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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, April 13, 2011

Simon Johnson on Goldman Sachs

Here's another video about the banking system and the financial collapse. Simon Johnson says that there are only two solutions to the problem of big banks: either let them collapse or bail them out, both choices being somewhat scary. There are no other resolutions for the problem of "too big to fail." Instead, the banks are getting even bigger and, therefore, more unstable and risky. The old bank structures, which failed in 2008, were reinforced by the bailouts.

The video can be found here


Anonymous said...

Need real action to go with these words!
Senate panel slams Goldman in scathing crisis report
(Reuters) - In the most damning official U.S. report yet produced on Wall Street's role in the financial crisis, a Senate panel accused powerhouse Goldman Sachs of misleading clients and manipulating markets, while also condemning greed, weak regulation and conflicts of interest throughout the financial system.
"Blame for this mess lies everywhere -- from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight," said Coburn, the subcommittee's top Republican.

"It shows without a doubt the lack of ethics in some of our financial institutions who embraced known conflicts of interest to accomplish wealth for themselves, not caring about the outcome for their customers," he said.

Anonymous said...

In Financial Crisis, No Prosecutions of Top Figures

Prosecutors also could pursue evidence that executives knowingly awarded bonuses to themselves and colleagues based on overly optimistic valuations of mortgage assets — in effect, creating illusory profits that were wiped out by subsequent losses on the same assets. And they might also investigate whether executives cashed in shares based on inside information, or misled regulators and their own boards about looming problems.

“If you look at the last couple of years and say, ‘This is the big-ticket prosecution that came out of the crisis,’ you realize we haven’t gotten very much,” said David A. Skeel, a law professor at the University of Pennsylvania. “It’s consistent with what many people were worried about during the crisis, that different rules would be applied to different players. It goes to the whole perception that Wall Street was taken care of, and Main Street was not.”

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Thursday, April 14, 2011
This Should Piss Everyone Off

While our Government makes sure that our airlines are safe from 6 yr old girls who might be toting plutonium-laced sippy-cups through security, Congress lays out over 5,000 pages of evidence of pre-meditated fraud and theft by Wall Street firms, most notably Goldman Sachs, and the Wall Street Journal apologizes for the complete lack of eventual criminal prosecutions by patronizingly explaining that the report lacks "evidence of outright fraud." ROFLMAO. Here's the link: Let The Big Crooks Go Free Says Congress The whole lot of Wall Street CEO's and CFO's should be thrown in jail. They should be joining Angelo Mozillo - former Countrywide CEO - but he was never prosecuted either.

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