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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

Monday, August 22, 2011

BREAKING NEWS: Goldman Sachs CEO Hires High Profile Attorney

Just released minutes ago by Reuters.

Goldman CEO hires high-profile defense attorney

WASHINGTON | Mon Aug 22, 2011 5:45pm EDT
(Reuters) - Goldman Sachs Chief Executive Lloyd Blankfein has hired Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, according to a government source familiar with the matter.

Blankfein, 56, is in his sixth year at the helm of the largest U.S. investment bank, which has spent two years fending off accusations of conflicts of interest and fraud.

The move to retain Weingarten comes as investigations of Goldman and its role in the 2007-2009 financial crisis continue.

Is this the moment of truth and JUSTICE we have all been waiting for?  Perhaps.

It is not known for sure why Sir Lloyd - Gods emissary  to the world - would now find the need to hire a defense attorney.  After all, he has claimed all along that he and the company he has led has done absolutely no wrong.  He says so with a straight face even though the evidence is glaring against his comments.  Further, I believe, there may be a lot of complicity by high profile government officials such as Hank Paulson, former CEO of Goldman Sachs and sitting U.S. Treasury Secretary during the years of obvious fraud and abuse by GS on his watch.

In addition, current U.S. Secretary of the Treasury - Timothy Geithner - in my opinion, could also be implicated as he was sitting President of the Federal Reserve Bank of New York.  FRBNY is the leading and most influential bank in the Fed system.  For some reason it is able to make decisions like transferring billions of dollars after midnight on Sunday to bail out institutions like Goldman Sachs and AIG - whose bailout directly benefited Goldman Sachs.  Hmmmm?  Conspiracy anyone?

But back to the breaking news.  Reuters further reports,
The move to retain Weingarten comes as investigations of Goldman and its role in the 2007-2009 financial crisis continue.

The Senate's Permanent Subcommittee on Investigations (PSI) in April released a scathing report that criticized Goldman for "exploiting" clients by unloading subprime loan exposure onto unsuspecting clients in 2006 and 2007, and concluded that its top executives misled Congress during testimony in 2010.
Yet Goldman - as is their style commented,
Goldman said in a statement on Monday: "As is common in such situations, Mr. Blankfein and other individuals who were expected to be interviewed in connection with the Justice Department's inquiry into certain matters raised in the PSI report hired counsel at the outset."
Of course, just ordinary business as usual.  Nothing happening to be afraid of. But is there?  Quoting Reuters's;
"Why do you bring in someone like that?" said the source, who was not authorized to speak publicly, about Weingarten. "It says one thing: that they're taking it seriously."
Yes, I am sure that they are taking something very seriously here.  It is about time!

One other direct result of this action is the immediate drop in the value of their stock (and Blankfein's net worth as a stockholder).
Goldman shares fell sharply shortly after Reuters reported Weingarten's hiring, closing down 4.7 percent at $106.51, their lowest level since March 2009. They slipped further in after-hours trade to $105.64.
I can't say that does not please me.  Anyone profiting off of these banksters should lose their greedy investments - especially those like Blankfein and all those other greed mongers employed by them.  I just hope Hank Paulson is still heavily invested.  Perhaps morality should come back into the business place.

Read the Reuters here

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Anonymous said...

"Nobody lawyers up like this unless they are in deep shit" -

Anonymous said...

This is a nice headline for the election


Screw the American People, Except for the Corporate People

Two things have been crystal clear from the outset in the Obama Administration:

1. Banksters cannot be held accountable for anything no matter how awful, no matter how criminal, because that would interfere with the all-important financial sector and murder the confidence fairy.

2. The government won’t enact any programs that would actually help homeowners who have been destroyed by the housing crisis, because that might mean that banksters would have to take losses.

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