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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

Tuesday, May 4, 2010

Goldman- A Financial Reformer's Casus belli

From Tom Saler at the Journal Sentinal:

Goldman Sachs makes the case for financial reform

They're greedy. They're unethical. They're clever in a borderline nefarious way.

No one should be surprised that the much envied and equally loathed Wall Street investment bank Goldman Sachs may have sold clients securities that an internal Goldman e-mail described using a word that rhymes with itty-bitty.

There was nothing tiny, though, about the consequences of Goldman's sale of a collateralized debt obligation, known by the appropriately inscrutable title, Abacus 2007-AC1.

According to the Securities and Exchange Commission, a hedge fund with which Goldman collaborated put together a portfolio of high-risk mortgages, then pocketed $1 billion after it shorted the ill-fated CDO that Goldman subsequently placed with a German bank and a New York-based money manager.

That Goldman may have operated in a duplicitous (if not criminal) manner appears not to have dissuaded other investors from seeking the firm's advice and services, at least not yet. Goldman turned a $3.5 billion profit in the first quarter doing what its CEO, Lloyd Blankfein, once called "God's work."

Presumably, such work would not include helping the Greek government obfuscate its deplorable fiscal position through derivatives and then selling Greek government bonds to clients, as Goldman also is alleged to have done.


Read the rest here


Anonymous said...

If your too lazy to call then email them.

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Anonymous said...

This is pathetic...why fraud will continue...there is no penalty for engaging in it!

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Anonymous said...

Deja vu ...........

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It all sounds eerily familiar to the wealth transfer maneuver by Goldman Sachs Trading Company in the asset bubble of 1928. The Trading Company was a closed end fund (called a trust in those days) that Goldman Sachs created and offered to the public at $104 a share, stuffed with conflicted investments while paying Goldman a hefty management fee, only to end up a few years after the 1929 crash trading at a buck and change. On May 20, 1932, Walter Sachs, President of the Goldman Sachs Trading Company, was grilled by the Senate Committee on Banking and Currency. The implication was the same as the current round of Senate hearings: Goldman royally fleeced its customers to line its own pockets.

My advice to Goldman is to throw yourself on your sword. Come clean on everything and clean house. Put a modest gym in the basement of your new digs and donate the 54,000 square foot space to charities for the struggling folks you ripped off in their pensions and 401(k)s. And maybe it’s time to apologize for what you did in 1928 and 1929 as well.

Then have a sit down with Warren Buffett and start co-authoring OpEds on why the Glass-Steagall Act separating investment banks from insured mom and pop funds at commercial banks must be restored. If you have any trouble finding an argument for this, just lay all those recently disclosed internal emails end to end and observe the narcissistic, sociopathic culture you’ve created out of the uber-testosterone Wharton School boys.

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