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, October 7, 2010

Goldman Sachs Links and News - October 7, 2010

Image representing Goldman Sachs as depicted i...Image via CrunchBase
SEC meets with Goldman Sachs, Wall Street CEOs behind closed doors
Washington Examiner (blog)
Dollar set for sharp decline, Goldman forecasts
Xbox Division To Break Off From Microsoft? [Goldman Sachs Urges Microsoft To ...
TFTS (blog)
Goldman Sachs May Be Losing Influence in Washington
Why did Merrill Lynch Fail? “Goldman Sachs Envy,” Says New Book
Wall Street Journal (blog)
Goldman Sachs Class Action Lawsuit Filed Over Two CDO Securities
Deutsche Bank Names Goldman's Kuppenheimer Co-Head of Equity Structuring
Who Gets the Cash: Goldman Execs or Stockholders?
Seeking Alpha
German Bank Sues Goldman, SG Over CDO Losses
Goldman Sachs International's First Half Profit Falls by 53%
German bank sues Goldman Sachs over toxic mortgage losses
This is London

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Anonymous said...

‘Inside Job’ Makes Oliver Stone’s Movie Look Like A Comic Strip

Larry Summers. Tim Geithner, Bob Rubin, Hank Paulson, Alan Greenspan, Ben Bernanke refused to make voluntary appearances in the documentary film on Wall Street’s collapse, which gets my vote for the Oscar documentary. Sadly, documentary film makers don’t have subpoena power. These Masters of the Universe were skewered anyway by a film that is a gripping, must-see narrative of the financial meltdown. Good on Sony Classic for giving the filmmakers total control over their product. The purity of the film’s narrative is impressive.

Anonymous said...

janet Writes ...

The SEC is a failed regulator.

Checking documents to make sure the paperwork is in order is not an optional step when securities are created and underwritten, and underwriters should be held accountable.

Unfortunately, flawed paperwork is far from the only problem with the securitization process.

The preponderance of evidence indicates a massive, widespread, interconnected Ponzi scheme with various types of concurrent fraud.

So far our regulators, court system, and Congress have all failed in their duties.

We do not have a level playing field for the simple reason Wall Street and the big banks do not want an honest playing field. Unfortunately, the corrupt way corporations buy politicians all but ensures the status quo, even as screams for more regulation reverberates from the mountain tops.

Anonymous said...

The stock market as a single, very big piece of multithreaded software

The end of auditing: the Data Deluge Makes the SEC Obsolete

The first lesson of the SEC report is "be careful what you wish for."

The computerization of the market was supposed to bring about a revolution in transparency. Unlike the market of an earlier era, where humans executed trades by talking to (and shouting at) one another, the electronic communication networks (ECNs) that emerged in the late 70s logged every detail of every trade for later auditing. No more "he said, she said" when resolving a dispute or ferreting out fraud—just go to the tape. But then came the flood.

After a solid decade of moving almost all trading activity onto electronic systems (the NYSE floor is just there for show at this point), the market generates so much data that it's nearly impossible for a mere governmental agency like the SEC to analyze. There are literally tens of thousands of quotes per second in hundreds of thousands of symbols across multiple electronic exchanges—the SEC would need the brain and computer power of the NSA to even begin to do a credible job of crunching this many numbers for a credible post mortem.

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