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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

Sunday, March 20, 2011

The Continuing Perversity of Goldman Sachs

Recently, a short column submitted to Jonathan Turley's Blog by Elaine Magliaro regarding a speech made in Queens by William Dudley (President of the Federal Reserve Bank of New York and formerly an economist with Goldman Sachs) also mentioned the question-and-answer period that followed it. Dudley made points regarding the successes and progress being made in the American economy. He also mentioned inflation and deflation.

The article entitled, "Let Them Eat...iPads: William Dudley Antoinette Visits Queens," made the point that food and gas are not included in the calculations of core inflation that Dudley was talking about which caused a member of the audience to ask about eating iPads that Dudley indicated have not risen in price.

The article concludes with three questions:

Do people who work for the Federal Reserve, Goldman Sachs, Wall Street firms, the politicians in Washington, and wealthy industrialists really know what is going on in this country? Do they understand how hard it is for working people and the unemployed? Do they even care?
. . . .

And in the comments section was the following from Blouise:

And let us not forget the past actions of Antoinette Dudley:

In December 1984, William C. Dudley, an employee of JP Morgan, authored a pamphlet entitled “Rethinking Glass Steagall”. “Rethinking Glass Steagall,” plotted an offensive to break the Glass-Steagall Act and return to the pre-FDR era.

In 2010 Antoinette gave a lecture at Fordham Corporate Law Center in which he talked about the recovery:

“The third, and perhaps most important, factor that is going to restrain the recovery is that the banking system has still not fully recovered. Bank credit losses lag the business cycle, and those losses are still climbing. Thus, while banks’ access to the capital markets has sharply improved, banks are still capital constrained and hesitant to expand their lending. Most importantly, some significant classes of borrowers-namely commercial real estate and small business borrowers-are almost wholly dependent on the banking sector for funds, and those funds are not easily forthcoming.”

Honest to god … the guy who helped break Glass Steagall actually has the balls to give a lecture on the banking system and recovery and how the banking system is holding up the recovery. He was a big part of the problem from the getgo yet he still has a job and actually convinces people he knows what he’s doing.

Time for a reality check …“I can’t eat an iPad!”

I can just hear all those people in the audience at Fordham …”What? What does that man mean when he says “I can’t eat an ipad”?”

“My good man, if you can’t eat an ipad … do as we do, eat cake while listening to the wise words of Antoinette Dudley!”

Read the full article here

. . . . . . . . . . . . . . . . . . . . . . . . .

Finally, here is Max Keiser discussing with Michael Betancourt the true nature of the perversity of the banks (agnotology) which is mentioned in the title of this blog entry. Betancourt has an interesting definition of "immaterial capitalism." The discussion is on the second half of the video:

See the video here


Anonymous said...

A History of Rigged & Fraudulent Oil Prices

Why do I say that? Because the ICE Futures is a daughter company of the International Commodity Exchange of Atlanta in Georgia, owned by Goldman Sachs, Morgan Stanley, JP Morgan Chase etc. - the big oil banks that benefit enormously from the inside. There is absolutely no serious regulation of the ICE Futures. The British keep their hands off it, and the U.S. Commodity Futures Trading Commission, the CFTC, since 2006 under the “Commodity Modernization Act of 2000“ allows ICE Futures to trade energy futures without disclosure to CFTC in the U.S. market through London. So, in fact, it has deregulated and taken away from any government supervisory role the entire trade in energy futures, especially oil.

Anonymous said...

He got this right.

Oh Look, Handcuffs! Real Ones....

How does this not apply to basically all of the TBTF institutions? After all, this entire mess was all about their personal homes in the Hamptons, yachts and other similar things, right?

Wait a second... I think I get it. If you "make" billions in salary and bonuses by writing eighty percent of your paper with trashy loans, fail as a business but then succeed in extorting $14 trillion from The Federal Government and Federal Reserve (not my numbers, those are from SIGTARP) to save your sorry firm's ass then it's all ok.

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