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

Monday, November 22, 2010

Goldman Sachs Sucks

Cartoons can succinctly say what might be hard to convey in thousands of words. Please view the set of cartoons from here.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I also found a pithy piece at fandecande
If you work for Goldman Sachs…
November 20, 2010
by j333bass

If you work for Goldman Sachs…

You can cause a Subprime-Mortgage-backed Securities Meltdown that demolished financial markets worldwide, and took down countries, like Iceland directly and Greece indirectly, but since you work at Goldman you get a bonus.

* Goldman Sachs was AIG’s biggest customer. Meaning, Goldman Sachs double-dipped on the bailout money. Goldman Sachs playing in Subprime fueled AIG’s demise.

If you work for Goldman Sachs…

You may be CEO when the Subprime Mess is brewing in the pot, but you can always move over to the US Treasury to mop up when the pot boils over the counter and onto the floor. Goldman Sachs, as the #1 recipient of the Wall Street $700 billion bailout, saw fit to thank the American Taxpayers by giving out more bonus money than the year before.

* At this point credit markets were frozen, unemployment headed for 10 percent (underemployment, 17 percent), 401ks were smashed, retirement plans delayed, housing values crushed. America was in the grip of the Great Recession, and Goldman Sachs gave out bigger bonuses than the year before. It’s tradition, you see.

If you work for Goldman Sachs…

You may not care that manufacturing in China takes away jobs from Americans and diminishes our manufacturing base while expanding our trade deficit, because “it’s cheaper” for your client. Ah, f*ck yeah! And you get a big, fat bonus. Slick car, fast and easy money. Well, I’m sure you worked long hours to get it, but here’s the thing…Your role in society is to help American society – jobs, new technology, and cancer research. These are just some of the reasons we have the financial markets. You guys are supposed to make everybody stronger, not just enrich yourselves at the expense of the majority of Americans.

If you work for Goldman Sachs…

You get a bigger bonus every year, no matter if you help or hurt society.

The original can be found here


Anonymous said...

Matt Taibbi: U.S. devolving into a paradise of thieves

Anonymous said...

We we're duped.......

this guy had some foresight

Anonymous said...

Ex-Goldmanite Gary Gensler "Tickled Pink" as CFTC Ramps Up for Price Fixing

Will the CFTC, at the direction of ex-Goldman Sachs Managing Director, Gary Gensler, use its newly minted authority to cause massive price dislocations in the commodities and other markets through position limit changes and the regulation of swaps used by exchange traded funds (ETFs)? Whether or not Chairman Gensler will aid his banker cronies in this fashion remains to be seen, but history reveals that such absolute power is seldom left untapped.

With numbers that big, the regulators are salivating. Indeed, Chairman Gensler said as much:

"This is like the 1930s for the Securities and Exchange Commission. I mean, I am just tickled pink," he said.

Joyce said...

Thanks, Anonymous(3) above. I am especially appalled by Gensler as CFTC Chair. He is a guy who does not believe in regulation and now he is going to make rules for regulating derivatives and the financial system!!! Does the bank robber get to become the CEO of the bank after he robs it? Well, maybe that's not a good example for a Goldman Sachs anti-blog!!!


Anonymous said...

Insider Trading Is “Everywhere,” Matt Taibbi Says: “The Fear Is There’s No End to It”

Taibbi, who became widely known in financial circles in 2009 when he dubbed Goldman Sachs "a vampire squid on the face of humanity," says he is not cynical by nature. "But this Wall Street stuff is overwhelming," he says. "The more you look into it, the less you see the way out. The government seems so completely helpless to do anything positive in this situation."

Anonymous said...

you guys are idiots and don't know what you are talking about. GS policies and practices are conservative vs comparable firms. Their mortgage business was tiny compared to the rest. They were run well enough not to need the tarp cash (they were profitable in 2009).

Any loser can "hate" on the successful.

Joyce said...

Just because the mortgage business of GS was tiny doesn't mean it was run any better than the other mortgages companies. Goldman Sachs did not need TARP cash because Buffett loaned them $50 Billion and AIG paid them more than $12 Billion from CDSs. Then they borrowed from the fed for a total of $590 Billion in and around 2008-09. Does that sound like they were profitable during the crisis which, by the way, they helped instigate through selling derivatives that turned out to be junk!

We don't hate the winners; we just want them to play fair.

Anonymous said...

No ones hates the successful...most hate frauds claiming to be successful with inside channels doing their blocking!

Anyone with half a brain could see the conflicts here.

Go read fed release...your premise is false.

Anonymous said...

Oh they suck alright..they suck $ from all of our pockets into theirs!

Federal officials have always argued that plowing money into errant banks and trading shops was the best way to rescue the economy, but to Edward J. Kane, professor of economics at Boston College, details of the Fed’s largess are reminiscent of a famous Winston Churchill quotation.

“Never have so few owed so much to so many, and given them so small a return,” Mr. Kane said. “We see, for example, how little these institutions have given back to troubled homeowners whose houses are threatened with foreclosure.”

Mr. Kane’s point is important. Certainly, the low interest rates the Fed charged to institutional borrowers during the disaster translate into a significant subsidy, indeed a gift, to many of the firms that set the financial collapse in motion.

Joyce said...

The New York Times article opens our eyes--a bit.

Post a Comment