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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, January 19, 2011

Slam Shut that Revolving Door that Goldman Sachs Uses With Impunity!

So another Goldman Sachs gal, Eileen Rominger, is working for the SEC to oversee "asset managers and hedge funds." For goodness sake, are there not other knowledgeable and experienced people other than those from Goldman Sachs???!!! So Goldman Sachs's plan to take over the financial system moves successfully along. Does the government see the risk? Is it too late?

The SEC Just Hired This Woman to Oversee Asset Managers--Guess Which Bank She's From
by Katya Wachtel - Clusterstock, Business Insider

Goldman Sachs' former Asset Management CIO, Eileen Rominger, just got a new job as the head of the SEC division that oversees asset managers and hedge funds, Dow Jones reports (via FoxBusiness).

Rominger managed equity funds at Goldman before she was made chief investment officer for its global portfolio management teams.

The bank announced last year that Rominger would be retiring, and that no-one would take over her role.

Before Goldman - where she worked for 11 years - she worked at Oppenheimer Capital.

She has an M.B.A. in Finance from Wharton.

Read the article here


Anonymous said...

Guess you can't process what gets clogged up by another captured regulator!

Goldman Sachs Latest: Vindicates BoomBustBlog Research

The Goldman, et. al. story is not over yet. There is still a material amount of legacy assets (losses) to be recognized at market value. The market is not returning to the point of inception of this stuff, and the true extent of the losses have yet to be taken. I have been uber bearish from this perspective, yet market prices appeared to disagree. The problem was simply a matter of gross, coordinated misrepresentation (a fancy way of saying “lying, on a large scale – and with the cooperation of regulators“). I was absolutely correct, and now that the truth has come out, will there be any rule of law? Let’s reminisce through referencing several posts from 2008 wherein I made clear that Goldman Sachs was much riskier than practically ANYBODY on the street and in the media recognized…

All of a sudden, sunlight started shining everywhere! Where did the sun rise from? Goldman’s apparently captured friends in high places of regulation. Let’s revisit the FASB tale: About the Politically Malleable FASB, Paid for Politicians, and Mark to Myth Accounting Rules . Remember, the change of these rules to the status of straight silliness what kicked off one of the greatest bear market rallies in the history of US publicly traded stocks.

Anonymous said...

Answers your question--just a continuation:

Wednesday, January 19, 2011
The Great Reset - The Revolving Door

Anonymous said...

You going to take this post down, too?


Anonymous said...

Our landlord came visiting yesterday. China’s Hu and President Obama gave a press conference that was just embarrassing from my perspective. Obama’s speech was nothing but why we were going to be good little boys for our landlord, and when Hu began to speak, he didn’t give a speech but instead turned to Obama and began asking questions like a banker would ask of someone who is asking for a loan.
This reminded me of when Bill Clinton took over the White House Press Conference. Obama is out of his element when the teleprompter is turned off. He is failing to LEAD and to take care of business that needs to be taken care of. Proof that he and our government are nothing but banker puppets came again last night… all you have to do is look at the guest list of those attending the White House dinner last night with Obama and Hu. High on the list was all of the top BANKERS. I’m sorry, but giving private banks the run of the White House with current, past, and foreign Presidents is just SICK. We need to separate our government from private special interests, until then our economy will be nothing but a façade.
Nathan's Economic Edge

Blankfein, Dimon, Attending White House State Dinner

Anonymous said...

Maybe they should re title this piece,

The Golden Fleece by Goldman Sachs

Anonymous said...

And you wonder why they earn(use that term loosely) the big bucks?...and their always'd be too with a $ tree!

The reason they defend the current system is simple.

The Fed not only creates the money but they distribute it where they want. In QE1 and QE2 they decided to buy specific assets. In the case of QE1 where they bought toxic assets, this was just another bailout of the banks and others that made poor investment decisions. Did the money go to build new schools? No. Did the money go to build high speed trains as is done in China? No. Did it go to building out massive alternative energy infrastructure? No. It went to save the banks because at the end of the day the Fed exists as a backstop to the banks and it is to the banks that the Fed answers to at the end of the day. It is a brilliant scam that 95% of Americans do not comprehend.

Joyce said...

The link above by Anonymous is very good on fiat money. Well worth reading!

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