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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

Wednesday, May 5, 2010

Goldman Sachs Links and News - May 5, 2010 Featuring Larry's Corner

Oregon Congressman Calls Goldman Sachs "Gambling Addicts" On House ...
By (Matt Davis) 
Ontario watchdog taking 'steps' on Goldman |
By marketmaker 
The Alchemist: Can Warren Buffett Transform Goldman? | BNET ...
By Alain Sherter 
Goldman Sachs: Villains or victims?
BBC News
Bigdough sues Goldman Sachs over copyright, data
Fraud-Tarred Finance Firms' Trail May Mean Blankfein Keeps Job
Blankfein's Bonds Are Riskier Bet Than Pandit's: Credit Markets
Fitch Cuts Goldman Sachs' Outlook To Negative
Wall Street Journal
Goldman Sachs Testimony a Boost for Financial Reform
U.S. News & World Report
Buffett's Big Hedge: Goldman Sachs Is a Win-Win for Berkshire (Fool TV)
Motley Fool
Patty Murray and Goldman Sachs
Mid Columbia Tri City Herald
Goldman Sachs Reveals Slew of Shareholder Suits - Democratic ...
Goldman Sachs' 8 Most Questionable Practices
By The Onion 
'Main Street' Sues Goldman Sachs
Fabrice Tourre, Goldman Sachs
From Blankfein to Bank Fine: How Long Will Lloyd Last?
New York Times (blog)
YouTube - Bloomberg's Liu Discusses Buffett's Bet on Goldman Sachs ...
April 16 (Bloomberg)

Blankfein Should Explain Why Clients Buy 'Crap': Caroline Baum
Goldman clients staying put
Goldman Sachs: Berkowitz In! Blankfein, Out? (GS)
24/7 Wall St. (blog)

All About Goldman Sachs

Thstories continue to be all about Goldman Sachs.  Goldman Sachs getting bad PR, Goldman Sachs pays out billions in bonuses, Goldman Sachs charge with civil fraud by the SEC, Goldman Sachs...Goldman Sachs...Goldman Sachs.

Yes, we all write about GS, many hate GS, some would like to see GS be put out of business and go away.  I want to see GS brought to justice.  I want to see GS executives, board members and possibly even former CEO's like Hank Paulson brought to justice if there is any indication of wrong doing on their parts.

However, the question of wrong doing - downright illegal activities - seem to be skirted every step of the way.  All the Congressional Hearings over the past year pointed fingers, called CEO's out and our President even called them "FAT CATS" but no one is asking the questions, "what part did they play in the original mortgage meltdown that led to the worst financial crisis this country has ever seen (yes, I believe it is worse then the Great Depression).  

In the past asking such questions was considered "conspiracy theories" but more and more today, I am not alone in saying there is more to this whole thing then has been reported and GS is more involved then we have been told.

There was a hint during the most recent Congressional Hearings.  I think I heard Mr. Glankfein say that at one point they bid so low on mortgage papter (and bonds) that no one would sell.  In other words, he answered a question that I have been asking sine March of 2007.  How did the market suddenly collapse?  How was it possible that the once thriving market for MBS's had suddenly and abruptly come to an end?  How, I wondered could investors worldwide - mostly very sophisticated - all stop investing almost overnight?  How, I wondered, was the tap turned off thus causing the mortgage meltdown and a financial crisis we will be dealing with for years to come?

Blankfein answered all those questions.  He (GS) intentionally bid so low that lenders would not sell loans and other investment houses would not sell their bonds.  With secondary market (aftermarket) for loans, lending would have to stop because the money - if not recirculated - ran dry.

A new question now also comes to mind.  When GS bid low to discourage sales of laons did they do so knowing the market would crash?  An ideal situation for them and Paulson & company (not our former Treasury Secretary and former GS CEO) who were betting that the market would crash.  Now this question is more criminal then it is civil and inquiring minds need to know.

This is only one small part of the puzzle.which needs to be fully investigated by our so called regulators and justice system   Oh, yeh, the is some talk on the street (web) that Justice is looking into possible criminal charges.  I heard that back in 2008 when the FBI said they were investigating 14 banks for possible fraud and complicity in the mortgage meltdown.  No names ever were given nor has there ever been a follow up announcement by the FBI.  Just another example of what I have always called "feel good" reporting to make us believe something real is being done when in reality there is nothing being done.

It is time for conspiracy theories to be taken seriously - so much more - that perhaps someone will listen and decide to do a real investigation.

Goldman Sachs - I believe - is dirty and so are the other Wall Street firms that were very much involved and complicit in the creation of the bubble and the ultimate bursting of it.  The "quick" sales of firms to other banks, the overnight issuance of billions of dollars done before America literally woke up on a Monday morning, the fear tactics used to pay out trillions all remain LARGE QUESTIONS in my mind. 

I want to know how we all got destroyed by a handfull of not so qukc talking banking executives who managed to destroy 40% of the worlds's wealth and transfer much of it to themselves. 

The more I read and hear about GS PR problems, the SEC lawsuit, stockholder law suits and will Blankfein survive as CEO, the less interested and tolerant I become.  GS is the big bad wolf leading the pack of wolves who gather in their hidden dens in plain sight of us all making a mockery of us.  The issues are greater then all the reports we are hearing about.   

That, to me, is the real story that all the media from around the world is missing or is just affraid to report on.  Why?

Of course, these are just my feelings and as always, I could be wrong.  What do you think

Goldman Sachs: Villains or victims?...BBC

Liquidate Goldman Sachs- Bankrupt Crime Syndicate

Everybody loves Goldman Sachs -- for starters, Tom Tomorrow and its greatest fan, Matt Taibbi


Anonymous said...

Watch this...just perfect analogy. And they will only pay a fine? What a joke we are....

We also check out the headlines on Lloyd ‘I’m Too Mysterious’ Blankfein, Bernie ‘I’m Just a Market Maker’ Madoff and Warren ‘I Love My Goldman Investment’ Buffett

Anonymous said...

Sound like up and comer politicians....

“There’s a self-serving role in this. If what he did is wrong, then what they do is wrong on a daily basis,” Mr. Galinsky told newsweek. “It’s not wrong to them, because it’s the water they swim in.”

Anonymous said...

Anonymous said...

Thumbing Down on Blankfein

However, it is time to move on. We have Bill Clinton running trial balloons for the gold standard and saying he was wrong to listen to Rubin and Summers. Clinton is right about one thing - the real economy cannot function productivity with the current system. We have the Administration proposing vastly increased powers for the Fed while it fights mightily in the courts for the AIG situation to stay buried forever. After all, AIG is up to its eyeballs with Goldman on building the mortgage bubble. Now we have a series of events unfolding in Europe (economic hits on Iceland and Greece, with more threatened) that would indicate it is time for the special drawing rights (SDR) system to begin to create a new global meta-currency that can continue to centralize economic control. Indeed the Swiss National Bank has called for a meeting in Zurich with the IMF shortly.

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