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

Monday, July 26, 2010

..Goldman Sachs Links and News - July 26, 2010

Goldman Sachs may face outside scrutiny of derivative data system
Irish Times
Goldman Sachs Relied on Citigroup, Lehman to Protect Against AIG Failure
 FCIC Said to Aim at Goldman Derivatives Profit First Review of the Goldman Sachs ...
By Robert WenzelNew York Times (blog)
Wall Street Still Doesn't Have a Sheriff
New York Times
Video: Bloomberg's Harper Discusses Goldman's AIG Protection: Video
July 26 (Bloomberg)

 Booked: Suzanne McGee on Chasing Goldman Sachs « Booked -
By Michael Noer
Mistake: Why Goldman Sachs Channels Richard Nixon and Watergate
Huffington Post (blog)
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Anonymous said...

Monday, July 26, 2010
Which is the Bigger Threat: Terrorism or Wall Street Bonuses?

Cross-posted from New Deal 2.0

By Wallace C. Turbeville, the former CEO of VMAC LLC, and a former Vice President of Goldman, Sachs & Co.

The current system of trader compensation will continue to decay the heart of Wall Street.

Which is a greater threat to the nation — terrorism or the relentless decline of middle income families? Unless we abandon our core values out of unwarranted fear, terror cannot fundamentally change our way of life. The number of people affected by growing income disparity is vast. When I was a student, income disparity was indicative of an underdeveloped and unstable society.

The government appropriately devotes enormous resources to protect our lives and property from terrorism. It is unthinkable that a leader would display any weakness opposing this threat. Politicians have stiff backbones when it comes to terrorism.

In contrast, the government is timid and half-hearted in its approach to the system which perversely rewards a few Wall Street traders with billions of dollars of bonuses, yet allows the foundation to decay.

Anonymous said...

They gouge their faces, they save their own, and then they send the sheep to slaughter...they should choke on their own bile...friggin gall!

Neel Kashkari, TARP Guru, Supports Cutting Entitlements, Citing 'Me-First' Attitude Of Beneficiaries

And now, Neel Kashkari is in the Washington Post today, arguing that cutting entitlements is akin to TARP because both are "unpopular decisions that are in our collective best interest." Except that TARP benefitted PIMCO greatly and, having been done a good turn, PIMCO rescued Kashkari from his sad little cabin in the woods. Some pigs are more collectively best-interested than others.

But Kashkari says we have to act now now now! Cut entitlements before it's too late!

Anonymous said...

GE or Goldman...which slap on the wrist hurt more?

Spin this CNBC....

GE pays $23M to settle Iraq kickback charges
GE to pay $23 million to settle SEC charges over oil-for-food kickbacks in Iraq

Anonymous said...

Here's a bad combination...

The Market Is a Hologram Masking Deflation

Program traders have a virtually infinite line of credit, pay virtually zero commissions, and are backed by banks on Wall St. with strong political connections who are ready to bail out any losing bets these computers make.

Plus, the computers are able to do something normal buyers and sellers can't do. They can pick a price they want a security to trade at and then fill in all the necessary trading volume needed to get the price of the security to that point. In other words, you can program computers to rig markets.

In this new rigged market capitalist model, the corrupt bank picks the price it wants a security to trade at and the computers buy and sell with each other until that price is reached; thus providing an audit trail of trades that looks on the surface like actual price discovery.

Goldman offers service to aid derivatives clearing

(Reuters) - Goldman Sachs (GS.N) on Tuesday said it is launching a service to facilitate central clearing for clients in all listed and privately traded derivatives asset classes.

The service will aid clients in clearing interest rate, credit, foreign exchange, equity and commodity derivatives through external clearing houses. Goldman will not clear trades itself but will route trades to clearing houses selected by clients.

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