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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

Thursday, April 14, 2011

Is Goldman Sachs a Pariah Yet?

After a two-year investigation, Senator Levin and Senator Coburn present their report on "Wall Street and the Financial Crisis: Anatomy of a Financial Collapse." According to Levin, Goldman Sachs was not truthful and made misleading statements.

Not Truthful <==> Lying
Misleading <==> Lying

Anyone who has been paying attention to Goldman Sachs and the financial crisis knows that Goldman Sachs had conflicts of interest, manipulated the market, fraudulently deceived clients, used unethical means to enrich themselves, and so on.

We are tired of Goldman Sachs admitting to "incomplete information," making "mistakes," and "taking seriously" everything said by the committees investigating their behaviors which are full of omissions and prevarications. It is time that someone in Goldman Sachs paid for their bad behavior, not with a fine, but with "time served."

As the report is a long one, there are many opinions and facts to explore. Some interesting articles are listed below:

Banks Falling Early as Mortgage Shenanigans Laid Bare - Goldman, DB Hit Hard
- By Avi Salzman - Barron's The Wall Street Journal

Goldman Sachs misled Congress after duping clients, senate panel chairman says - By Bloomberg and The Washington Post

Criminal Charges Loom For Goldman Sachs After Scathing Senate Report
- By Halah Touryalai - Forbes

Goldman Sachs Misled Congress After Duping Clients, Levin Says
- By Robert Schmidt, Clea Benson and Phil Mattingly - Bloomberg Businessweek

Senator Levin Says He'll Refer Goldman Testimony From Last Year's Congressional Hearings To The DOJ For Possible Perjury Charges
-By Katya Wachtel - Business Insider

Naming Culprits in the Financial Crisis
-By Gretchen Morgenson and Louise Story - The New York Times


Anonymous said...

I've read a lot of articles regarding the Senate investigation of Goldman Sachs. What I take away from most of them is a lot of weasel words referring to various aspects of Goldman Sachs behavior; for example, rebuke, defective, speculative, negligent, unethical, misleading, lack of integrity, conflict of interest, enablers, destructive behavior, lack of action, infection of the system, lack of standards, etc.

What I really want to hear is CRIMINAL and ILLEGAL and PROSECUTION.

Will those three words ever be rightfully linked to Goldman Sachs's name and game?

Joyce said...

Someone sent me a link to a site that is made up of free learning videos. Two of the courses are about Geithner and Paulson and each video is about 15 minutes in length. The Geithner videos show just how the toxic assets of the banks (including Goldman Sachs) become money making schemes through the Fed and the Treasury. It is truly mind-boggling stuff.

It is hard to believe that the banks that created the financial crisis can now make bundles of money by selling their toxic assets to the Treasury and that the Federal Reserve actually condones the behavior, which looks like stealing to me. It certainly rewards bad behavior with millions in cash.

See the videos here:

Scroll down until you come to Geithner Plan and further down are videos about Paulson Bailout.

These videos are very well done and not difficult to understand.

Anonymous said...

Greed, Lies and MBS: “There’s No Question Goldman Did Exactly What Sen. Levin Said,” Cohan Says

In the accompanying video, Dan and I discuss the fallout from Sen. Levin's report with William Cohan, author of Money and Power: How Goldman Sachs Came to Rule the World.

"Based on my investigation...there's no question Goldman did exactly what Levin said: bet against the mortgage market at the same time it continued to sell mortgage-backed securities," Cohan says. "It sure looks wrong to me. If what they did is not against the law, it should be against the law."

Sen. Levin reportedly plans to refer the case to the Department of Justice, meaning Goldman CEO Lloyd Blankfein and other executives could be charged with perjury.

Anonymous said...

Did Goldman Sachs Lie?

If you missed CNN's In The Arena on Thursday evening, then you missed the fireworks. Eliot Spitzer challenged investment banker Goldman Sachs: "Sue me. You lied to the public. You should be prosecuted" during an interview with Sen. Carl Levin, chairman of the Senate subcommittee charged with investigating the causes of the financial crisis (see interview below).

Anonymous said...

Taibbi: Justice Dept Has No Appetite To Take ANY Cases Against Wall Street Executives

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