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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, June 8, 2010

Goldman Sachs Stonewalling

Ellen Brown has another excellent piece up- "Banks Profit from Near-zero Interest Rates". The resistance from the banking community is growing as the following piece in the LA Times points out. The more people find out that all this pain is unnecessary and are educated about the nature of money and who controls it, the more the banks will fight it. Their biggest problem is the economy is crashing and people are getting angry. The people want REAL reform, not the baby puke coming out of Washington.

Goldman Sachs stonewalling, federal panel says

The Financial Crisis Inquiry Commission subpoenas the firm, demanding information about its role during the mortgage meltdown and credit crunch.

Goldman Sachs Group Inc., already under fire for its actions leading up to the financial crisis, came under attack from a federal commission that accused it of refusing to divulge information, including documents detailing its controversial bets on the mortgage market.

Saying it had been stonewalled, the federal commission investigating the financial crisis on Monday took the unusual step of issuing a subpoena to Goldman that demanded information about the investment bank's role before and during the mortgage meltdown and credit crunch.

The panel, formally called the Financial Crisis Inquiry Commission, said it resorted to the subpoena after Goldman responded to an initial request by sending a massive amount of electronic documents — the equivalent of 2.5 billion pages — without saying where in those documents the answers to the commission's specific questions might lie.

Read the rest here


JR said...

Goldman Deserves Regulatory Probe in Bloomberg Poll
June 07, 2010, 7:58 PM EDT

By Christine Harper and Robert Schmidt

June 8 (Bloomberg) -- Goldman Sachs Group Inc. is being “legitimately scrutinized” by regulators who sued the firm for fraud based on conduct that many in the industry consider to be common practice, according to a Bloomberg survey.

The most profitable securities firm in Wall Street history has suffered the worst reputational decline among its largest competitors, according to the global quarterly poll of 1,001 investors and analysts who are Bloomberg subscribers. Eighty- three percent of respondents said Goldman Sachs’s stature diminished in the past six months; the next closest were UBS AG, with 27 percent, and Citigroup Inc., at 26 percent.

Story here:

JR said...

FCIC Says Goldman Sachs Played American People “for Chumps”
By Annie Lowrey 6/7/10 3:45 PM

And now we know why the Financial Crisis Inquiry Commission decided to subpoena Goldman Sachs — not for a lack of information, but for a surfeit of it. CNBC’s John Carney has the story:

Anonymous said...

Is Goldman and other "TBTF"s part of the same machine?

Capitalism in the dock as Kerviel goes on trial

Rogue trader Jérôme Kerviel is on trial. The case for the defence: the insanity of global banking culture

“No doubt I committed errors,” he wrote. “I overrode the usual methods, loaded false data to disguise gains, as well as losses. In a word, I pushed the system to its limit… But [what] was happening around me? [A] giant fraud perpetrated by all the trading floors in the world. To get good results, any tricks were permitted. The golden rule of the banking culture was simple: if you win, you are in the right; if you lose you are wrong and you’re out.”

Anonymous said...

wo weeks ago we disclosed that a proposed amendment by Maine Republican Susan Collins would disqualify TruPS securities from bank regulatory capital, "which if passed into law, will trim about $108 billion from bank holdco Tier 1 capital, an amount which is about 13% of the "Big 4" banks' total Tier 1 capital according to Moody's." The reason for this long overdue proposal is that TruPS are nothing but a fancy way that banks bought and sold CDOs to each other in what can only be qualified as one big Ponzi scheme involving worthless assets. There are no longer just our words. Bloomberg's Yalman Onaran has written an extensive piece on the dangers facing bank balance sheets and liquidity as a result of having approximately a tenth of their capital locked into the same kinds of securities that are now the reason for Goldman's ongoing legal troubles.

Anonymous said...

Remember Hogan's Heroes?

Meet the modern day Colonel Schultz..
I ‘know nothing,’...Warren Buffett ...he sure knew how to turn a buck with Goldman...

In this episode, we look at the scandals of financial wiseguys that ‘know nothing,’ including famed ‘value investor,’ Warren Buffett who says he knows nothing about his investments and nothing about how ratings contributed to the housing bubble

Anonymous said...

A book for past, present, and future goldman employees...

