GoldmanSachs666 Message Board

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

Wednesday, June 30, 2010

How Goldman Trashed a Town By Stephen Gandel - TIME

This article was submitted by Sean Z.  Thanks for the article and link.

How Goldman Trashed a Town
By Stephen Gandel

Starting in July, Liza Kuzela of Cedar Rapids will pay $0.44 more a month to have her trash collected. The amount is trivial, but the reason is not. Two years ago, Cedar Rapids lost $2.6 million on an investment tied to a Goldman Sachs bond deal Abacus that the Securities and Exchange Commission claims was rigged to fail.

When the bond went bust, hedge-fund manager and Goldman client John Paulson pocketed a billion dollars. Kuzela, her neighbors and others around the country with no ties to Wall Street are picking up the tab. The case of Cedar Rapids and Goldman illustrates how everyday Americans end up paying for Wall Street's big paydays.
[Larry}  Relative to my last post, this type of news should be headlines but is not.  Stories such as this give cause for more investigations and cause for legal actions with teeth.  As this article says,
Regulators have begun to bring charges against firms that constructed and managed the complex financial transactions that were struck at the height of the housing bubble. Many look like they were purposefully set up to fail. (emphasis added by GS666)
[Larry} Other then the SEC in their case against GS what regulators have begun to bring charges?  There are charges pending in BK court on Lehman but Lehman is already defunct and I would bet a derivative that no one person will ever be charged or do time for the crime.  Further more,  what about all the other banksters out there on Wall Street?  They have all taken shelter within bigger Too Big To Fail banks like JP Morgan and Bank of America who themselves should be investigated but seem to have a "free get out of jail card".

I believe there are laws on the books that cover what the last line in the quote above points out - "many (CDO's, CDS's) were PURPOSELY set up TO FAIL.  Is it not a crime to sell a security that carries a good (but false) rating that is known to fail?  I believe this falls under the catagory of FRAUD and fraud is illegal. 

Read here 


Anonymous said...

We are all powerless, dumbass'...

President Obama's recent motto of "fiscal responsibility" and his frequent grumbles about "out of control government spending" are reflections of this insidious strategy of blaming victims for the crimes of perpetrators. They also reflect the fact that the powerful financial interests that received trillions of taxpayers' dollars, which saved them from bankruptcy, are now dictating debt-collecting strategies through which governments can recoup those dollars from taxpayers. In effect, governments and multilateral institutions such as the IMF are acting as bailiffs or tax collectors on behalf of banksters and other financial wizards.

Anonymous said...

Wednesday, June 30, 2010
Time to Investigate Blankfein and Paulson (More AIG Shenanigans Edition)

The New York Times has unearthed a damning tidbit about the bailout of AIG:

When the government began rescuing it from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks — including Goldman, Société Générale, Deutsche Bank and Merrill Lynch — over any irregularities with most of the mortgage securities it insured in the precrisis years.

Yves here. How one reacts to this depends in no small measure as to how one views the salvage operation. For all intents and purposes, the rescue of AIG was merely a way to save the banks; the credit default swaps had been too big a source of faux capital (for US firms, via risk-dumping, and for Eurobanks, as part of a regulatory arbitrage) to let the insurer go. So any effort by the officialdom to aid the banks, most notably by paying out 100% on credit default swap exposures (which had already been written down by counterparties to less than par) was simply an effort to funnel more cash to the banks. Since we’ve had massive backdoor bailout mechanisms in addition to the overt ones, this orientation should come as no surprise.

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