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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

Friday, June 3, 2011

Goldman Sachs In The News - June 2, 2011...with Commentary

The Buzz..."The Subpoena"
More talk and more action which is inaction.  The story of wrongdoing lays dormant for months at a time and then some little "subpoena" pops up and headlines are again madeThese headlines, like all the others, will fade away, lost in the forever chronicles of cyberspace.  Digital entries on some far away hard drive that future generations may accidentally come across while Googleyahooing "what caused the demise of America and the Republic for which it stood".

We have all heard the "testimony" given by Blankfein and his merry band of banksters under oath in Congress.  Perjury and BS-itry at its best by a group of elites whose self criminalized wealth lets them believe that they are above all.  If they could lie and evade questions in Congress then why would anyone believe that they will abide by "the subpoena".  What will they produce and what power exists to insure that the subpoena produces all the documents relevant to the investigation?

While Americans continue to fail in this still failed economy, continue to lose their homes by the millions, continue to be unemployed, these sharks of Wall Street enjoy the spoils of their ill begotten wealth derived from  those once proud and productive Americans (you and me) they continue to ravage.

Now the daily news links.

Goldman Sachs Said to Be Poised to Sell Litton Mortgage Business to Ocwen
GS Editor's Note:  Ocwen needs to be looked at very closely as well.  They were once big in sub prime and now big in servicing.  another story of how to succeed in banking without really working.
Goldman Sachs worried about beheading?
CNN (blog) 
Fitch Affirms Goldman Sachs Financial Square Prime Obligations Fund At 'AAAmmf'
Business Wire (press release) 
GS Editor's Note: Isn't that the same Fitch that falsely rated all those Mortgage Backed Securities (MBS) AAA so that Goldman and all the rest could peddle that junk to the whole world, crash economies and cause millions of foreclosures to innocent people?
CORRECT: NY Subpoena Is New Issue As Goldman Prepares For Ex-Partners
Wall Street Journal
GS Editor's Note: Sticks and stones will break my bones but subpoena's will never hurt me.  What good is a subpoena?  There exists enough hard evidence - I believe - to bring charges against the company and many of its' executives.  But, alas, that does not happen.  Only the sacrificial lambs are prosecuted and they are hand picked, i believe, by the top ranked masterminds.
Financials Dropping On Goldman Sachs Subpoena, Moody's Watch
GS Editor's Note: Gotta give you the "blurb":  
By Jonathan Chen Goldman Sachs (NYSE: GS) shares are dropping on news that a Manhattan Prosecutor is subpoenaing the company. In addition to this bad news, Moody's has put the debt of Citigroup, Bank of America and Wells Fargo (NYSE: WFC) on credit ...
Not a long term situation.  As so many times before, they rebounded.  The market in general is down so I don't believe GS is down because of a "subpoena".
Coffee Says Subpoena of Goldman Sachs Was Unexpected
Washington Post
June 2 (Bloomberg) -- John Coffee, a Columbia University law professor, talks about the debate over criminally indicting Goldman Sachs Group Inc.
GS Editor's Note: Why should there be a debate on criminally indicting?  There have been many indictments with just fractions of the evidence that has been presented over the past few years.  Folks, this is not a debate of legalities, it is a debate over who is really in control and how much control do they, in control, really have.

Finally, these last two links for today.  Both worthy of a read.

Goldman Sachs subpoenaed
Washington Post
By David S. Hilzenrath, A prosecutor in New York has subpoenaed Wall Street powerhouse Goldman Sachs for information related to the financial crisis, a person familiar with the development said Thursday. The report said Goldman Sachs contributed to the ...
 Harte Doesn't Expect Criminal Charges on Goldman Sachs..a short video report.
Washington Post
June 2 (Bloomberg) -- Jeffery Harte, an analyst at New York-based Sandler O'Neill & Partners, talks about the outlook for Goldman Sachs Group Inc. after a report the company was subpoenaed by the New York Attorney General's office. ...
Well not quite "finally"...there is more...

Goldman Sachs Subpoena Doesn't Mean Much…Yet
Forbes (blog)
By HALAH TOURYALAI Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill on April 27, 2010. Goldman Sachs denied reaping vast profits from the collapse of the US housing market as its top executive and a ...
 Definition of Subpoena...courtesy of here 

Goldman Sachs Has Little to Fear 
From Wimpy Prosecutors
BNET (blog) 
NY Prosecutors Probe Goldman
CNBC.comGoldman Sachs: a timeline of trouble
The Guardian

Now finally, a fit ending to this post:

Goldman: Too Big for Jail
National Mortgage Professional Magazine

GS Editor's Final Note:  Too Big To Fail ='s Too Big To Jail.  What a commentary on our society and our legal system.  Gone, I fear, is the America our forefathers foresaw, our fathers, mothers, sons and daughters fought for.  We are no longer a Republic or Democracy...we are an Oligarchy.  What is an Oligarchy?  click here...for a simple childrens explanation courtesy of

What are your thoughts of this week's latest buzz about Goldman..."The Subpoena"?
Related Post by Larry Rubinoff: Criminal Activity Never To Be Prosecuted
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Anonymous said...

So, What Are You Going to Do About It?

A quote from the French economist Frederic Bastiat is appropriate here: “When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.” And to amplify the thought, here’s another from John Madden, coach of the Oakland Raiders at the time: “Everybody says the Raiders cheat. OK, we cheat. So, what are you going to do about it?”

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