Image via WikipediaFor the past several days we have been posting Goldman's daily stock quote to show how far it has fallen in value. I believe the value of their stock will fall even more as will the fortunes of their top executives.
We have started a widget on the left sidebar that will give daily stock quotes to eliminate the need to wait for the closing bell on Wall Street to post the prices. In addition to Goldman (GS) we have also included JP Morgan (JPM), Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) all beneficiaries of the Great Bailout and all participants in the Great Scam - the greatest ever in size and scope.
I believe that as time goes on, more investigations are done and more of the public voices its concerns over their practices - past and present - that their stock values will tumble. We have already seen a huge decline in GS's value - almost half of its high.
I believe our bailout monies were used first and foremost to enrich the executives of those Too Big To Fail Great Scammers with little of those funds being used to help "bailout" the average citizen who they preyed on and for whom the bailout was meant to help.
I also believe that these banks are insolvent and that if real audits were done and assets valued at current market value rather then origination values in hopes that somewhere in the future (maybe 100 years) those assets will return to those origination values. But for now, many of their assets are worth less then half of what they carry them on the books for. These bankfraudsters are still manipulating, lying and cheating with our government doing very little to enforce laws and to protect the people. The only ones the government seems to be protecting are these bankfraudsters.
Off Shore Accounts
One other issue that relates to these TBTF's are their off shore businesses and accounts. Little is ever said or written about this topic. All of them have substantial holdings and operations all over the world including China. Those profits, I do not believe, are ever reported here in the U.S. or used in the calculation of their solvency. I have often wondered where all the money from their years of greed and profit taking went while they were all announcing that they were broke and needed our taxpayer dollars to bail them out. I believe much of their money is held out of the country far beyond the reach of our government and the IRS.
Let Them Fail
I, for one, am of the belief that if they cannot afford to stay in business they should not be in business. I do not believe that if any or all of them were to collapse like Lehman Bros. did, that we would have a financial disaster any worse then the one we already have.
In this country, most people would be covered by FDIC insurance. Yes, the Fed would have to print more money to cover the losses but don't they already print money at will for use other then the benefit of "the people"?
As to banking itself, should the TBTF insitutions fail, there are plenty of other good, solid smaller regional banks, Savings and Loans and Credit Unions that would fill the void left by these monster squids.
Let's watch their daily stock and hope for the best.
GoldmanSachs666 Message Board
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". 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