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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

Thursday, May 6, 2010

Goldman Sachs Links and News - May 6, 2010 Featuring Larry's Cornentary

Is Goldman Sachs In The Same League as Enron and Bernard Madoff?
We keep talking about the SEC civil charges as "the tip of the iceberg" but is it?  While there is talk on the street - what street I am not sure -(maybe just a back alley) of some criminal investigations on Goldman Sachs, there is little in the way of anything concrete being said or published..  Are these whispers coming from any legitimate source and are the investigations - if any - from an agency that actually has "teeth"?

I have many questions and I will keep asking them as I have for the past two and a half years.  Something is wrong- terribly wrong, when capitalism runs wild with the aid of a government full of regulatory agencies that have done nothing but drain already financially insolvent system.  Remember when President George W. Bush said, "Wall Street Got Drunk" when referring to their lending practices causing the original mortgage meltdown which later became a total world wide financial meltdown.
When Enron was first exposed the rage and action of government was almost immediate.  Their top executives exposed, sentenced and convicted.  Their CEO even passed away from heart failure prior to sentencing. - I don't wish that to happen to anyone - but it just shows the immense strain he must have been under after being exposed.  Is Goldman Sachs any different?

Another casualty of Enron was the demise of one of the nations then leading and respected accounting firms - Arthur Anderson - for their participation in the scam that was Enron. They falsified records much the same as Wall Street's rating agencies had done when they fraudulently gave Triple A ratings to mortgage pools that a first year loan officer could have told you were foreclosures waiting to happen.  Are the rating agencies any different then Arthur Anderson?

Then recently in the wake of the global financial crisis came Bernard Madoff.  He was exposed, tried mostly by the media, charged by the government criminally,  plead guilty and sentenced to 150 years behind bars.   It didn't take long and justice for some was served although that does not restore the lives that were destroyed by his actions.  Is Goldman Sachs any different?

I would venture to say that the actions of Goldman Sachs and the other Wall Street Bansters scammed and defrauded much more then both Enron and Madoff ever did.  Their scams might even be bigger then all financial scams in history put together.

But here we are all talking about Goldman Sachs - hating them, despising them and some defending them.  We talk about Goldman Sachs and how destructive they have been and are to the lives of not only Americans but of citizens the world over.  
We hear hints of illegal actions they have taken but there seems to be no investigations to prove or disprove any criminality.  Why?  I don't understand.  We have heard from their top executives - who have testified under oath in Congress - hints of activities that at the very least sound questionable in terms of legality - yet it seems to go no further.  Why?

Certainly, if there are hints of illegal activity their should be someone looking to prove or disporve it.  Isn't RICO meant to do that?  Where are the FBI, IRS and US Attorney General?  It seems to me that there is sufficient evidence to them to begin investigations.  Certainly the IRS/S could find some pretty severe tax infractions from all the billions and trillions of dollars that flow through their corporate coffers as well as into the pockets of many of their employees.  

Is Goldman Sachs any different then Enron or Bernard Madoff?  Maybe they are.  Maybe unlike Enron and Madoff, GS has a seat at a very exclusive table.  A table so exclusive that those who sit around it have power and influence over our entire government. 

(Here goes a conspiracy theory)  

Is there a shadow government in existence that GS is a very integral part of?  Is there a secret society that has been influencing our country from its very beginning?  Is there a reason that so many Goldmanites serve in our government  -some in  very high and mighty  important positions (Secretaries of the Treasury, Advisers to Presidents, Congressmen and Governor's)?  Is ther ea reason GS seems to be exempt from any real investigation and potential criminal charges for illegal activity?

There were hints of criminal activity at Enron and of Madoff.  Investigations and action were seemingly swift and definitive.  There was a time not long ago that scam artists - no matter how big or rich they were - got caught, charged, prosecuted and sentenced when found guilty.  That especially was the case during the S&L crisis where many a high profile bank exec and CEO was found guilty of violating many laws and ultimately served time in prison.  But it is not happening with Goldman Sachs and others on Wall Street who have profited by their questionable actions.  Why?

Goldman Sachs seems to not only have a "Get Out of Jail Card" but they don't even have to pass GO to collect money.  Money is just showered on them as if they were gods receiving offerings from all the sacrificial lambs they have either slaughtered or attempted to slaughter.  Why?

