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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

Friday, July 2, 2010

..Goldman Sachs Links and News - July 1 and 2, 2010 -

Wishing everyone a safe and fun Fourth of July weekend.  This is a good time to spend with family and friends, relax, forget for a while the problems of the day and to remember why we are Americans and why this is America.  

The Fourth of July would not have been possible were it not for  "We The People".  Let us not forget that it is still "We The People" who "Together Can Make A Difference".

This flag is still they symbol of America.  It will never be confused or fly below any Too Big Too Fail corporation flag. 

We will not publish this weekend so that we to can spend time with our families and friends.  We will be back on Monday.  Please stay safe.

Goldman's Cohn Says Firm Didn't Drive Down Mortgage-Asset Marks ...
Ex-AIG executive testifies he didn't ease standards to allow risky trades
Boston Globe
AIG Has 'Contentious Relationship' With Goldman Sachs: Timeline
June 30 (Bloomberg
Goldman Sachs board mum on director's conflicts
Goldman Sachs Executives Say Risk Management Drove AIG Dispute
Volcker Rule All About Goldman
Goldman CFO says firm lost money on risky deals
The Associated Press
Goldman Sachs Pressed By Born for Derivatives Data
Forster 'Surprised' AIG Leaders Unaware of Swap Rules
YouTube - Goldman's Cohn Discusses Risk Management, Sovereign Debt ...
July 1 (Bloomberg
Cohn Defends Goldman's Risk Management
New York Times (blog)
Goldman Board Faces Scrutiny on Silence Over Conflicts: Video
Washington Post
Business -
The Pomerantz Firm Charges Goldman Sachs (GS) With Securities Fraud
The Financial Reform Law: A 'Fig Leaf'
Goldman Sachs (GS) and Morgan Stanley (MS), the two biggest US securities firms before they converted into banks in 2008, have smaller deposit-taking units ...

Zach Carter: The Lying Liars at Goldman Sachs
By Zach Carter
 How the Feds and Goldman Sachs Used AIG to Hose U.S. Taxpayers ...
By Alain Sherter
Financial Crisis Commission Turns Up Heat On Goldman Sachs ...
By The Huffington Post News Editors
US Panel Seeks More Money to Investigate Financial Crisis
... with a focus on transactions Goldman Sachs Group Inc.

Goldman Sachs execs defend pursuit of payments from AIG
Los Angeles Times
Former NY Fed Chair and Goldman Sachs Director Friedman in the Hot ...
By Jr Deputy Accountant

July 2, 2010 
Goldman Sachs's Role in Crisis at Stake in Question Over Marks
The Biggest Loser From Financial Reform? Could Be Goldman Sachs
Can a Goldman Sachs short position push securities down?
memeorandum: Goldman Sachs More Responsive to FCIC; Blankfein ...
Bloomberg: Goldman Sachs More Responsive to FCIC; Blankfein Interviewed
Analysis: Crisis panel targets Goldman as AIG skates by
Complaint: State Of Texas V. Goldman Sachs Et Al | Daily Markets
By Larry Doyle
The Lying Liars At Goldman Sachs at The Catherine Austin Fitts Blog
By solari


Anonymous said...

After read this article the layman can only come away that most of our Masters of the Universe rule the planet $cumbag....(take the time to read it)

In the post, “Doesn’t Morgan Stanley Read My Blog?”, I lamented on the fact that I made very clear in 2007 that anyone who bought the Sam Zell/Blackstone flips were guaranteed to lose money. It was literally etched in stone. It was a miracle that Blackstone didn’t lose their shirt attempting to flip large office building parks like overpriced single family homes at the top of a bubble (and they almost did). Well, guess who bought those “Peak CRE” buildings on behalf of their clients as they raked in the fees? You guessed it. None other than Morgan Stanley on behalf of their fund clients. This particular purchase was a 100% equity loss – just as I clearly and resolutely warned it would be back in 2007 when they made the purchase. See “Will the commercial real estate market fall? Of course it will” 09 December 2007. So, how could I have seen this coming and the wizards at MS could not have? Well, as smart as I would like to declare myself to be, it is easily argued that MS did see it coming and didn’t care, for they made money on the deals anyway (more on that in a minute). For the time being though, the entire fund apparently lost about 61% of the shareholder’s money. See this WSJ article: Morgan Stanley Property Fund Faces $5.4 Billion Loss.

Not to be outdone by those “lesser” brands on Wall Street. Goldman Sachs lost nearly 100% of their clients money in a similar CRE fund. Reference this FT article: Goldman real estate fund down to $30m (they lost $1.76 billion, yes, that’s a very big percentage loss).

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