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Fraud*
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

Monday, July 25, 2011

The Personality of Goldman Sachs or What's in the Gold Sack?

Bloomberg's Max Abelson and Christine Harper have written a profile of President and COO of Goldman Sachs, Gary Cohn. It should not surprise anyone that the qualities of a Goldman Sachs executive match perfectly with the qualities of Goldman Sachs, the company; after all a company is considered a person by the Supreme Court! So here is a personality profile that fits equally Gary Cohn and Goldman Sachs. (Or based on Amy Poehler's quip, Here are the qualities that are to be found in the "gold sack.")

Why does Goldman Sachs have a reputation as the bad guy on Wall Street? Maybe because it is run by guys with the bad qualities who are

abrasive, risk takers, intimidating, commercial, focused on making money, makers of tough policy, in-your-face arrogant, capable of doing questionable things, bluffers, not emotionally connected to clients, intent on getting in with the "right people," capable of using fear, firmness, strategy and drive, playing only to win, competitive rather than conciliatory, in conflict with the treatment of clients, pushing for more risks, disciplined in recognizing and taking care of excessive risk, working long hard hours, not well liked by other traders, suspect in some business relationships, lacking in sensitivity to others, in personal conflicts of interest, compulsive in business and brusque, and, of course, greedy for money.

There, that describes both Cohn and Goldman Sachs. The listed qualities, taken from the profile in Bloomberg, identify the bank and describe the bank's executive(s).

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



You can see the video here

10 COMMENTS:

Anonymous said...

Who Rules America? An Investment Manager Breaks Down the Economic Top 1%, Says 0.1% Controls Political and Legislative Process

http://ampedstatus.org/who-rules-america-an-investment-manager-breaks-down-the-economic-top-1-says-0-1-controls-political-and-legislative-process/

Anonymous said...

Fiat Money Produces Endless Sea of Wars, Debt, Social Inequality,
Economic Bubbles, Rampant Consumerism, Environmental Rape; Why Gold is
the Answer

A gold standard will not cure every social ill in the world, nor will
it stop all senseless wars. Nothing will. However, by now it should be
clear to everyone that the current fiat system is good only for
bankers, brokers, politicians, war mongers, and the already wealthy.
Everyone else loses as inflation eventually eats away at what's left
of the rapidly shrinking "middle class".

All fiat currencies including the US dollar are doomed. The only
debate is the path it takes to get there.

http://globaleconomicanalysis.blogspot.com/2011/07/fiat-money-produces-endless-sea-of-wars.html

Anonymous said...

Discussion on the Manufactured US Debt Crisis

"The Republican right and the financiers are indeed looking like extortionists, as they mention in this video, and setting up opportunities to threaten the operational integrity of the country in order to get their way, in support of ideas not accepted by the majority of the people. They can obstruct, they can use the threat of damage, but they cannot win by normal means because they are a minority. But since they are an ideological minority they are willing to use methods not usually considered, that are dangerous and potentially destructive.

This is not an aberration but a recognizable modus operandi, cutting taxes for the wealthy, and then declaring a financial crisis and gutting social and popular policies and laws which the monied interests oppose. It is using crisis to circumvent the political process. This is being done at the state level in place such as in Wisconsin and New Jersey for example."


http://jessescrossroadscafe.blogspot.com/2011/07/some-discussion-on-manufactured-us-debt.html

Anonymous said...

Interesting...what would the debt merchants do?


Pay 'Em In Quarters!
http://market-ticker.org/akcs-www?singlepost=2635913

Anonymous said...

They demonized Taibbi this morning on cnbs. Some guy joe kernel said he should have to pay goldman a fee. A remarkable display of revisionism.

Anonymous said...

In Cantor, hedge funds and private equity firms have voice at debt ceiling negotiations

“This [anti-tax stance] isn’t all coming up from the grass roots,” said Rep. Chris Van Hollen (D-Md.). “This goes to some longtime cozy relationships between House Republicans and hedge fund managers in the financial sector.”

http://www.washingtonpost.com/politics/in-cantor-hedge-funds-and-private-equity-firms-have-voice-at-debt-ceiling-negotiations/2011/07/22/gIQAZYNVYI_singlePage.html

Anonymous said...

Lawmakers from both parties have cultivated the investment community, but Cantor, whose wife is a former Goldman Sachs vice president, has had particularly strong connections. In 2006, his campaign committee and his leadership PAC, established to support other Republicans, collected $682,500 from securities and investment and real estate firms, far more than any other Republican on the Ways and Means Committee and nearly double the take of then-Chairman Charles B. Rangel (D-N.Y.).

Anonymous said...

Michael Hudson: Mr. Obama’s Scare Tactics to Get Democrats to Vote for His Republican Wall Street Plan

Of course the government will have enough money to pay the monthly Social Security checks. The Social Security administration has its own savings – in Treasury bills. I realize that lawyers (such as Mr. Obama and indeed most American presidents) rarely understand economics. But this is a legal issue. Mr. Obama certainly must know that Social Security is solvent, with liquid securities to pay for many decades to come. Yet Mr. Obama has put Social Security at the very top of his hit list!

The most reasonable explanation for his empty threat is that he is trying to panic the elderly into hoping that somehow the budget deal he seems to have up his sleeve can save them. The reality, of course, is that they are being led to economic slaughter. (And not a word of correction reminding the President of financial reality from
Rubinomics Treasury Secretary Geithner, neoliberal Fed Chairman Bernanke or anyone else in the Wall Street Democrat administration, formerly known as the Democratic Leadership Council.)

It is a con. Mr. Obama has come to bury Social Security, Medicare and Medicaid, not to save them.

http://www.nakedcapitalism.com/2011/07/michael-hudson-mr-obama%E2%80%99s-scare-tactics-to-get-democrats-to-vote-for-his-republican-wall-street-plan.html#comment-435334



they always have a plan to enrich themselves at your expense!

Anonymous said...

Lawmakers from both parties have cultivated the investment community, but Cantor, whose wife is a former Goldman Sachs vice president, has had particularly strong connections. In 2006, his campaign committee and his leadership PAC, established to support other Republicans, collected $682,500 from securities and investment and real estate firms, far more than any other Republican on the Ways and Means Committee and nearly double the take of then-Chairman Charles B. Rangel (D-N.Y.).

Anonymous said...

Who Rules America? An Investment Manager Breaks Down the Economic Top 1%, Says 0.1% Controls Political and Legislative Process
(scroll down for article)
http://ampedstatus.org/who-rules-america-an-investment-manager-breaks-down-the-economic-top-1-says-0-1-controls-political-and-legislative-process/

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