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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

Wednesday, December 8, 2010

Goldman Sachs and the Well-Greased Revolving Door

If you want to know why Goldman Sachs has so much power to influence the laws in the financial world, then just remember that politicians often leave politics and take jobs in finance or financiers leave their jobs to join the government as advisors or lawyers in government move into finance--it's all a merry circle of influence, job-making and lobbying. Below is another example:

Goldman Sachs Lures Big New York Prosecutor In House
by Liz Rappaport - Law Blog, WSJ

The path from prosecutor to private sector is well-trodden.

But David Markowitz, of the New York Attorney General’s office, is making the leap in rather spectacular fashion. The 40-year-old lawyer is leaving the NYAG’s team, where he presided over some of the most high-profile cases against financial firms, to work as an associate general counsel at Goldman Sachs, one of the most maligned on Wall Street in recent years.

At Goldman he will be a senior member of the litigation and regulatory proceedings group, which works on a broad variety of matters, said a spokesman for Goldman. “We are pleased that Mr. Markowitz is joining the company,” he said.

Markowitz served as the head of the investor protection bureau for New York Attorney General Andrew Cuomo, a powerful unit that launched probes and brought cases on Wall Street’s actions in the auction-rate securities market, the credit default swap market, the subprime mortgage market, and executive compensation during the height of the financial crisis.

His move comes as many top lawyers in Cuomo’s office are trying to sort out where they’ll go come January, when Cuomo becomes the Governor of New York. Some may join Cuomo’s administration, while others, like Eric Corngold, left earlier this year to join the law firm Friedman Kaplan Seiler & Adelman as a criminal defense attorney.

Markowitz was recruited to join Cuomo’s office in early 2008 after spending eight years at the New York office of the Securities and Exchange Commission. There he worked on some well-known insider trading cases, among others.

Mr. Markowitz graduated from law school at New York University and he got his bachelor’s degree from Lafayette College, in Easton, Pa. He was a litigation associate at Stroock & Stroock & Lavan LLP in Manhattan for four years before joining the commission in 2000.

You can read the article here

10 COMMENTS:

Anonymous said...

Trading mafia asked not to steal so much, refuses offer

http://maxkeiser.com/2010/12/08/trading-mafia-asked-not-to-steal-so-much-refuses-offer

Anonymous said...

CFTC's Chilton wants more oversight of high-frequency trading
SSection: Daily Dispatches

By Christopher Doering
Reuters
Wednesday, December 9, 2010

http://www.reuters.com/article/idUSTRE6B72GF20101208

WASHINGTON -- A top official at the U.S. futures regulator said Wednesday he supported tougher oversight of the high-frequency trading market, including measures that would require exchanges to review and monitor these computer programs.

Bart Chilton, a commissioner at the Commodity Futures Trading Commission, said in prepared remarks that traders responsible for high-frequency or algorithmic trades that damage the market and consumers should be held accountable.

http://gata.org/node/9399

Anonymous said...

Janet Tavakoli Explains How Banks Converted US Housing Into "Fraud As A Business Model"

Janet Tavakoli shares a presentation she prepared for the Federal Housing Finance Agency Supervision Summit earlier today, in which she attempts to explain to politicians how banks made fraud into a "business model" and how the damage can be repaired. It may not be easy: as she says, MBS became a "widespread interconnected ponzi scheme" - "Securitization professionals at several financial institutions knowingly bundled fraud riddled loans into RMBS. New investors needed to pay-off old investors. To delay being busted, they escalated and sped up the fraud. This required more “complexity” and the involvement of more cronies. Many CDOs and virtually every CDO-Squared were more fraud to cover-up fraud." Of course, the same can be said about the global economy, as now everyone is aware that the global Keynesian system is nothing less than Madoff's scheme taken to the infinite degree. But nobody will ever go to jail for that. For any remaining questions on the motives, the schemes, the payoffs, and, most importantly, the players, both the protagonists and the bribed co-stars, the below presentation attempts to answer all. And, unfortunately, Ms. Tavakoli's suggestion for how to fix this, which is remarkable precisely the same one we have been espousing since our advent, will never happen as it means the end of the Ponzi and the elimination of trillions in generationally stolen middle-class wealth.




http://tinyurl.com/2euyeb3

Anonymous said...

Slideshows > Irish Bank Protest


http://dailybail.com/slideshows/irish-bank-protest/7832775

Anonymous said...

After reading Tavakoli's report and then this from Washington's blog these guys must think everyone is deaf, dumb, and blind...but the truth is they're just corrupt!

Department of Justice "Crackdown" On Wall Street Is Just a P.R. Stunt Targeting Small-Time Crooks

http://tinyurl.com/23bb2yd

Anonymous said...

Charlie Rose talks to David Einhorn.....

David Einhorn, President of Greenlight Capital

http://www.charlierose.com/view/interview/11333

Anonymous said...

This should make everyone in this country sick...except for goldman, of course!

AIG Files Master Recapitalization Plan

I am just thankful that Goldman and its Wall Street cronies did not have to take any losses or suffer cutbacks or austerity because of their dealings with AIG, thanks to the timely actions of their friends at Treasury and the NY Fed.

http://tinyurl.com/355khz7

Anonymous said...

Janet Tavakoli: CSpan, MUST-WATCH



http://market-ticker.org/akcs-www?singlepost=2304320

Joyce said...

Thank you all for the links above. I especially enjoyed Janet Tavakoli's comments on Fannie and Freddie. I'm so pleased that she is being asked for her expertise in trying to unravel all the fraud in housing. I shall post the embedded video tomorrow. In the meantime, everyone should watch it at the link above.

Joyce said...

David Einhorn also had some savvy things to say on Charlie Rose's program.

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