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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, August 25, 2011

Goldman Sachs Loses $2.6 Billion--All Its Petty Cash is Gone!

I have chosen the following article to post because I like the opening--$2.6 billion lost by Goldman Sachs.

But there is another article by Matt Taibbi called Obama Goes All Out For Dirty Banker Deal that you can find here. If you go down to the bottom of the page with that link, you will see another link that says Back Off Banksters! NY AG Eric Schneiderman Fights Back. Click on the link and go to the 4closure Fraud website and scroll down to the NY AG Contact Info where you can get in touch with AG Schneiderman to tell him he is doing the right thing by standing up to the predatory banks who want to take care of their fraudulent activity by throwing money at it.

There is even a sample script to use. The webmail site accepts both American and Canadian information.

Now back to William Cohan:

What's Really Bugging Goldman Sachs Investors: The Ticker

Ticker: Goldman Sach's market value
Late Monday afternoon, after word broke on Reuters that Lloyd Blankfein, the chairman and CEO of Goldman Sachs Group Inc., had hired Reid Weingarten, the criminal defense attorney with an especially scary list of white-collar clients, Goldman's stock plunged and the firm went into damage control mode.
Goldman issued the following statement: “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.” (PSI refers to the Senate Permanent Subcommittee on Investigations.)
From his vacation lair on Long Island, Lucas Van Praag, Goldman's chief spokesman, explained that Blankfein's hiring of Weingarten was not especially noteworthy. "It's the legal equivalent of buying an insurance policy," he wrote in an e-mail. But at $2.6 billion lopped off Goldman's market value, it turned out to be a very expensive premium.
In the first hours of trading today, Goldman's shares have recovered a bit from Monday's big selloff. But the question remains: Why would investors drive Goldman's stock down to $106.51 on Monday, its lowest level since March 2009, during the depths of the market's plunge? All for hiring a lawyer?
Turns out, Blankfein actually hired Weingarten in May, when Senator Carl Levin, the Michigan Democrat who chairs the PSI, first recommended that Justice Department lawyers study whether Blankfein and other Goldman executives perjured themselves during their 11-hour testimony in April 2010 before Levin's panel.
It's fairly unusual for the CEO of a Wall Street firm to hire his own counsel -- suggesting that his and Goldman's interests may be diverging -- but it's not unique. Former Morgan Stanley CEO John Mack had his own counsel during an investigation into an insider-trading probe of Pequot Capital, where he once briefly worked.
It seems investors are simply jittery about Wall Street financial stocks, which is just as it should be. It's not the least bit clear whether Justice will bring a perjury case against Blankfein. Such charges are notoriously difficult to prove, especially against a former lawyer and Harvard Law School graduate like Blankfein.
What is clear is that Goldman Sachs has entered a brave new world of uncertainty about how to make money when trading opportunities are reduced and in disfavor, and the investment-banking fee well seems dry as a bone. My bet: That is what investors were really reacting to, not the old news that Blankfein had hired a defense lawyer.
Read the article here
. . . . . . . . . . . . . . . .
Ye Gods! This video is from Edwin M. Basye's blog and he calls it pathetic. It is more than pathetic. It is abhorrent.
Goldman Sachs isn't being punished for its success!
Goldman Sachs isn't too big to have criminal charges laid!
They may not have disclosed all documents!
Their proprietary information cannot remain secret when they are a public bank!
It is not just in hindsight that Goldman Sachs knew about the mortgage market failure because GS contributed mightily to that failure with full knowledge about what it was doing!
I feel apoplectic.
See the video here


Anonymous said...

These two guys have it right...but the pain should be bore by the top/down of the criminal class first.

My Chat with Karl Denninger, The Market Ticker

Anonymous said...

uh oh middle class....

Think The Buffet Investment In BAC Is Investing Savvy?

This system has become completely completely corrupted and is being run for the benefit of the billionaires and banking CEO's who have control of the politicians. I said back in 2002 that the elitists would keep the system from collapsing until they've swept every last crumb of middle class wealth off the table and into their pockets. The above deal is a perfect example of this, as the Taxpayers will ultimately bailing out the banks again and guys like Buffet who are in a position to reap billions from this will be taking full advantage. And your beloved Obama will appear to be helping the homeowner who can't make his mortgage payment, when in fact what he is doing is using the Taxpayer wealth to bail out the the corrupt banks who made it possible for the idiots in this country to take on a house they couldn't afford.

Anonymous said...

Middle class retirement now largely a postcard fantasy – How Wall Street fabricated a buy and hold fairytale and jumped ship with taxpayer golden parachutes. Did baby boomers think about who they would be selling those 401k and pension stocks to?

As Wall Street bankers and hedge fund managers rob the public blind, the mission statement sold to baby boomers is starting to become a large bait and switch catchy enough to make it on a Hallmark card. For decades Wall Street begged and lured the public in either directly or through pension funds into their web of easy money. Save $100 a month and you’ll retire a millionaire! As it turns out, the golden parachute was only available to a tiny fraction of the population while the oligarchy in the financial sector offloads their toxic bets onto the taxpayers struggling balance sheet. The end game? No retirement. At least no retirement like those plastered on glossy mutual fund brochures. What the Wall Street banking charlatans failed to tell you is that you eventually need to sell those stocks to use the money for real world spending. What they also failed to mention is that the baby boomer generation is now going to sell into unrelenting headwinds of demographics bringing on a younger and poorer generation to purchase their stocks. Of course Social Security is in the crosshairs of the financial elite since they already secured their financial piece of the pie. You know things are bad when the Federal Reserve is stating that stocks are not exactly a winners bet in the years going forward.

Anonymous said...

A Wolf in Sheep's Clothing

Anyone that has read these pieces for a while knows where I stand on Warren Buffett. Namely I can’t stand him. It has nothing to do with the fact that he has so much money. I am not an envious person and moreover I think having wealth anywhere near his is more of a curse than a blessing. The reason I can’t stand him is because he is a fraud.

Anonymous said...

The intent behind this is clear - to stuff the quote channels so as to create arbitrage "opportunities" - that is, to be able to intentionally steal from other market participants.

There can be no other rational explanation for issuing a quote stream such as this with no executions.

Not only does this make a mockery of alleged "efficient and honest markets", it appears, under black-letter law, to be flatly illegal.

Yet this has been going on since at least the Flash Crash - more than a year now - and exactly nothing has been done. There have been no investigations. There have been no indictments.

And more-importantly, nobody's plug has been pulled.

Anonymous said...

Real People Say "Screw You" To The Markets

Nobody is talking about this. That's 27 - twenty-seven contracts - on the bid at 1146.75. During the trading day. There's less than a thousand up and down the stack through the entire visible portion.

This is a tiny fraction of normal liquidity and those sub-100 numbers are more-akin to what you expect in the middle of the night when everyone's sleeping!

All that's left is the computers. The humans have gone home. True liquidity and participation has ended. The people have given up. This is not an isolated incident - as I write this I'm seeing it literally minute-by-minute, and it's been very common all month. A few minutes ago I saw seven contracts on the bid at the money. Seven - at 9:57 (ET) in the morning.

The fraud, the phony bids and offers and the high-frequency ripoffs have driven everyone away.

Go ahead politicians, tell us how important "Wall Street" is to the economy and to you. Let the thieves and liars continue to pollute the markets and screw everyone. Volatility is as high as it is precisely because people are tired of getting buttraped and after a few instances of it they simply say "screw this", take their money and go home.

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