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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, October 2, 2010

Pithy Slogans for Goldman Sachs

Every now and again we hear about Goldman Sachs endeavoring to create a new and shining image for itself. You know, by becoming green, or giving to charity, or helping women to achieve success in other parts of the world (while treating their own women employees as second-class citizens). On The Big Picture blog, Barry Ritholtz challenged readers to create slogans that could be used to describe Goldman Sachs. In the article proper are many such suggestions. Be sure to read the entries from commentators at the end.

Contest: Ideas for Goldman Sachs Ad Campaign

By Barry Ritholtz - The Big Picture

Dealbook reports that Goldman Sachs is kicking off a new advertising campaign:

It is no secret that the American people do not exactly feel warm and fuzzy these days about Wall Street. But among all the firms that have drawn the public’s ire over the past few years, few have come to epitomize money-making nefariousness like Goldman Sachs.

Goldman took its most visible step yet in counteracting that less-than-desirable image on Wednesday, beginning a national advertisement campaign aimed at explaining to average citizens what the company does.

“We need to give them a better understanding of who we are and what we do,” David Wells, a spokesman for Goldman, told DealBook. “This is meant to help do that.”

Heh heh. A better understanding of who they are and what they do? Hell yeah, we can help you with that. We certainly can help the public understand who you really are.

Thus, tonite’s request: What are your best ideas to rehab the trading giant’s image?

John Melloy of FastMoney kicks things off with these suggestions:

Goldman Sachs: There Are Some Things Money Can’t Buy. For Everything Else, Use JPMorgan.

“Time to Make the Synthetic Credit Default Swaps” (featuring “time to make donuts” guy)

Between Lloyd and Madness Lies… Obsession

My own contribution is decidedly simpler:

“Goldman Sachs: Like we give a fuck what you think of us . . .”

CrowdQuery: Whats your best (no holds barred) idea for GS’s new ad campaign ? Give me your cleverest pithiest Goldman Sachs PR phrases, and I will make sure they find their way to the right persons . . .

Read the rest of the comments with slogans here


Anonymous said...

Iceland's politicians forced to flee from angry protesters

Thousands take to the streets of Reykjavik as anger erupts over the impact of the financial crisis

Juan Somavía, director general of the ILO, said social cohesion would be at risk, adding: "Governments should not have to choose between the demands of financial markets and the needs of their citizens."

Anonymous said...

Scientists, Secrets and Wall Street's Lost $4 Trillion

By PAM MARTENS, orginally published at CounterPunch

Thanks to an ever growing influx of Ph.D.s from the Ivies and an insatiable demand for an algorithmic trading edge by secretive hedge funds and proprietary trading desks at the largest firms, Wall Street has become part physics lab, part casino, part black hole.

What Wall Street bears no relationship to any longer is its primary mission in the U.S. economy: to be a fair and efficient allocator of capital to worthy businesses and innovators to propel job growth while also providing a medium for allowing investors to buy or sell stocks and bonds of those businesses at a fair price.

Anonymous said...

Anyone needing some investigative information regarding the following lenders, brokers, servicers, foreclosure mills, Title Companies, officers and notaries:

Goldman Sachs
Litton Loan Servicing
Fremont Reorganizing
LPS Title Company
The Wolf Firm, A Law Corp
Marti Noriega
Debra Lyman
John Crandall
Brenda Mckinzy
Leigh Blackwell
Daniella Marie Garrett
Melissa Bell

Go to the link below:

Anonymous said...

On Tomorrow's Secret Meeting To Plot The End Of High Frequency Trading

The SEC's "definitive"(ly worthless) report on what happened on May 6th was a dud, and was nothing more than a distraction-based smear campaign against Waddell and Reed (an experiment in which we can only hope W&R participated involuntarily): a firm which did something that was completely in its right to do. But is this unexpected? After all had the SEC confirmed that it is indeed HFT who is responsible for a broken market structure, it would have effectively destroyed itself: if and when the SEC does indeed confirm that the entire market topology over the past 5 years has been hijacked by young and pustular math Ph.D.'s with fast computers, the implications to fair markets would be orders of magnitude worse than the fallout associated with the Madoff scandal, and could serve as grounds for the unwind of the SEC itself, which would have to explain why it has been avoiding calls against HFT impropriety for years. So in a sense Mary Schapiro's conclusion is nothing less than a lass desperate act of self preservation.

Anonymous said...

Note to public...go to cash!

Let them kill themselves......

The Internalizers and The Flash Crash; Let’s Talk Real Villains

Waddell is blamed for unleashing an algorithmic percentage-of-volume order to sell 75,000 E-Minis that everyone seems to be crediting for the Flash Crash. Don’t take the bait. This is as good a diversion, and example of misdirection, as we have ever seen. Consider the following:

We are saddened that nowhere in the public discussion is the role that internalization firms (OTC Market Makers) played in the day’s unraveling. Internalizers, a term the SEC is using in its Flash Crash Report, handle individual investor retail market orders. (For example, you can look on Ameritrade’s 606 report for Q2 2010, and see that 83% of market orders are sold to Citadel for about .0015/share on average.)

Typically, the internalizer then takes the other side of the trade for “a very large percentage” of this flow. On May 6th, the SEC found that there was a departure from this practice (see page 58 of the SEC Report). As the market was falling dramatically, the internalizers (we don’t know which internalization firms the SEC is referring to) continued to short stock to retail market buy orders, but they dramatically stopped internalizing retail market sell orders, and instead flooded the public market with those orders. When the market stopped falling, and rose dramatically almost as quickly as it fell, the internalizers reversed that pattern, and internalized retail sell market orders, and flooded the public market with retail market buy orders. To restate this plainly, the internalizers used their speed advantages to pick and choose for its P/L which orders it wanted to take the other side of. For the ones they did not wish to take the other side of, they routed them to the markets as riskless-principal trades.

Anonymous said...

“Goldman knew at the highest levels of its organization that its representations to LBBW Luxemburg that the notes merited triple-A ratings and were high grade were blatantly false,” the Stuttgart-based bank said. “Goldman committed fraud and, or, was negligent in marketing and selling the notes to LBBW Luxemburg.

Anonymous said...

An Exchange On Securitized Debt Obligations Between Jim and Yra

Yra Harris:

For that is how Wall Street has truly raped Main Street.

Jim Sinclair:

Yes and think of all the public pensions stuffed with this crap

Jim Sinclair:

The RICO (organized crime) statute in a civil suit is usually used to force a settlement. If the banks lose under RICO they sacrifice ALL their assets.

The key to RICO in a civil suit is to prove a PATTERN. Listen to the video posted today and the pattern screams at you.

The only logical settlement here is to void the foreclosure. Keep in mind this is a class action. It could sign up 100,000 complaints if that is desired by the attorneys.

This suit, if successful, will be repeated all over the US.

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