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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

Thursday, September 23, 2010

Follow the Money and Goldman Sachs!!

4 COMMENTS:

Anonymous said...

Like a bad drunk...Goldman spots an opportunity to roll over the Irish---top of the day to you St.Pat!

Goldman Sachs Involved In Anglo Irish Bank Bailout Shenanigans

Anglo Irish is planning on buying the Quinn Insurance Group. Quinn owes Anglo Irish Bank €2.7 billion, and Anglo Irish believes the acquisition of Quinn is the best way to recoup that cash.

But, at the same time as advising Anglo Irish on the deal, Goldman Sachs' bond traders are buying Quinn Group debt, according to the Irish Independent.



Goldman has claimed the 'Chinese walls' it has in place prevent any sort of conflict of interest.




http://tinyurl.com/2ee26tr

Anonymous said...

Inside Job: A Movie Wall Street is Sure to Hate

...Inside Job an ambitious picture, clearly aiming to stir public anger and action by showing how criminally corrupt the financial services has become and how it has subverted government and the economics discipline. Despite minor errors and occasional oversimplification, overall Inside Job does an extremely effective job in covering a lot of ground in a compelling manner...




http://tinyurl.com/25k4t2w

Anonymous said...

The publication Advanced Trading estimates that an astounding 73% of equity trading (by volume) is now performed by automated programs, and a market research company, the Tabb Group, estimates that program trading profits amounted to over $21 billion in 2008.

The second way HFT is used is not as innocent or transparent as market making. Algo trading is also used to simply buy low and sell high. This is called “flow” or “proprietary” trading depending of if an institution is risking someone else’s or its own money. No one knows how much of this money is driven by robots, but current events back up the rumors that say there is more than meets the optical sensor with robots in the market right now.
HAL-aburton

The flash crash on May 6th, 2010 is one current event that supports speculations that robots are playing an even larger role than has yet been reported.

On May 6th of 2010 the DOW lost around 1000 points (around 10% of its value) and regained them in under fifteen minutes. Theories of human error dissolved as fast as android skin in acid. As the machines came under scrutiny it came as an epiphany for those on Mainstreet that computers today plan and execute the majority of trades on the open market. Since May regulators have been bearing down on these computer enhanced trading methods, and are due to release full reports some time in September 2010.

http://singularityhub.com/2010/09/23/i-bank-or-when-computers-take-over-wall-street/#more-21466

Anonymous said...

Think of all the money wasted to support all of these guys....


Christopher Whalen: Co-founder of Institutional Risk Analytics - IRA is a provider of risk management tools and consulting services for auditors, regulators and financial professionals.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/9/24_Chris_Whalen.html

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