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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

Saturday, March 13, 2010

Goldman Sachs Links and News - March102, 2010 - with Larry's Corner

Investors Continue to be Bullish on Goldman Sachs (NYSE:GS ...
By Gary 

Larry's Corner
Investors Bullish on Goldman Sachs

As you can see from the only link above, today was an extremely slow news day for Goldman Sachs.    But this story itself is news and worthy of commentary. 

The story published by American Banking News talks about how investors, regardless of all the bad press and publicity, still believe in the future and future growth of this company.  
The populist uprising against Goldman Sachs (NYSE:GS) has done little to deter the bullish attitude of investors toward the company, and they continue to pour money into the financial institution, as confidence they’ll continue to excel is strong.
There is no doubt that GS has done extremely well during the course of this Great Recession but is it really due to their expertise or the fact that they were given privileges and money most other businesses - including Lehman Bros. - did not and could not get. Now listen very closely to the next quote from American Banking News.
This is one important thing to keep in mind for investors and those watching the media circus surrounding Goldman Sachs and some other banks. While politicians and the media love to gain points through making companies look bad, at the same time you must work through the clutter to see what is really going on. And when people and institutions do that with Goldman Sachs, they obviously like what they see.
OK, where do we start with this last paragraph?  There is a lot going on here.  Let's just start from the beginning.

They start by calling this a "media circus" where "politicians and the media love to gain points through making companies look bad."  Can you really consider all the press, coverage and attention to GS a "media circus"?  I suppose you can considering the clowns and the clown acts coming from GSThe coverage of these "clowns" is not what made them look bad - it was their own actions and statements.
" the same time you must work through the clutter to see what is really going on. And when people and institutions do that with Goldman Sachs, they obviously like what they see."
When you "work through the clutter to see what is really going on" most people have found that there is a hornets nest within.  It is for the very reason of looking through the clutter that
all of the media, political and public outrage and press is happening . 

Of course, investors like what they see.  Of course they are bullish.  There is no doubt about one thing for sure - Goldman Sachs is making more money then ever  during the worst economic and social crisis this country has ever seen. es, I believe this is worse then the Great Depression and when it is all said and done, history will record it as such.

Goldman  making money but the real question is - how? Many invested with Bernie Madoff  on something that was too good to be true and made money for a while.  Then, well, know what they say about when it is too good to be true.

It must be apparent to many that what is happening at Goldman Sachs is "too good to be true" and perhaps somewhat shady as well.  Yet investors greed - as with Madoff's investors - never seem to want to see the truth and the reality.  They will continue to be "bullish on GS stock.  For now anyway.

The clutter was exposed when GS CEO, Lloyd Blankfein, admitted that they played a major role in causing this worldwide crisis.  They sold investments to others then be against those investments winning.  Investors lost - Goldman Sachs gained.  There is currently a great deal of "clutter" surrounding Goldman's role in the Greece economy.  There is "clutter" surrounding the bonus pool they pay themselves.  There is "clutter" involving the AIG bailout and back door payment to GS.  thee is so much more "clutter" reported over the past two years referencing Goldman's business.  There is "clutter" everywhere.

American Banking News - for obvious reasons - makes light, very lite of the bad publicity.  It is almost as if GS PR head Lucas van Praag helped write the story.

But wait, there is more.
Warren Buffett knew the media coverage of Goldman was largely hysterics and would pass. It’s one thing to get the blame for what’s happening in difficult times, and another to really be a poorly run company or one that is extremely shady in its dealings. Goldman is neither, contrary to the silly and mostly unprovable reports made about them.
Are they quoting Mr. Buffett?  Goldman is neither "shady or poorly run?  Well, obviously not poorly run as they seem to so far escape any real actions or investigations.  
"Warren Buffett knew the media coverage of Goldman was largely hysterics..." (emphasis added)
This preceding comment in itself is hysterical.  How can one say that the media coverage was due to hysteria?  Give me a break.  Again, I ask, how does American Bankers News know that Buffett knew or even believes that?  Buffett, after al,l is not considered by many to be a fool and his insight is mostly well rexpected.  From where I sit, Buffett made a very large investment into a company making a lot of money - and he truly cares not how they do it.  He now also has an inside track due to his large involvement.  He is "bullish" for now but he will know when the time is right to bail out.  As long as the gravy train is running you might as well be on board.  I'm sure that when it begins to head towards the end of the track he will jump off wearing his protective train jumping gear.

