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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

Saturday, July 10, 2010

..Goldman Sachs Links and News - July 10, 2010 - with Larry's Corner

Goldman Sachs Sued Over 2007 Fannie Mae Offering
BusinessWeek
Goldman Sachs-Robbing and Thieving The American Sucker-AGAIN ...
By 2012 Doomsday Predictions
Gore Denies that Ken Lay, Goldman Sachs CEOs Helped Develop C02 ...
By admin
Staite Sees Goldman Profit Hurt by Lower Trading Revenue: Video
Washington Post
 Is there an exodus at Goldman Sachs?

For several weeks now I have been reading articles similar to the two I have linked below.  They all talked about high level Goldman employees leaving Goldman and taking employment at other companies as well as at some foreign government agencies.
I thought very little of these reports until they became numerous and I began thinking, what is going on?

Not until I read the report by Charlie Gasparino of Fox Business - which I posted  this past Thursday in Larry's Corner - where he said, “The mood is horrendous among employees.” that it made me begin to wonder, what is going on at the great GS.

If the mood, as Charlie says, is "horrendous" then it is no wonder that there is an exodus from the all powerful Goldman Sachs.  Could it be that perhaps the lure of big money is no longer there and therefore there is no reason for many GS employees to continue to work for a company they probably know is truly a "vampire squid".  

I often wondered how so many could live with themselves working for a company that so obviously operated with no moral conviction and no regard for humanity.  I always believed that these people "had a price" at which they could be bought and manipulated.  

It has always been the belief that working for Goldman was the ultimate in positions on Wall Street.  People were trained and brainwashed once accepted into the fold.  Their entire existence revolved around "the company" doing and saying whatever they were instructed to in order to reach the ultimate goal of "super profiteering" at all costs and with little regard for the consequences.

Now it appears, as I have seen over many months that with the restraints placed on Goldman due in part to the publicity and in more part due to the admissions (or lack thereof) at the many Congressional hearings, that the "gravy train" has reached the end of the line and there seems to be no good reason to compromise one's self.  The outrageous pay scales are gone, the creative financial products no longer available and the manipulated gambling that created sure bets are all gone.

If, indeed, the mood amongst GS employees is - horrendous - then it is no wonder that there is an exodus of these once "loyal", "overpaid" employees.  

Since I did not bother to archive many of the announcements of GS employees leaving for other positions, I will attempt to do the research and find them to publish here.

I do believe this is something we should now pay attention to.  The glitter of Goldman may be fading if not ending.  

I have the feeling that there is trouble brewing at Goldman.  Merideth Whitney seems to see a decline in their earnings, Goldman themselves have made public that their earnings will be hurt due to the law suits and bad publicity they have received.  Now, high level employees are leaving.

I will keep an eye on this as this could be the beginning of the end of an era and empire.  Justice comes in many shapes and forms.  While we may never see legal justice served, a collapse may serve the public just as well.

Stay tuned, our mission is still on going.

Citigroup Appoints Goldman's Osmond for its Australian Unit ...
By Girish Kumar Guha
Bank of America Hires Ex-Goldman Banker Tachibana for Fixed Income Sales
Bloomberg  

9 COMMENTS:

JR said...

Sometimes when pressure is put on a company, former employees become whistle blowers. We can hope that perhaps GS may have one or two.

Anonymous said...

Boy I wonder how many bonus pools were pushed up by these shenanigans..isolated practice?

Is it Wall Street or Sham Square?

The 12-page complaint filed in state Superior Court in Stamford states that Dillon observed Highland Capital "artificially manipulating" the net asset value of certain funds by cross-trading assets between Highland hedge funds at settlement prices that were deceptively set, back dating cross-trades to capture a more favorable asset value and placing poor-performing investments in a particular fund called the "Crusader Fund" to shield its other portfolios, among other allegations.

http://tinyurl.com/2e42e2s

Anonymous said...

Is Goldman part of or tool of?

Daily Bell: Do you believe in a power elite that is trying to create a
one-world order?

Harry Schultz: That there is a power elite is a given. Only a fool
could not know of it. So, do they want a one-world order? Not all, but
enough do to make the effort. We all know that power corrupts, and
there is natural tendency to want to assure control. Some persuade
themselves they want control for the good of others. That is rubbish
of course, but self-delusion comes easily.

Daily Bell: Is there manipulation in the markets – especially the gold
and silver markets?

Harry Schultz: Of course! There is no free market anywhere. Every
commodity and all markets are manipulated, sometimes by government,
often by mega corporations, or small but strong groups. Cheating comes
easily to mankind. The closest thing we have to a free market is the
bond market-because it is so big it's almost impossible to control.

http://tinyurl.com/39lmn2z

Anonymous said...

The Con of the Decade Part II (July 9, 2010)


The con of the decade (Part II) involves sheltering the Power Elites' income while raising taxes on the debt-serfs to pay the interest owed the Power Elites.
The second part of the con is to mask much of the Power Elites' income streams behind tax shelters and other gaming-of-the-system so the advertised rate appears high to the peasantry but the effective rate paid on total income is much much lower.

The tax shelters are so numerous and so effective that it takes thousands of pages of tax codes and armies of toadies to pursue them all: family trusts, oil depletion allowances, tax-free bonds and of course special one-off tax breaks arranged by "captured" elected officials.

http://www.oftwominds.com/blogjuly10/con-of-decade-pt2-07-10.html

JR said...

It's a scary thought when you know that Wall Street is hiring again. I would have thought that jobs in manufacturing would have been more important than jobs in finance where too much wealth is already concentrated.

More here:

http://nymag.com/daily/intel/2010/07/wall_street_is_hiring_again.html

JR said...

Video:--

Is this the famous program that Goldman Sachs uses to take advantage in High Frequency Trading?

-Depth Look – Stealing Secrets from Goldman Sachs – Bloomberg

http://tinyurl.com/348kov8

Anonymous said...

Whatever happened to that program?

Now the controversy is focused on the algorithms.

AI programs diagnose electrocardiograms with an accuracy rivaling doctors, evaluate medical images, fly and land airplanes, guide intelligent autonomous weapons, make automated investment decisions for over a trillion dollars of funds, and guide industrial processes.

http://www.singularity.com/qanda.html

Suzan said...

My guess is that there is money to be made elsewhere short term.

And they'll be back when the deals are once again bigger at GOLDman's.

S

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