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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, November 17, 2011

Goldman Sachs's Small Victories and Large Coups d'etat

Goldman Sachs knows how to bring about minuscule changes to rules at the CFTC that can benefit its investments and it knows how to bring about large victories such as having a Goldman guy become the head of a country. In the former category, we find out that Goldman Sachs is connected to a small change to a CFTC rule that allows riskier investments for Wall Street and later gave banks certain usages of customers' deposit accounts for investments that may have been a factor in the MF Global demise. See William D. Cohan's article in Bloomberg here for the details.

On the large scale, we have already mentioned the Goldman links to Mario Daghi, to Mario Monti and to Peter Sutherland. Add to that list Lucas Papademos who was governor of the Greek central bank when Goldman Sachs offered to mask that country's debt; Otmar Issing as another Goldman participant in the euro crisis as former chief economist of the ECB; and finally, Petros Christodoulos, a trader for GS in London.

Goldman's dominance has indeed become global.

Our friends from Goldman Sachs...
By Marc Roche - Le Monde

. . . .

Heavyweight members figure large in the euro crisis

Draghi was Goldman Sachs International’s vice-chairman for Europe between 2002 and 2005, a position that put him in charge of the the “companies and sovereign” department, which shortly before his arrival, helped Greece to disguise the real nature of its books with a swap on its sovereign debt.

Monti was an international adviser to Goldman Sachs from 2005 until his nomination to lead the Italian government. According to the bank, his mission was to provide advice "on European business and major public policy initiatives worldwide". As such, he was a "door opener" with a brief to defend Goldman’s interest in the corridors of power in Europe.

The third man, Lucas Papademos, was the governor of the Greek central bank from 1994 to 2002. In this capacity, he played a role that has yet to be elucidated in the operation to mask debt on his country’s books, perpetrated with assistance from Goldman Sachs. And perhaps more importantly, the current chairman of Greece’s Public Debt Management Agency, Petros Christodoulos, also worked as a trader for the bank in London.

Two other heavyweight members of Goldman’s European network have also figured large in the euro crisis: Otmar Issing, a former member of the Bundesbank board of directors and a one-time chief economist of the European Central Bank, and Ireland’s Peter Sutherland, an administrator for Goldman Sachs International, who played a behind the scenes role in the Irish bailout.

. . . .

Read the entire article here


Guest said...

MF Glob's Trustee JPM Stooge, Kicked OWS Hornets Nest, USA of Oil

Research reveals that his firm, Hughes Hubbard's largest clients are JP Morgan and Price Waterhouse. Both of his clients and his representation of them represent a substantial conflict of interest. Looks like NYC kicked the OWS hornets nest with protests now in the street complete with NYC police using sonic weapons against peaceful protesters. This movement is here to stay! Will it be ignored as is the case in Greece and Italy; Could US politicos make the US a short-lived mini Saudi Arabia? Are we going to breakdown or can we use our domestic resources in a way to build wealth for the citizens away from the current debt model.

Filleted by the elite said...

Three Card Monti

Just like the con (confidence) game Three Card Monte through which
people have been swindled out of their hard earned money in alleyways
and street corners all over the world for half a millennium, the
previously sovereign nations of Greece and Italy have now officially
been placed into the receivership of “technocratic governments” and are
now in the final phase of their looting.  It truly is sad to watch these
proud nations whose histories form the very core of Western
civilization be taken down one by one but what is even more nauseating
is watching the corporate media pundits, Wall Street analysts and
financial experts cheer the news because it is ostensibly “good for
markets.”  First of all, it doesn’t take a genius to see that the people
that screw up the most get promoted and advanced in the Western world’s
current political/economic structure.  The primary reason for this is
that there is a very serious agenda of TPTB and that consists on using
crisis to consolidate power in a one-world government, headed by a
global central bank that issues a global fiat currency.  People have
been saying this on the fringe for decades and have been called
conspiracy theorists the whole time but if you look at how things are
progressing today you’d have to be asleep to not notice that the guys in
charge are completely and totally determined to bring this sick,
twisted dream into place.  That is why the agenda moves forward despite
the repeated, desperate cries of the citizenry for them to stop.

Let’s take a look at Mario Monti, the “soft” dictator that has been
thrust upon the people of Italy by TPTB.  He is a member of the
Bilderberg Group, he is the European Chairman of the Trilateral
Commission (a think tank founded by David Rockefeller in 1973, see quote
at the top) and is international advisor to none other than Goldman

Who's next? said...

Last week, a federal judge in Mississippi sentenced a mother of two named Anita McLemore to three years in federal prison for lying on a government application in order to obtain food stamps.

Apparently in this country you become ineligible to eat if you have a
record of criminal drug offenses. States have the option of opting out
of that federal ban, but Mississippi is not one of those states. Since
McLemore had four drug convictions in her past, she was ineligible to
receive food stamps, so she lied about her past in order to feed her
two children.

The total "cost" of her fraud was $4,367. She has paid the money
back. But paying the money back was not enough for federal Judge Henry

Wingate had the option of sentencing McLemore according to federal
guidelines, which would have left her with a term of two months to eight
months, followed by probation. Not good enough! Wingate was so
outraged by McLemore’s fraud that he decided to serve her up the deluxe
vacation, using another federal statute that permitted him to give her
up to five years.

He ultimately gave her three years, saying, "The defendant's criminal
record is simply abominable …. She has been the beneficiary of
government generosity in state court."
Read more:

Slaps on wrist said...

goldman club mentioned @ 19 minutes into

We discussed technocrats, MF Global, fraudulent conveyance, the US dollar, Christina Romer, and other topics. My segment starts at about the 12:45 minute mark.

Not my friends said...

What price the new democracy? Goldman Sachs conquers Europe

While ordinary people fret about austerity and jobs, the eurozone's corridors of power have been undergoing a remarkable transformation

The ascension of Mario Monti to the Italian prime ministership is remarkable for more reasons than it is possible to count. By replacing the scandal-surfing Silvio Berlusconi, Italy has dislodged the undislodgeable. By imposing rule by unelected technocrats, it has suspended the normal rules of democracy, and maybe democracy itself. And by putting a senior adviser at Goldman Sachs in charge of a Western nation, it has taken to new heights the political power of an investment bank that you might have thought was prohibitively politically toxic.

This is the most remarkable thing of all: a giant leap forward for, or perhaps even the successful culmination of, the Goldman Sachs Project.

Hey dummy said...

How to steal like Wall Street

BOSTON (MarketWatch) — It’s a lucky thing these kids only tried to “occupy” Wall Street.

If they’d been really radical they would have done something much more dangerous.

They would have just imitated Wall Street.

Everyone now knows the rules down on America’s Street of Shame. These
are almost the exact opposite of the rules in the real, normal, moral
economy the rest of us inhabit.

On Wall Street, you take every nickel and dime you can get your hands
on. If it’s not nailed down, it’s yours. You take without conscience or
shame. If you see a blind man selling pencils on the street, steal the
pencils. Steal his pennies. Steal his dog.

On Wall Street, you gamble. You gamble big. But you gamble with other people’s money.

Borrow as much as you can. If it doesn’t work out, too bad — for someone else. Heads you win, tails they lose.

MF Global, anyone?

Persuasive message said...

Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD

HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province.

Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime of fund-raising fraud, said the Intermediate People’s Court in the city of Lishui, where the company was based.

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