thrown to AIG and subsequently to Goldman. Ed Liddy was not paid by regulators, treasury or AIG for the job he has done in AIG
h) The Chairman of the New York FED was Stephen Friedman who was serving in Goldman board at that very same time
i) While being Chairman of the regional Bank that regulated Goldman Stephen Friedman bought Goldman shares several times after the bail out
j) New York FED tried to limit the disclosures of information of these bail outs
k) New York FED still tries to avoid disclosing important details of the bail out
l) The FED is not audited
m) FEDs members are not chosen by popular vote
n) Paulson called and emailed Blankfein more times than any other Wall Street banker
o) After the departure of Tim Geithner and Stephen Friedman, Bill Dudley was chosen as NY FED president

a) Three persons were in the meeting/conference call that decided the bail out of AIG. Bernanke, Paulson, Blankfein
b) The unwinds of AIG trades with Goldman were not done at fair price
c) AIG bail out was not legal and the FED didn’t have the authority to do it much less decide unilaterally who to give taxpayers money to

Questions from this blog:
a) Who is going to audit the FED and what he has done with taxpayer’s money on AIG bailout, TARP, TALF and so on? Where did the money go, how it was spent? Which securities were bought? From which entities? What was financed? Who received financing? What levels were used to price the collaterals posted?
b) Who is going to audit Goldman? The FED and SEC are mined with Goldman alumnus, there are no conditions for an independent investigation of how they make money, what do they have in their books, what is the real network between Goldman and its gang of hedge funds what was Goldman and its gang of hedge funds role in Bear Stearns and Lehman fall? How can a company with the size of Goldman in developed markets, with fierce competition and volatile markets make close to 100% return on equity? (if we add just the bonus pool to net income, not the salaries and the salaries are not exactly low)

I challenge anyone to change my mind and to make me believe that they earn this ROE because they are the brightest of the brightest... The brightest of the brightest have failed miserably through out history. Never in human kind bright minds managed to keep such an impressive track record and if they are so good, again I doubt it, maybe we should dismantle Goldman anyway because these brilliant minds could be doing much more productive activities for makind.

The only developed markets that i am aware of that have these kinds of returns are arms traffic, drug dealing and human slavery…

Jr Deputy Accountant said...

See my update tonight. NY Fed lawyers are saying they did not feel the need to bring this issue to Geithner's attention. Are you kidding me?! How dumb do they think we are? you are telling me the President of THE MOST powerful Fed bank after the Board of Governors in DC was not AWARE that Goldman would receive a 100% payoff on its AIG exposure? Yeah right. If you believe that, I also have a bridge to sell you.

Cheap Viagra said...

After I finish reading the whole post, I finally managed to realized that the matter of the issue is very concerning, so I think everyone should be aware of such an important affair

sanjeev said...

The people the government should be fighting are marrying into the Government .

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