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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, February 10, 2010

Goldman Sachs Links and News - February 9, 2010

Today is another slow news day.  Again, I read a lot about the Blankfein bonus - which is still being talked about.  How much he got, how much he could have got, what he got last year and what he got the year before is getting old.  Let's all get over it.  They all made a "ton of dough" at the expense of the nation perhaps the world.  Let's move on.

There is talk in the media that Goldman Sachs had a hand in helping Greece hide the truth of their real economic situation from their people and the EU.  Now, this is a story in the making and one worth some follow up.  Maybe in the days to come there will be some real investigative reports that could lend some credability to this allegation.  It would not surprise me at all if GS had a large hand in destroying Greece's economy as well but no facts as yet.

Unfortunately, we are not an investigative organization and certainly - as a volunteer group - do not have the resources needed to do so.  Yet, with all the news agencies out there that do have the budgets to do so, I don't see much of it.  There are some like Bloomberg News and the Huffington Post that do take some stabs at it but somehow also fall short.  I wonder why?  Could it be the real story and facts would truly anger us or is it that exposing the likes of Watergate is from an era long gone by?

But so much of the "dirty laundry" is already out there yet no one picks any of it up and runs it over to CSI for some forensic work.

I was recently told by a source close to the banking world that the TBTF's are still playing the same game.  Derivitives are still out there being created, bought and sold.  In other words, if what we believe to have been part of the reason for our economic crisis - is still happening.  Does this mean we are even further from recovery then we think or are we headed for yet another crash with more transfer of wealth?

I do know this however, Goldman Sachs is still a; publicly traded company.  They must fully disclose everything about their business.  They are still  under the regulation of the SEC who has the power to investigate.  It should not be that difficult to get to the bottom of this mess unless there is a very strong connection between government and GS and if there is we need to know. 

There seem to be enough of us out there looking, questioning and wondering.  The truth shall be told.  I hope just that it is sooner then later as our survival is at stake.

Keep your eyes and ears open and continue to let us know what you see or hear.  Your comments containing links have been very helpful.  Together we can make a difference.

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Anonymous said...

"It would not surprise me at all if GS had a large hand in destroying Greece's economy as well but no facts as yet."

So you have absolutely no facts but you think GS helped destroy Greece's economy. You're just ridiculous.

Jr Deputy Accountant said...

What's ridiculous about that? It doesn't surprise me either. That's when you know it's sad; a normal person might read that story and go "WTF is going on here?!"

Anonymous said...

PIIGS, Portugal, Ireland, Iceland, GREECE, Spain.


Yes, GS is responsible for the global meltdown, and


Fiscal-year-end 2007, Goldman Sachs was paid from PERS OREGON a consulting fee of almost $5MIL, when by Jan 2008, collapse was already eminent.


It trades out automatically via vendors and there is not one Judge who even pretends to know.



Anonymous said...

The msm seems to be on happy talk patrol...yesterday Warren Buffet tried to launder they get away with making villains into heroes is beyond my comprehension...there are very few skilled reporters today:

Larry Rubinoff said...

@Anonymous who said, "So you have absolutely no facts but you think GS helped destroy Greece's economy. You're just ridiculous."

There are news reports of their involvement as evidenced by these two reports:

# How Greece hid its borrowing in the swaps market (
# How Goldman Sachs Helped Greece to Mask its True Debt (

The Reuters story begins:

"Beat Balzli has an intriguing story at Spiegel saying that Greece has been hiding the true nature of its deficits and its debt using clever derivatives dreamed up by Goldman Sachs. I believe it, although the details are sparse:"

I say there are no facts yet, there is no concrete evidence at this point. So when I say that "I believe they do" I mean it warrants more research and investigation. I do not, as many others do, convict on hearsay.

As the Greece problem becomes more of an issue - and it is daily - and more EU countries get involved by possibly bailing them out then we will probably see more "facts" come out.

Thank you Anonymous for visiting and commenting.

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