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

Thursday, July 1, 2010

Goldman Sachs Links and News - June 30,, 2010

Goldman Sachs exec to advise central bank
Goldman Sachs names its new Canada head
MarketWatch (blog)


Carney taps Goldman Canada's Hodgson for new special adviser
Ottawa, Toronto — Globe and Mail Update
This link courtesy of JR - one of our loyal readers.  Thanks JR
The Goldman Sachs alumni network of high-ranking officials has added a new       member to its Canadian chapter.

Volcker Said to Be Disappointed With Final Version of His Rule
Scrutiny of Goldman's Board Focusing on Silence Over Conflicts
San Francisco Chronicle
US crisis panel to examine Goldman, AIG ties
Goldman exec admits bigger role in AIG deal
AIG HadContentious Derivative Relationship With Goldman Sachs ...
Goldman More Open Since Subpoena, FCIC Says
New York Times (blog)
AIG Has 'Contentious Relationship' With Goldman Sachs: Timeline
Goldman Sachs Shorted 1% of its Mortgage Bonds, CDOs, Cohn Says
BP-to-Goldman Boards Become Hot Seats for College Presidents
Goldman Sachs Envy
Goldman Sachs 'Most Aggressive' In Demanding Cash From AIG
Huffington Post (blog)
Goldman Sachs COO Cohn Says Firm Didn't Drive Down Mortgage-Asset ...
Bloomberg Investigates Former NY Fed Chairman Stephen Friedman ...
By DailyBail
Sullivan Says He Was Unaware in 2005 of AIG Swap Risk
Cohn defends derivatives trades with AIG before insurer almost collapsed
Goldman Could Have Managed Reputation Risk Better, Cohn Says
Cassano defends actions at AIG
Washington Post 
Goldman says it doesn't know how much it made from housing crash

 Politicians Are Part Of The Problem

 There was a lot of internet buzz yesterday - virtually no television - about the Financial Crisis Inquiry Commission (FCIC) hearings on AIG and GS.  First let's examine a quote taken from an article on Reuters.
The commission is supposed to issue a report by Dec. 15, detailing the crisis that peaked in late 2008 after the collapse of former investment banking giant Lehman Brothers. 
The report will serve as a public record of the historic event and will not likely include thorough recommendations for reform. (Reporting by Steve Eder, Karey Wutkowski, and Kim Dixon in Washington; Editing by Tim Dobbyn(emphasis added by GS666)
Having read the quotes above the FCIC appears to be what I call another "feel good" panel put together by Congress to appease the American people.  They still think that most Americans are stupid and that this type of costly - do nothing - action will appease us.

We are not stupid and cannot be that easily appeased.  We want actions that are meaningful.  We want those responsible for wrong doing to be brought to justice.  We want justice for all Americans who have and are still suffering as a result of the greed and arrogance of these Too Big To Fail, government supported and sponsored private corporations.

We don't want a REPORT that will be written and published 6 months from now.  History has proven that reports of this nature do nothing to punish or bring to justice those that may be responsible for reprehensible acts.  Case in point would be the Warren Commission report on the assassination of President John F. Kennedy. 

We have had all the investigations, hearings and testimony we need for the Attorney General to build cases against those responsible.  There are Bernie Madoff's hidden throughout the financial sector and most specifically at Goldman Sachs.  They need to be exposed and brought to justice like Bernie Madoff was.  What they did was far bigger and more damaging to many millions of people throughout the world then the actions of convicted fraudster Madoff.  He pales in comparison.


The problem however, rests with Congress and the Executive Branch both past and present.  They were the sponsors of the actions to liberalize lending practices, encouraged (by removing regulatory oversight) lenders and Wall Street to fund loans to anyone then turned a blind eye when Wall Street created financial instruments  that most people sitll today don't understand - in order to create a continueous flow of money to do so.  IN short this was all a Ponzi scheme.

Now, we have those responsible for helping to create this problem - politicians - attempting to solve the problem.  A classic case of the fox watching the hen house.


There are those of us who will not give up the fight for justice.  Justice is our right and is for all not just a select few.  While our numbers may be small our vigil will be large.  It will take years to recover from the financial mess we are in.  More will be hurt along the way who will join the fight for justice.  The daily pain of our lives due to the actions of greed and arrogance of ALL those involved will only strengthen our desire for the pursuit of justice.

Enhanced by Zemanta


Anonymous said...

A Gigantic Ponzi Scheme, Lies and Fraud": Howard Davidowitz on Wall Street

Post a Comment