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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

Saturday, August 21, 2010

Goldman Sachs Links and News - Week in Review - Aug. 12 - 20, 2010 - Featuring Larry's Corner

Goldman Sachs could be largely unaffected by financial overhaul
Los Angeles Times
UBS Hires Chung From Goldman Sachs as Investment Bank's Co-General Counsel
W.C. Varones: Forbes: Goldman Sachs to profit from FrankenDodd ...
By WC Varones
Goldman Sachs economists: No double dip (probably)
Washington Post (blog)
Why Goldman Sachs is expecting to make as much money as ever
The Week Magazine
 Paulson Fund Buys 1.1 Million Goldman Sachs Shares
BusinessWeek  Editor's Note:  Paulson is the one who together with GS crated the Credit Default Swaps and togehter hand picked those securities that they "knew" would fail.  That is how Paulson (not the Treas. Sec'y) made his billions as did Jeff Green who is now running for Senator in Florida.
 Mortgage Bonds Slumping Amid Concern of `Mega-Refi' Wave: Credit Markets
Bonds from New York-based Goldman Sachs Group Inc., the US bank that makes the most revenue from fixed-income trading, were the most actively traded US ...

A Self-Analysis Likely to Surprise
New York Times (blog)
Bloomberg's McCracken Discusses Goldman's Role in GM IPO: Video
16 (Bloomberg)
Lawsuits Against Goldman Execs Over Abacus Merged
ABC News

 The Geithner Chronicles
The latest buzz circulating the blogs and the media is Timothy Geithner's connection to Goldman Sachs.  It has been alluded to that he, in some way, has been employed by GS.  This is not the case and as much as I do not like or trust Secretary of the Treasury Geithner - former President of the Federal Reserve Bank of New York, former Board Member of the World Bank, potential member of The Bilderberg's - I must admit that he was never on Goldman's payroll as an employee. 

Was he and is he still working closely with Goldman to formulate economic policy especially banking policy?  Yes, I do believe he did and still is.  He of course worked very closely with Ben Bernanke of the Federal Reserve along with Henry Paulson - his predecessor at Treasury - to formulate and implement the various bailouts on Wall Street.  He was especially very involved in one of the first bailouts - that of Bear Stearns so called "purchase" by JP Morgan - which turned out to actually be a 50 billion dollar bailout to JP Morgan. 
(Note:  The Bear Stearns building JP Morgan got in the transaction was worth more then they paid for Bear Stearns (BS) using the $50B they got from the US taxpayers complements of Geithner, Bernanke and Paulson.)
What was even ;more shocking about this transaction and Geithner's involvement is that the Chairman of JPM - Jamie Dimon - sits on the NY Fed Bank Board of Directors and even more shocking is that a JPM CEO has always been on the Board since its' inception.

Even more shocking about this "bailout" was that it occurred with meetings that began late on Friday and concluded very late on Sunday with the money being wired by the Fed to JPM before the start of business on Monday morning.  In other words, it was all done in secret, behind closed doors and without the possibility of any oversight by Congress on behalf of "the people" us) as in U.S) who they are supposed to be representing and serving.

I also believe, though I can't substantiate it, is that somewhere, somehow Goldman Sachs was involved and had to offier its blessing before this could happen.  I would have to assume that Secretary Paulson somehow had to communicate with the powers to be at GS.

In short, this makes the Bear Stearns (BS) deal that Geithner was a lead participant in pure BS.

But to say that Mr. Geithner was an employee of Goldman Sachs and continues to prove that there is a revolving door between GS and our Federal Government is wrong.  As I have always maintained, right is right and wrong is wrong. 

We here at GS666 will give Mr. Geithner a pass on those allegations and he certainly won't have to spend any of his resources on us to prove is disconnect as an ex employee.  Yet, as I said earlier, I do not trust him nor do I believe he, as a member of the President's Cabinet, now a public servant, is serving the American people.  He is indeed serving the needs of Wall Street and the people he supposedly regulated for many years, most recently as President of FRBNY - a private company - not a part of the United States Government but with the most influence in our government other then the influence held by the Chairman of The Federal Reserve Bank itself.

Goldman Sachs Sues Natixis Over Credit-Default Swaps, FT Reports
Geithner Struggles to Escape a Past He Never Had
New York Times
Tim Geithner Will Forever Be Tied to Goldman Sachs
New York Magazine
Geithner's Latest Struggle: Reminiding The Public He's Never ...
By The Huffington Post News Editors

Geithner Haunted by a Goldman Past He Never Had
New York Times (blog)
New Economic Perspectives: GEITHNER DOTH PROTEST TOO MUCH: Does ...
By Economic Perspectives from Kansas City
Blankfein Sells Park Ave. Duplex
New York Times (blog)

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