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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

Tuesday, April 27, 2010

Goldman Worms Squirm

Live on C-SPAN 3: Goldman execs questioned about fraud.
Watch it live here

====================
Update @ 1:30 PM EST
So far, it's been comedy gold.

20 COMMENTS:

Anonymous said...

So far Sparks isn't answering any questions for Senator Levin...instead he's pissing on his shoes...that's okay though these guys will keep all their gains...they did nothing wrong...they didn't break the law..their clients are very important...it's very important to have bag holders

Kitty said...

Blah blah blah :)

Anonymous said...

These guys don't know what a stated loan is?...Their the heads of Goldman's MBS desk...yet they don't know....THEN...why short them?...come on...

Anonymous said...

So sad but true....


"We suspect the Administration and the Congress are putting forward a good show for the public, even while continuing to take millions of dollars in contributions from the industry, and the very firms that are under investigation like Goldman Sachs."


"The question one might ask is, "When is the Administration going to put the FBI and the Justice Department to work in the more serious criminal investigation of the perpetrators of this fraud, with an eye to prosecutions under the RICO statutes?"

http://tinyurl.com/38up6z6

Anonymous said...

Jim Rickards - Trust in Free Markets is Dead:

The subprime market was a scandalous fraud by itself. But the lying borrowers, crooked mortgage brokers, greedy investment bankers, corrupt rating agencies, crony-filled government agencies and ignorant investors combined could only lose $250 billion on their own. It took the quants at Goldman and elsewhere to find a way to lose over 20 times that amount through the magic of derivatives. Who said American technology is dead? It takes genius to turn a quarter-trillion-dollar scam into a $6 trillion catastrophe.

http://tinyurl.com/2b6db4h

RobertM said...

Hahaha They won't even admit that they made a ton of money selling bags of shit.

Anonymous said...

These senators can't shine these guys shoes intellectually in regards to this questioning...its unfortunate for us.

Tavakoli, Black, Partnoy are needed to check mate these guys.

This will go nowhere.

RobertM said...

Getting these guys to answer a straight question is like pulling teeth from a rattlesnake. They won't even answer a simple question about whether they made money. These Goldman guys really have an extraordinary sense of entitlement.

Anonymous said...

These guys stuff BSC with timber wolf then go short bsc....that is beautiful...holy cripes...if all of us only had access to that kind of info...we'd all be the smartest guys on the street...what wise asses.

Anonymous said...

This is just the Democrats blowing smoke up our asses to cover the fact that they the house senate and the fed were responsible for this mess. All the time THE DEMOCRATS are taking MILLIONS OF DOLLARS IN "PROTECTION MONEY" AKA CAMPAIGN CONTRIBUTIONS FROM THE TOP BRASS AS THEY TRY TO SCREW THESE MIDDLE MANAGEMENT GUYS WHO I THINK ARE VERY SYMPATHETIC FIGURES.

At the height of the bubble, Barney Frank triggered this mess by declaring on cnbc that the Feds would not back Fannie and Freddie default, after years of pushing the concept that Fannie and Freddie WERE BACKED by the full faith and credit of the U.S. government.

THE SAD PART IS DEMOCRATS ARE GETTING AWAY WITH THIS EXTORTION.

Anonymous said...

Democrats/Republicans...give me a break..their all complicit...you know the trouble is everyone is considered a nice guy when no one knows what your doing...then things come out that puts your premise into question.

Anonymous said...

"THEY ARE" ALL COMPLICIT. THE HOUSE THE SENATE AND THE FED.

IF YOU ARE JUST LOOKING FOR A SCAPEGOAT THESE GUYS ARE AS GOOD AS ANY.

IF YOU WANT TO UNDERSTAND WHAT REALLY HAPPENED IN THE CRASH OF 08 YOU NEED TO LOOK BEYOND THE SMOKE SCREEN OF THESE DOG AND PONY SHOWS THAT HAVE SEVERAL OBJECTIVES.