M Scott Peck wrote a book called People of the Lie which deals with malignant narcissism and the difference between ordinary sin and evil. According to Peck "the central defect of evil is not the sin but the refusal to acknowledge it"

Anonymous said...

No matter what site you read you can't escape the obvious.....everybody on the planet has Goldman and all their political crony's collective numbers....not one person out there has the integrity or the sack to do anything about it....

What’s next for Cody and some of my favorite memories at FBN
Least favorite part of the job: Coming in and fighting the Republican/Democrat Regime and the socialist policies and propaganda and corporate welfare they stand for every single day for the last 1000 days. I never wanted to take on Goldman Sachs and their cronies like Lil Timmy Geithner and Bush and Palin and Pelosi and Obama…I didn’t choose to the war that they made me fight when they ratcheted up their redistribution policies and propaganda to enable those policies and then explicitly sent trillions of dollars of welfare to bankers and their shareholders and began nationalizing private industries. And while I’ll still obviously continue to fight against the Republican/Democrat Regime and all that is has done and is continuing to do to undermine our Constitutional Rights, I’m looking forward to not doing it in new ways.

JR said...

Poll shows SEC action tarnished Goldman image
Survey also finds growing interest in U.S. markets

By MarketWatch

Investors take dim view of Goldman troubles: poll

NEW YORK (MarketWatch) -- If Goldman Sachs Group Inc. thought its regulatory troubles wouldn't hit its reputation, it better think again.

Goldman /quotes/comstock/13*!gs/quotes/nls/gs (GS 136.73, -1.05, -0.76%) has been hit by a barrage of bad news since the Securities and Exchange Commission Apr. 16 said it was investigating the firm for alleged fraud. Since that announcement its stock has fallen 26%.

More here:

JR said...

Fox's take on the issue:

JPMorgan May Take Brunt of New Financial Reform

By Charlie Gasparino

The conventional wisdom on Wall Street has been that the new financial-reform package will squeeze earnings at Goldman Sachs (GS: 136.91, -1, -0.73%) much tighter than most of its competitors because of limitations on so-called proprietary trading.

But executives at Goldman Sachs have been telling clients and investors just the opposite is true; in fact, it’s the firm’s chief competitor, JPMorgan Chase (JPM: 37.48, -0.29, -0.77%), that could get hit the hardest, FOX Business Network has learned.

The problem for JPMorgan is that as a commercial bank, its capital requirement might be tougher. Case in point: If banks are forced to spin-off their derivatives businesses known as “swaps” into a separate unit, JPMorgan under current rules might be forced to hold more capital than Goldman Sachs.

More here:

JR said...

Volcker presses on risky trading

Anonymous said...

From the lawsuit: "Goldman intentionally failed to provide correct information regarding the state of the market in Timberwolf and/or intentionally failed to provide correct information concerning Goldman's actual opinion concerning the state of the market for the Timberwolf security and its quality and value. At the time Goldman made these statements to BYAFM, Goldman was actively shorting both Timberwolf and comparable securities because Goldman's internal assessment of the market for such securities was that their value would drop. In order to reduce Goldman's exposure to CDOs, Goldman personnel made false and misleading statements of material fact, knowing such statements were false and misleading... and with knowledge that BYAFM would rely on them in making the decision to purchase an interest in Timberwolf. Moreover, Goldman personnel failed to disclose material information knowing that, by this omission, information that they did disclose was rendered misleading, or they acted with reckless disregard as to whether the omission of the information rendered other disclosures misleading."

JR said...

Goldman Sachs needs to settle NOW!

By Paul R. La Monica, editor at large June 9, 2010: 3:02 PM ET

NEW YORK ( -- Earth to Lloyd Blankfein: The jig is up for Goldman Sachs. It's time to settle with regulators before any more damage to the severely wounded stock is done.

Goldman Sachs may have ceded its title as most hated company in America to BP for the moment -- and CEO Blankfein is probably not despised nearly as much as BP CEO Tony Hayward.

But investors aren't forgetting that the SEC has filed those pesky civil charges against the Wall Street titan. Shares of Goldman Sachs (GS, Fortune 500) have plummeted 25% since the allegations of fraud tied to a complex mortgage security came to light on April 16. The stock is now trading just 2% above its 52-week low.

More here:

JR said...

Timberwolf Lawsuit: Goldman Sachs Sued By Australian Hedge Fund Over 'Sh--ty Deal'

More here:

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