GoldmanSachs666 Message Board

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, February 26, 2010

Goldman Sachs Under Investigation by the Fed? Yeah Right

Editor's note: In remarks on the state of monetary policy, Fed Chairman Ben Bernanke expressed concern earlier this week over the Greece debacle, most notably pointing a finger at the role Goldman Sachs may have played in unloading dangerous debt on the EU's least favorite nation (for the moment, just wait until the other dominoes start to fall). JDA votes the Fed is helpless. They were not regulating GS at the time and even now appear entirely unable to do anything but sit there and watch Goldman work its corrosive magic on the world financial system. Sigh. - JDA

Business Week:
Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank is reviewing derivatives contracts arranged between Goldman Sachs Group Inc. and investment banks with Greece.

“We are looking into a number of questions related to Goldman Sachs and other companies and their derivatives arrangements with Greece,” Bernanke said yesterday in testimony before the Senate Banking Committee in Washington.

Bernanke was responding to a question from Senator Christopher Dodd, a Connecticut Democrat, who asked if there should be limits on the use of credit default swaps to prevent “runs against governments.” Greek bonds slid yesterday amid concern the country’s credit ratings may be cut.
Read the full article...click here

Would we like to guess what happens next? If Goldman Sachs chooses, it will admit no liability, accept some kind of "settlement", make a nice scene, cry "oh, oh no, please, don't cut off our self-regenerating, massive nuclear testicles" (for a great time, try "Matt Taibbi on Lloyd Blankfein's Balls" via Dealbreaker.

Publisher's Note:  See our own RobertM report here in GS666 on Matt Taibi's story, Wall Street's Bail Out Hustle (the story referred to in Dealbreaker)...click here

7 COMMENTS:

Anonymous said...

Bernanke must think we're all ignorant !!


History might not repeat but boy it sure does look like it uses the same canvass...

Sed quis custodiet ipsos custodes?

* But who shall guard the guardians?

* Variant translation: Who watches the watchmen?
* The phrase has come to be applied broadly to people or organizations acting against dishonesty or corruption, esp. in public life.

and,

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes... Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."
Napoleon Bonaparte, 1815

Anonymous said...

If you have time listen to Stiglitz...information asymmetry..hmmm...
and Bernanke wasn't able to see bubbles...what makes you think he'll see GS trouble?
Feb 26, 2010
Joseph Stiglitz Video
http://tinyurl.com/yefgenq

Anonymous said...

It is amazing how uninformed this site has become - reprinting crap from other blogs.

GS really did no wrong here by entering into these currency swaps with Greece. There was a legitimate need at the time and DID in fact save Greece money on borrowing costs (it hedged their foreign currency exposure to interest rate risk in JPY). EVERY company, country (including the US) uses swaps to reduce borrowing costs.

I implore this website to do its own research rather than reprinting stories from other blogs. Also can we stop w/ Matt T? There is rumor that he used to date a girl from GS who dumped his ass hence is axe to grind with the firm. The guy works for FUCKING ROLLING STONE MAGAZINE! What is is financial background??

Larry Rubinoff said...

@Anonymous who said: "It is amazing how uninformed this site has become - reprinting crap from other blogs."

The purpose of our blog as stated at the very top:
Goldman Sachs Information, Comments, Opinions and Facts

We are not an investigative journal. We are here to present comments, opinions and information.

It is important to show other's opinions and what you are referring to was just that. By voicing opinions dialogue is created.

you will notice that we offer stories by different major media on the same topic. Reason being that each has their own views and takes on a particular story. In this way we are fulfilling ourpurpose.

We have published your comment as that is "your opinion". But I would like to caution this commentor and all others against using profanity on this site.

Any future comments containing profanity will NOT BE PUBLISHED.

We encourage and invite everyone to present their points of view, opinions and commentary even if it just to vent. All we ask is that you keep it clean.

We thank all for visiting and hope you will continue to do so.

Oh, and as to Matt T, Rolling Stone is a respected journal and he a respected journalist. His private life has no bearing on his credibility. In addition, you make an accusation that you should substantiate and "research" as well. We will continue to post anything from him that we feel viable.

Editor GS666

Jr Deputy Accountant said...

Anonymous,

I'm not a reporter, I work 50 hours a week and am lucky to have a job at this point. Full disclosure, I make some money to write but it certainly isn't my living so I do what I can to check my facts before I post anything on my website (which might be the crap blog you referred to?). We have a generally agreed-upon idea of which news sources are somewhat credible, right? I can't spend all day reading it like I trust guys like Felix Salmon do. But I do my research, all things considered.

GS666 doesn't claim to be Goldman Sachs' truthbearer, we merely discuss Goldman Sachs "news", which the blog description clearly states. Matt T falls into that category as he is "news". That does not mean any of us is opining that the news is somehow relevant, true, or material.

You are welcome to post here as well if you have Goldman Sachs "news", even if it is that we're all conspiring against them.

Just my $0.02

W.C. Varones said...

Jeebus Cripes.

There's a friggin' revolving door between Goldman and Treasury that has served to vastly enrich Goldman people. Meanwhile, the taxpayers and the public keep getting the shaft.

Taibbi's not exactly out on a limb to point that out.

If you can refute what Taibbi has written, do it. Goldman itself couldn't dispute the specifics, and only put out a vague, general "don't listen to the haters" response.

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