1. DEFLECT CRITICISM OF THE HOUSE SENATE AND FED
2. EXTORT CAMPAIGN CONTRIBUTIONS FROM G.S. WHICH ARE PART OF THE QUID PRO QUO THAT IS WELL DOCUMENTED BETWEEN G.S. AND THE DEMOCRAT PARTY.
JUST LOOK AT WHO WORKS THERE AND WHAT THEIR CONNECTION IS TO THIS AND THE CLINTON ADMINISTRATION. I CAN HEAR "PAULSON' WHAT ABOUT PAULSON"! OK HE WAS PICKED BY BUSH ONLY BECAUSE HE COULD GET EASY CONFIRMATION FROM DEMOCRATS.

FOLLOW THE MONEY...

Anonymous said...

And where does the money come from? I understand this has been a huge circle jerk...from the pension funds to the PE firms to the IB's...and all the referees (SEC,CFTC,OCC,IMF,etc)...the bag holders are the pensioners and the public...I get it...

Anonymous said...

The videos of Barney Frank, Maxine Waters and other House Dems are on UTUBE. In their own words you will hear them constantly claim right to the collapse of Fannie and Freddie that these entities were solvent and when the shit hit the fan and loan defaults started to grow, Barney says we aren't backing Fannie and Freddie default. If you look at a chart of the SP500 you will see the start of the CRASH. Through in that the market dried up, as everyone tried to bail, you have panic which forced liquidation of other assets, i.e. stocks, THE BUBBLE COLLAPSES.

THESE DOG AND PONY SHOWS ARE FOR THE GULLIBLE.

Anonymous said...

The money came from all over the world. It came from a contractor that was working on my house at the time. He had all his money in mortgage backed securities. Why because he was greedy. the same reason people lost money with Madoff, they saw a sure thing and put their life savings with him out of greed. My contractor was getting 10% to 15% on these mortgages. Great.
Sounds very tempting. I bought 0. Why? If a deal sounds too good to be true, it is.

Anonymous said...

AND BY THE WAY, LETS TROUGH MARK TO MARKET ACCOUNTING STANDARDS BROUGHT TO US AFTER ENRON, BUT THE HOUSE AND SENATE.

HERE YOU HAVE 80% OF MORTGAGES PERFORMING I.E. PAYING ON TIME NOT IN DEFAULT AND DUE TO REGULATIONS IT MUST BE MARKED TO 0.

NOW ANY INSTITUTION HOLDING THIS HAS TO RESERVE MORE CASH THAT THEY COULD BE LENDING TO COVER THESE "BAD" LOANS.

DON'T LOOK AT THE MAN BEHIND THE CURTAIN.

RobertM said...

Now Viniar is parsing the word "succeed".

Anonymous said...

The bad loans should be purged...mark to fantasy is bad...half the bonuses most of these geniuses got paid on was due to accounting shenanigans..please stop the bs

Anonymous said...

you missed the point. ALL LOANS, IN DEFAULT OR IN GOOD STANDING WERE MARKED TO 0. ANY FOOL CAN SEE THAT IS A PROBLEM AT SOME LEVEL.

Yes mark bad loans to 0. DON'T MARK LOANS THAT ARE BEING PAID ON TIME TO 0!

DON'T MAKE BANKS RESERVE MONEY FOR LOANS THAT ARE NOT BAD. THAT DRIES UP LIQUIDITY IN THE REST OF THE MARKET FOR NO GOOD REASON.

THE UNINTENDED CONSEQUENCES ARE THE BUSINESS DOWN THE STREET CAN'T GET A LOAN TO STAY IN BUSINESS.

ASK WHY THERE IS A MAN BEHIND THE CURTAIN AND WHAT IS HE DOING THERE?

Anonymous said...

The Chosen Ones... the stench of fraud, lies, and deceit, always leads back to that same ancient source.

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