Now comes what appears to be a "paid political announcement" from Americna Banking News on behalf of Goldman Sachs.
As long as a company has negative media coverage that is more venting than based on facts and real shady dealings, it eventually passes as the news cycle changes. (emphasis added)
How in the world can they call the hundreds of stories all "venting" and not "based on facts"?  Give me another break here.  They are saying that ll the coverage has been pure fantasy and outrage with no fact or substance behind them.  

Some stories, I must admit,  in the blogs are just venting.  There is venting here in our own site from our volunteers and readers but we also regurgitate facts as presented by others.   We bloggers are not investigative reporters but many of us do our homework and our research and we are not all that dumb.

Outside of the blogs there  is main stream media.  Publications and news bureaus such as Bloomberg, Reuters, AP, ABC, NBC, CBS, FOX, CNN, Financial Times, New York Times, The Wall Street Journal, Huffington Post and dozens of other newspapers and TV outlets around the world. Are they all just "venting" based on hysteria, with no factual basis?  No, I don't think so. What  I see here is an industry journal promoting its own agenda for the benefit of those they serve and make their living from.  I would call much of this story venting with no factual basis.

And the final comment from this ridiculous piece.
And even though the recession has been a long news cycle because it has been long itself, Goldman is starting to be neglected more as other stories emerge.
Don't kid yourself.  While I admit today was a slow news day for GS, it is by no means an indication of what is to come and certainly no indication that the Goldman Sachs saga is going away any time soon.

Main stream media is not going away nor will they stop investigating and writing on GS as long as there is so much smoke and deception surrounding them.  We here at GS666 are also in it for the long haul until the truth is know and justice is served up for the American people.

So ito use the words of Late Night Talk Show Host - Craig Ferguson - with fist shaking in the air;

"Take that"... American Banking News (non emphasized words added by this writer.  Craig never said that about ABN)
Read full here

Just a few recent and older posts about Goldman Sachs to refresh some memories.  See below in Zemanta.
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Anonymous said...


In this interview Bill discusses the stock market, corruption inside our banking system and government, the king player in the derivatives world, lessons learned as a fund manager, Ponzi schemes gone bad, latest antics of the Federal Reserve and more.

Anonymous said...

The fact remains that on Thursday, September 18th, the US financial system almost completely collapsed. The details of that day remain frustratingly murky. The imminence of complete disorder seemed to scare Congress into action, but we can only piece the story together through random anecdotes that have been partially revealed through subsequent interviews. In what has been dubbed ‘the Kanjorski meme’, Congressman Paul Kanjorski recounts a meeting that was held between Ben Bernanke, Henry Paulson and certain members of Congress where the conception of the "Troubled Asset Relief Program" (TARP) supposedly took place. To stem the flow of money out of US-based money market funds, Paulson had to provide an almost instant guarantee on all money market funds held within the US. Kanjorski recounts, "If they had not done that, their estimation was that by 2pm that afternoon (September 18th), $5.5 trillion would have been drawn out of the money market system of the United States, [which] would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. We talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it."7 Further details of these meetings have been provided by Senator James Inhofe, who recounted that Paulson had warned of martial law and civil unrest if the TARP bill failed.8 It is interesting to note that while Henry Paulson mentions several meetings that took place on September 19th in his book, the discussion of ‘imminent financial collapse’ and ‘martial law’ was noticeably absent.

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