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

Tuesday, April 27, 2010

Senate Hearings on Goldman Sachs

   

...click here to go to Senate Committee on  Homeland Security and Government Affairs

Wall Street and the Financial Crisis: The Role of Investment Banks

Permanent Subcommittee on Investigations

Watch this hearing live!
Tuesday, April 27, 2010
10:00 AM
Dirksen Senate Office Building, room 106
The Permanent Subcommittee on Investigations has scheduled a hearing, "Wall Street and the Financial Crisis: The Role of Investment Banks," on Tuesday, April 27, 2010, at 10:00 a.m., in Room 106 of the Dirksen Senate Office Building. This hearing will be the fourth in a series of Subcommittee hearings examining some of the causes and consequences of the recent financial crisis. The fourth hearing will focus on the role of investment banks in the securitization of residential mortgage related products, and the development, marketing, and trading of residential mortgage related structured financial products such as collateralized debt obligations (CDOs) and credit default swaps (CDS). The hearing will also review certain investment and trading activities of investment banks that involve residential mortgage based securities and related products. A witness list will be available Thursday, April 22, 2010.
Exhibits This is a large file and may take some time to download depending on your connection speed.

Witnesses

Panel 1

  • DANIEL L. SPARKS [view testimony]
    Former Partner, Head of Mortgages Department
    The Goldman Sachs Group, Inc.
  • JOSHUA S. BIRNBAUM [view testimony]
    Former Managing Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.
  • MICHAEL J. SWENSON [view testimony]
    Managing Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.
  • FABRICE P. TOURRE [view testimony]
    Executive Director, Structured Products Group Trading
    The Goldman Sachs Group, Inc.

Panel 2

  • DAVID A. VINIAR [view testimony]
    Executive Vice President and Chief Financial Officer
    The Goldman Sachs Group, Inc.
  • CRAIG W. BRODERICK [view testimony]
    Chief Risk Officer
    The Goldman Sachs Group, Inc.

Panel 3

  • LLOYD C. BLANKFEIN [view testimony]
    Chairman and Chief Executive Officer
    The Goldman Sachs Group, Inc.

7 COMMENTS:

Jim M said...

You state "Witnesses are being evasive, stumbling over themselves and obviously attempting to avoid answering direct questions." You're not giving the whole story.

They gave answers appropriate to the questions. For example, Levin asked the junior execs for a yes or no answer if they believed they had any responsibility for the US housing crash. How would anyone answer such a question while under oath before a Senate committee? Either a yes or a no would be insane.

Furthermore, the senators gave them a book containing about 2000 documents and then asked detailed questions in reference to specific documents. The witnesses taking time to look at the documents is only fair, not a delaying tactic or being evasive in order to "burn" time. The senators themselves got confused in their own material and had to take time to straighten things out.

Anonymous said...

TOP CROP....

These are the best guys in the industry ...the top of the class...the the nerds in school and the academics at university....this firm has the top crop...a little weeding maybe necessary but YOU can never get the TOP CROP down. It is pathetic how the cool public who partied their way through university ...are trying with their utmost jealousy bring them down.

Hack it, prune it, but the root is embedded in the worlds best brainpower and you cannot stamp it out. OF course the intelligentsia will ALWAYS TRUST the very hothouse of BRAINPOWER

Anonymous said...

JEALOUSY WILL NOT GET ANYONE ANYWHERE.

THEY MAY HAVE TAKEN HUGE BONUSES BUT HOW MUCH HAVE THEY PUT INTO THE ECONOMY ...AMERICA IS WHAT IT IS TODAY DUE TO ITS RISK AND ONE HAS TO BEAR THE PITFALL OF THE RISKS.

STOP NAME CALLING AND STONE PELTING....GET FRIENDLY WITH THE BEST IN THE INDUSTRY AND WORK OUT A SOLUTION OUT OF THESE BAD TIMES.

LET US LEARN TO REJOICE AT THE SUCESS OF OTHERS AND THE WORLD WILL REJOICE ALSO AT THE SUCESS OF AMERICA.

Tom Degan's Daily Rant said...

As Jimmy Paige once wrote - or was it Robert Plant? - "It makes me wonder". I wonder what defect it is in the psychological makeup of a group of human beings that would have them putting the health and well being of millions of other human beings behind the private profit of a very few. Most of these lawmakers who live in the pockets of the Plutocracy call themselves "Christians". Have they ever made a serious study of the books? You know! - Matthew, Mark, Luke and John? - Those guys! How do they justify their actions? How do they sleep at night? We're talkin' major hypocrisy here! That's what makes them so much fun to watch! I always get a certain twisted delight in watching their fake piety. Imagine Wendy O. Williams being cast as Bernadette of Lourdes; or Marilyn Manson as Mahatma Gandhi. It's kind of the same thing.

Sooner or later our right wing friends, within the Congress and without, are going to be forced to admit that the era of anything goes deregulation was a really stupid idea. You can only sit calmly in a burning house, ignoring the flames all about you, for just so long. Sooner or later you'll be forced to flee for your life. After making your escape, if you still refuse to acknowledge that the house is indeed on fire, you're beyond the point where you can make rational decisions on your own. You've entered Librium Country, hombre!

http://www.tomdegan.blogspot.com

Tom Degan

Anonymous said...

Taibbi: The Lunatics Who Made a Religion Out of Greed and Wrecked the Economy


Last summer I wrote a brutally negative article about Goldman Sachs for Rolling Stone magazine (I called the bank a "great vampire squid wrapped around the face of humanity") that unexpectedly sparked a heated national debate. On one side of the debate were people like me, who believed that Goldman is little better than a criminal enterprise that earns its billions by bilking the market, the government, and even its own clients in a bewildering variety of complex financial scams.

On the other side of the debate were the people who argued Goldman wasn't guilty of anything except being "too smart" and really, really good at making money. This side of the argument was based almost entirely on the Randian belief system, under which the leaders of Goldman Sachs appear not as the cheap swindlers they look like to me, but idealized heroes, the saviors of society


This debate is going to be crystallised in the Goldman case. Much of America is going to reflexively insist that Goldman's only crime was being smarter and better at making money than IKB and ABN-Amro, and that the intrusive, meddling government (in the American narrative, always the bad guy!) should get off Goldman's Armani-clad back. Another side is going to argue that Goldman winning this case would be a rebuke to the whole idea of civilisation – which, after all, is really just a collective decision by all of us not to screw each other over even when we can. It's an important moment in the history of modern global capitalism: whether or not to move forward into a world of greed without limits.

http://tinyurl.com/24gsa6u

Anonymous said...

Meyer Lansky, Pablo Escabar, and Bernie Madoff were on the top of their games, too! Does that mean that everyone that tried to restrict their activities was jealous? Give it a rest...


The fact is...



Unlike real banking which raises capital for worthy enterprises, the CDS market is a betting parlor with no social utility. But don’t the bets just change hands between winners and losers with no harm to the rest of us? Not exactly. The winners like Goldman made sure to collect. But the losers, after receiving their personal bonuses on up-front fees and buying houses in Nantucket, walked away and handed society the bill. If you’re wondering who the real losers are and you happen to be a taxpayer just look in a mirror.

http://tinyurl.com/2b6db4h

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