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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, June 10, 2010

Goldman: Burning Down the House

Those of you old enough might remember an album from the Talking Heads called "Stop Making Sense". I imagine that's what Goldman is going to think about this article:

Stiglitz Calls for ‘Goldman Sachs Amendment’

Joseph E. Stiglitz, the Nobel Prize-winning economist, wants the financial regulatory bill to bar financial firms that give up their government-backed bank charters from ever being able to seek government assistance again.

The proposed rule, which Mr. Stiglitz said should be called the “Goldman Sachs Amendment,” would require these companies to choose whether they want to be regulated banks, with all the government protections and restrictions, or unregulated investment banks, allowed to trade as they wish without a safety net.

Mr. Stiglitz is concerned that banks like Goldman Sachs and Morgan Stanley, which do not have large retail banking operations, could switch back and forth, giving up their charters as bank holding companies to partake in risky activity on one day and then reapplying for it the next if things go wrong and they need government help.

“That kind of charade should not be allowed,” Mr. Stiglitz said on a conference call on Wednesday to discuss the financial regulatory bill being completed by Congress.

Read the rest here


JR said...

Goldman Sachs Hudson CDO Said to Be Target of Second SEC Probe
June 10, 2010, 12:02 AM EDT

By Joshua Gallu and Christine Harper

June 10 (Bloomberg) -- Goldman Sachs Group Inc.’s $2 billion Hudson Mezzanine collateralized debt obligation, sold in 2006, is the target of a probe by the Securities and Exchange Commission, according to a person with knowledge of the matter.
The inquiry into the CDO may not lead to any additional actions against the New York-based securities firm, said the person, who declined to be identified because the investigation isn’t public. Michael DuVally, a spokesman for Goldman Sachs, declined to comment, as did SEC spokesman John Nester. The Financial Times reported the probe earlier.

More here:

JR said...

Would we hate Goldman Sachs less if it had ATMs?

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