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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

Wednesday, December 15, 2010

Goldman Sachs Equivalency

Goldman Sachs ~ International Bank Settlement ~ World Bank ~ IMF ~ Government Financial Policies ~ Investment Bank Goldman Sachs! How lovely is that circular relationship that Goldman Sachs maintains in order to live up to its name of "vampire squid."

See the video and a small write-up here


Anonymous said...

The software worked again...yeah!!!!!!!!

Goldman Executives to Get $111 Million in 2007, 2009 Bonuses

Blankfein, 56, is poised to receive about $24.3 million in January, based on yesterday’s share price, while President Gary D. Cohn, 50, will get about $24 million, company filings show. The payouts, just a portion of the $67.9 million bonus awarded to Blankfein for 2007 and the $66.9 million paid to Cohn, reflect a 24 percent decline in the stock’s value since it was granted at $218.86.

Within a year after the bonuses were approved, Goldman Sachs took $10 billion from the U.S. Treasury, converted to a bank and was borrowing as much as $35.4 billion a day from Federal Reserve emergency programs. This year the firm paid $550 million to settle U.S. regulators’ fraud charges related to a mortgage-security the company sold in 2007.

Anonymous said...

Have fun spending your ill gotten gains!

Pretty sad...

Using every possible tool, legal or not, including but not limited to filing affidavits that are unverified (despite claiming otherwise), extorting FASB into allowing fantasy "marks" for securities, refusing to recognize embedded losses that The Fed assessed at 10 cents on the dollar to the tune of over a hundred and fifty billion in face value by just one bank - hundreds of billions across all of them and more for the explicit purpose of hiding losses and forcing those who were injured by the original bubble to cover the loss that the bubble-blowers would otherwise have to eat, and which would force them into bankruptcy. In effect these vultures forced and today are continuing to force the victims of a robbery to pay their restitution - that is, causing them to not only be robbed by the brigand but then robbed again by the government! Predatory? Oh hell yeah.

Anonymous said...

By James Howard Kunstler
on December 13, 2010 9:31 AM

I overheard a conversation between two employees over at the Price Chopper supermarket last week. (The Price Chopper logo is a picture of a Mercury dime with an ax cleaving into Mercury's head; in other words, an ax murder.) The supermarket employees were both middle-aged women.
First: "I'm going home to a cold house."
Second: "Why don't you turn up the heat?"
First: "I don't have no money for fuel."
Meanwhile, 175 miles south in Manhattan somewhere, Lloyd Blankfein's personal shopper is trying to figure out whether to buy Lloyd's favorite niece a Fabergé egg themed Memories of Azov or a Jaguar XK convertible.

Joyce said...

Did you notice how quickly Goldman Sachs paid out its bonuses once Blankfein knew that the rich tax breaks would be kept in place? Sometimes I think that GS is grabbing everything it can while they can. They may be looking over their shoulders in trepidation waiting for the axe to fall. Wait until GS begins to earn Billion Dollar bonuses! It almost seems as if they have so much money that they have to get rid of it via huge bonuses.

The unseemliness of these huge pay checks cannot be matched for the greed they represent.

Anonymous said...

They threw everyone under the bus to make their bonuses...

Want To Ruin Your Own Country? Assume Your Banks’ Liabilities

The sin of the American and European economies was to guarantee the banks. Whether out of stupidity, blindness or corruption, America and Europe pretended the banking insolvency was merely a liquidity issue—

—so they socialized the banks’ losses.

That’s why the American economy is teetering, while Europe goes from crisis to crisis—Greece—Ireland—Spain next—Italy soon to be up.

Because of stupidity, blindness or corruption, the American and European leadership saddled their people with debts that cannot be paid.

Anonymous said...

Totally Busted: The Truth About Goldman’s Bailout by the Fed

Eric Fry has put together the pieces, searched the articles and has done the timeline that show’s how the Fed shoveled money into the coffers of Goldman Sachs. Even to help Goldman pay off its TARP debt.

This investigative report from Eric Fry is must reading. It should also be kept in mind that this is separate from the Goldman/AIG antics that Janet Tavakoli has been reporting on :

Anonymous said...

This is what you call a lie...this is what we tolerate as crony propaganda permeates our society...

WASHINGTON (MarketWatch) — The final cost of the much maligned $700 billion Troubled Asset Relief Program is expected to be no greater than the amount spent on the program’s housing initiatives, said Treasury Secretary Timothy Geithner on Thursday.

“The remainder of the investment programs under TARP – in banks, AIG, credit markets, and the auto industry – will likely, in the aggregate, ultimately yield a positive return for taxpayers,” Geithner said, testifying before a Congressional Oversight Panel hearing on the bailout.

Joyce said...

Thank you to all the Anonymous links above. I have posted the Eric Fry articles as they are very enlightening. I don't think GS will ever accede to its being insolvent during the meltdown.

As for Geithner, all political types (including the Treasury Secretary) like to paint a rosy picture for everyone. What he doesn't concede is that all the progress now being made towards a better economy is being enjoyed exclusively by the financial sector. Even when Geithner is saying that mortgages will be the big cost, these were bad mortgages that the banks delighted in making securities out of! It always comes back to the banks.

Anonymous said...

Geithner is not just a liar..he's a really bad liar!

You won't see this on cnbc...the crony national bu__s__T channel!

Buried Deep Within The Files That The Federal Reserve Released On Thier MBS Purchase Program, We Found TARP 2.0!!! More Taxpayer Money To The Banks!

Well, all rants aside, if you bothered to go through the mass dump of data that the Fed produced as a result of the Bloomberg FOIL suit, you will find that not only did the banks not pay back the massive amount of assistance that was given to them, they were actually granted more in the form of MOPTARP (MBS Overpayment Troubled Asset Repayment Program), and yes, I did make that up. How much more? Well, potentially more than the original TARP bailout! I’m getting ahead of myself though, so let’s backtrack.

As we all know, we had a credit and real estate bubble that first lifted then toppled nearly all of the major US banks. Apparently, none of the gurus on the Street saw this coming (the very same gurus who now say we are in recovery and the worst is behind us), save a tiny coterie of truth seekers (Did Reggie Middleton, a Blogger at BoomBustBlog, Best Wall Streets Best of the Best?). The downfall of the banks was basically binging on inflated, junk assets using excessive leverage at the top of a big bubble. The government used the alphabet soup of programs to bailout the banks, but the mainstream media focused primarily on TARP of about $750 billion, which kept everybody’s focus off of the real money that ran well into the tens of trillions (listed in the 3rd paragraph above). The government then agreed to buy many of the aforementioned junk assets off of the banks using programs that I warned were truly suspect. Now that we have caught up to recent history, let’s move on…

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