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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

Tuesday, February 15, 2011

New Guy at Goldman Sachs: Joseph Jiampietro

"The doors swing in, the doors swing out
Where some pass in, and others pass out"

Well, there is no beer included here but a new revolving door has opened letting an FDIC deal maker into Goldman Sachs's inner sanctum. More of the same old, same old.

Former F.D.I.C Deal Maker Joins Goldman Sachs
by Eric Dash - DealBook New York Times

Joseph Jiampietro, one of the government’s top deal makers during the financial crisis, has joined Goldman Sachs as a senior investment banker covering the financial services industry.

Mr. Jiampietro was previously a senior adviser to Sheila C. Bair, the chairwoman of the Federal Deposit Insurance Corporation, during the throes of the financial crisis, where he helped coordinate more than 100 government-assisted bank deals.

He was also one of the chief architects of the F.D.I.C.’s policies on private equity involvement in the banking industry and was Ms. Bair’s main liaison to hedge funds and the broader Wall Street community. He left the F.D.I.C. in August, after serving for just over a year.

At Goldman, Mr. Jiampietro will serve as a managing director in the financial institutions group, where he will advise a range of small and large banking clients. A Goldman spokeswoman confirmed that Mr. Jiampietro started last month, although Goldman did little to trumpet his hiring.

Goldman has long prided itself on a culture that values the firm over individual players, but in the wake of the financial crisis, it has been particularly sensitive to criticism that its longstanding ties with senior government officials have given it an edge.

Revolving Door
Read the entire article here


Anonymous said...

very interesting how these guys operate....

FDIC Silenced Whistleblower in IndyMac’s Executives Fraud Charges

The whistleblower shared detailed emails sent to IndyMac’s executive team warning about mortgage putback risk, lax due diligence process in RMBS securitizations, losses that would affect capital levels and more.

Anonymous said...

Pretty expensive utility...wouldn't you say?

On the question of which banks were safe, and why JPMorgan, better known as the Fed's right hand and gold price suppression bank, was safe, when even Goldman wasn't:

Chairman Angelides: Can I ask a quick follow-up to what he said?

So what you said earlier, J.P. Morgan out of 13 was in a different position. Was there something that they saw or did that was definitively different in terms of market practice as an institution?

MR. BERNANKE: So J.P. Morgan was never under pressure, to my knowledge.

Goldman Sachs, I would say also protected themselves quite well on the whole. They had a lot of capital, a lot of liquidity. But being in the investment banking category rather than the commercial banking category, when that huge funding crisis hit all the investment banks, even Goldman Sachs, we thought there was a real chance that they would go under.

Most notable, is Bernanke's statement that any financial reform has to provision for the failure of Goldman, and more notably, says that Goldman is really a utility company under the current regime.

I just want to say this as strongly as possible -- the reform will be a failure if we could not contemplate the failure of Goldman Sachs. That is, there needs to be a system by which Goldman Sachs will go bankrupt and Goldman Sachs’ creditors could lose money. If we don’t have that, then we might as well treat them as a utility, because that’s what they are.

Anonymous said...

There was a very good article published on hft on barry ritholtz basically confirms the sell out buy the exchanges and he is basically a pretty level headed guy....SO WHY HASN'T ANYTHING BEEN DONE ABOUT IT?

In the second half of the show, Max talks to investment adviser Barry Ritholtz about program trading and agnotology.

Anonymous said...

Why Isn't Wall Street in Jail?

...Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions...

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