My next big question then is; Who is Goldman Sachs?  They seem to operate outside of moral, ethical and perhaps legal limits with no consequences whatsoever.  They have enriched themselves well beyond the limits of greed and seem to not hesitate to throw that in our faces while we suffer.  Who are these people and why do they have this self perceived god like power? 

How can a company appear to be a major cause of probably the worst financial crisis the modern world has ever seen and not be taken to task by any in the world?

Who are these masked men who travel large and live large openly while robbing the world of its hard earned wealth?  

Question after question that remains unanswered.  Questions, I believe require answers and action in this free society of ours where the rule of law dispensed equitably is what has made us different from all other societies/nations in the world.

There is something real wrong here.  It just does not smell right. 

Calpers Votes to Split Chairman, CEO Roles at Goldman
A UBS Analyst Just Downgraded Goldman On Criminal Charge Concerns ...
By Joe Weisenthal 
Thank you, Goldman Sachs
Newsweek (blog)
Roubini Urges Goldman Sachs Breakup, Possible CDO Ban: Books
Goldman braces for shareholder fury
Glassman Says It Was 'Stupid' to Criticize Senators
Goldman Sachs Credit Rating Outlook Cut to 'Negative' by Fitch
May 5 (Bloomberg
Goldman Sachs SEC Settlement Could Hit $5 BILLION: Fox News
Huffington Post (blog)
BP And Goldman Sachs: Gambling With Your Money | Media Matters ...
Lloyd Blankfein Should Resign From Goldman Sachs
Wall Street Journal
Exposing Liberal Lies: Democrats Reward Goldman Sachs
By Debra Moore 
Whitman's lead over Poizner plummets
San Francisco Chronicle
Goldman Sachs "awfully strange bank": Bloomberg TV Interview
Goldman Sachs Loses Room to Maneuver After Public Testimony ...
Goldman Sachs Group Inc. may have backed itself into a corner by speaking out quickly to counter fraud claims by the US Securities and Exchange Commission.


Anonymous said...

You mean secretive like this? Yesterday Wall Street showed it's teeth and how far they will go to control their turf. Our political leaders are so far in they don't know how to get out without serious damage to themselves. We as a group of people are enslaved to their whims. The talking heads will dismiss all our concerns but you have to be a fool to not see we are all being played...
Read this...

Manipulation of Precious-metals Market Under Fire
Written by Alex Newman
Thursday, 06 May 2010 11:56

The banking cartel’s manipulation of supposedly “free” markets is coming under increasing fire as a broad coalition of activists, legislators, and non-profit groups target the Federal Reserve System with lawsuits, investigations, criminal complaints, and federal transparency legislation. Now whistleblowers, and even some government officials, are also taking aim at “irregularities” in the precious-metals market being orchestrated by the banking cartel and its government allies.

In a recent article entitled "Fed Facing Lawsuits, Criminal Complaints Over Market Manipulation," The New American reported on the central bank’s blatant activities distorting the real-estate and the stock markets, as well as various efforts aimed at discovering details and restoring accountability. But the manipulation of precious-metals prices is just as serious, and equally secretive.

Anonymous said...

I know the country's math deficient but maybe you can still put 2 and 2 together? I wonder how many talking heads would get fat paychecks if this stopped? Welcome to the free market...your new contract for reading off a teleprompter: $24,000/ benefits.

More On Yesterday's Plunge

The crooners are of course out in force this morning, among them Jeff Immelt:

“This is a point in time when the world needs the U.S. to be a beacon of stability, a beacon of reliability,” Immelt said during an interview at the 92nd Street Y in New York with Norman Pearlstine, chairman of Bloomberg Businessweek. “The world doesn’t need the U.S. in a food fight right now, with everything that’s going on in Europe. We should be the safe harbor.”

But what's his definition of this? Why, to make sure GE can continue to siphon off more and more money from the productive economy via GE Capital!

“Financial services is a very important industry in this country,” Immelt said. “Goldman Sachs has been a partner to GE for a long time. We trust them, they’ve done great work for us.”

Yep - hinky derivatives deals are great for Goldman, and might be great for GE as well. For the rest of the world that actually produces something? Not so much.

Anonymous said...

Washington's War With Wall St. to Blame for Panic Selling

Bleier says the battle over financial regulation reform has become a, “war between Washington and Wall Street now,” with Wall Street flexing its muscle of late, intent on showing lawmakers who’s boss.

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