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Fraud*
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 Sachs Ties to Government

This article was sent to us by a reader.  We thank you and appreciate the information.  We welcome your participation.  
An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan
By: fflambeau Saturday May 8, 2010 9:13 pm 

I. Introduction.
This essay shows the pervasive influence of Goldman Sachs and its units (like the Goldman-Robert Rubin-funded Hamilton Project embedded in the Brookings Institution) in the Obama government. These names are in addition to those compiled on an older such list and published here at FDL. In the future, I will combine the names here and those on the earlier article but I urge readers to look at the earlier list too (links below). Combined, this is the largest and most comprehensive list of such ties yet published.

For readability and clarity, I have NOT included many of the details and links that are found in the earlier article so as to make this one less repetitive and easier to read. So, if you want more documentation, please look at my earlier diary here at Firedoglake called "A List of Goldman Sachs People in the Obama Government: Names Attached To The Giant Squid’s Tentacles" published on April 27, 2010.

Note too that I have intentionally used the words, "Obama government" rather than "Obama administration" because some of these connections are not technically within his administration. These would include ambassadorial appointments and Supreme Court appointments (like that anticipated for Elena Kagan). This also includes lobbyists like Dick Gephardt who has multiple connections/input to Obama and to Goldman Sachs and the Hamilton Project.

In a similar vein, I use a broader definition than just Goldman Sachs (GS) because GS has funded, along with its ex-leader Robert Rubin, a right-leaning think tank called the Hamilton Project and embedded it within the Brookings Institution. Some of its activities thus also spill over into Brookings Institution projects which doubtlessly was one of the clever reasons Rubin and GS did this, along with providing their essentially neo-con/neo-liberal think tank with camouflage. This has worked beautifully for GS and Rubin as most writers–even critical ones like Matt Taibbi–seem unaware of the important doings of the Hamilton Project. The Hamilton Project has 32 people sitting on its Advisory Council and many have ties to Goldman Sachs, Rubin and the Obama government. Of the first four Directors of the Hamilton Project, three work in the Obama administration. Meanwhile, the most recent Director of the Hamilton Project came from academia and from a position as economic adviser to the Obama administration to Hamilton in the sort of "revolving door" that Washington is famous for.

The Hamilton Project (named after Alexander Hamilton whose most famous dictum was "The People are a Great Beast") is essentially pushing for cuts in entitlements (like social security), outsourcing American jobs, and for more NAFTA-type agreements. This is essentially the game plan for the Obama administration, not surprising since Barack Obama was the inaugural speaker at the Hamilton Project (and Joe Biden spoke there just weeks ago).

NOTE: This diary and its predecessor are the result of a lot of painstaking work. I am sure there are other Goldies out there in the Obama administration who I have missed. If so, PLEASE let me know by dropping their name in a comment below.
Read the full article and list of people...click here

To be fair, Goldmanites have been infiltrating our government for many years and through many administrations.  It would be interesting to have someone research just how far back this infiltration of our federal government by Goldmanites began.  Even more interesting would be research on why so many GS employees have served in government.  Are there any other companies out there who have as many employees or ex employees serve?  Is this just unique to Goldman Sachs and if so WHY?

Of course, the answers to the questions I pose could and most probably would lead to conspiracy theories which in turn would have to be further researched.  It sure seems like this topic would be ripe for some political science professor to obtain a grant and do the study.  In fact, I could enjoy delving into this topic myself given the proper resources.

At some point in our existence - be it in my life time or not - the truth will surface and the veil of mystery surrounding our government will be lifted.
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3 COMMENTS:

Anonymous said...

Thursday, June 10, 2010
SEC Investigation of Goldman Trading Against Its Clients Widens






Synthetic CDOs were sold to investors as the economic equivalent of cash CDOs, ones whose assets were subprime bonds rather than credit default swaps. That was always more than a bit disingenuous. Cash CDOs had for some time been the way that underwriters would dispose of the pieces of subprime bonds they were unable to sell, namely the riskier tranches. Conceptually, it was like taking unwanted parts from (presumably) healthy pigs, grinding it up with a little bit of better meat plus some spices and turning it into sausage.

But the short players like Goldman set out to create sausage from pigs known to be sick because that would be more profitable for them, and this was a zero sum game: their profit came at the expense of their customers. Note that this is NOT inherent to investing, that the dealer’s gain is necessarily the customer’s loss. A dealer might exit a trade that he sees as unprofitable because he expect the price to fall in the next few days. The customer may have a completely different time horizon, and the success of his investment will not be affected much by what would be for him trading “noise” over the next few days.

Let’s put it more simply: how many of you would knowingly choose to be on the other side of a Goldman prop trade, particularly if you knew Goldman had designed the instrument to enable it to go short? Answer: probably zero.



http://tinyurl.com/2v9xx4m

Anonymous said...

Everybody knows the truth but this guy ns has some pithy comments regarding the whole pathetic game:

http://www.nakedcapitalism.com/2010/06/more-sec-investigation-of-goldman-trading-against-its-clients.html#comment-123727

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