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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 1, 2010

Is Goldman Sachs Broke?

The FED data just came out from the Bloomberg lawsuit and as usual ZeroHedge is all over it:
Goldman Sachs (GS) borrowed 84 times (50 for just the dometic operations) from Fed's dealer facility (PDCF) from Sept. 15 to Nov. 26, 2008 for amounts ranging from USD 100mln to USD 18bln

Read the rest here


Anonymous said...


Goldman Sachs Emergency Fed Loans Topped $24 Billion in Crisis

Chief Executive Officer Lloyd Blankfein, 56, was quoted by Vanity Fair last year as saying the company might have survived the credit crisis without government help. The firm’s president,Gary Cohn, was more definitive, according to the magazine: “I think we would not have failed,” he was quoted as saying. “We had cash.”

Treasury Secretary Timothy Geithner, who was president of the Federal Reserve Bank of New York during 2008 and 2009, has disputed such an assessment.

“None of them would have survived,” without government help, Geithner said in an interview last December with Bloomberg Television’s “Political Capital with Al Hunt.”

In its quarterly filings with the U.S. Securities and Exchange Commission, Goldman Sachs didn’t disclose that it borrowed from the PDCF.

Anonymous said...

Whalen on Ratigan: Money For Nothing

Anonymous said...

Their not broke...but they'll financially break families! and our representatives will happily look the other wonder goldman wants to rid themselves of the!

Chicago Family Refuses to Leave Home After Foreclosure Fraud

Silva says when her loan was sold from Fremont Investment and Loan to Litton Loan, she was told she could continue the modification with the new company. But twice, when she tried to send in the paperwork and then the payment a week later, she was told that the check got there before the paperwork and thus couldn’t be processed. The third time, she was told the modification went through and continued making the lower monthly payments.

Anonymous said...

Maybe goldman read this as per litton?

Friday, December 3, 2010
New York Judge’s Testimony Contradicts American Securitization Forum Assertions on Mortgage Mess
On Thursday, the mere day after the dismissive Deutsch remarks, Judge F. Dana Winslow of New York in testimony before the House Judiciary Committee described how there is substantial uncertainty and widespread problems with title, standing, ownership, not to mention bad affidavits and improper service, in foreclosures. And many of his remarks directly contradict what Deutsch asserted the day prior.

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