GoldmanSachs666 Message Board

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

Monday, May 24, 2010

Ask Goldman Sachs to Give it Back!

Now here's some change I could believe in (not that Goldman would ever give a single penny is their God).

Ask Goldman Sachs to Give it Back!

Sometimes when you explain to people that some of the most complicated financial transactions in the country were just side bets, they don't really believe you. They think it's an oversimplification. We couldn't have wrecked the global economy because some people made side bets. These are sophisticated bankers with sophisticated financial instruments, so it must be more complicated than that. It isn't. They bet one another, whoever lost got paid by the American taxpayer.

To be fair, sometimes they had the money to pay off one another without government bailouts, but not often. That's because they were largely betting with money they never had. AIG is the perfect example. Their executives made hundreds of millions of dollars in bonuses from the early wins in these bets, but then stuck the taxpayers with a $182 billion bill when they lost.


So, we're now starting a campaign to get our money back. I'd love to get the whole $62 billion paid out to the AIG counterparties (let alone the whole $182 billion we've sunk into AIG all together). But, we're going to start out nice and modest. We'd like to have Goldman Sachs pay us our $12.9 billion back that they got from AIG.

That's all taxpayer money. All of it went to Goldman for some silly bet they made with a buffoonish company that never had the money in the first place. As "sophisticated investors" they should have realized that AIG never really had the cash to pay them.

Read the rest here


JR said...

Another Goldman Sachs guy to run HSBC. There may come a time when only GS executives run all the World's banks!!!

John Thornton would reinforce HSBC’s China syndrome

JR said...

The Inept Financial Reform Bill
by William M. Isaac, Forbes

JR said...

Another view of the Senate Reform Bill:

Wall Street Reform: The Good, the Meh, and the Ugly

By Ilan Moscovitz and Matt Koppenheffer

JR said...

Barney Franks and the reform bill in the House:

Anonymous said...

If what Rickard's says is true, what does that make the agents of GS in government?

Goldman & Their Ilk, Undeclared Enemies of the United States

Anonymous said...

Goldman has a great knack for showing up on lists:

10 Most Corrupt US Capitalists

America’s Ten Most Corrupt Capitalists

1. Robert Rubin
2. Alan Greenspan
3. Larry Summers
4. Phil and Wendy Gramm
5. Jamie Dimon
6. Stephen Friedman
7. Robert Steel
8. Henry Paulson
9. Warren Buffett

10. Goldman Sachs:

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