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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, November 28, 2011

To Robert Lenzner, The Non-Apologist for Goldman Sachs

Dear Mr. Lenzner

Regarding your piece in Forbes called I'm Tired Of All The Exaggerated Lies About Goldman Sachs, I would like to just talk about the lies alone. Obviously, you need to do more to Goldman Sachs than puncture "their pretenses and shameful acts." It is a fact that GS commits, and has committed, unethical, immoral and fraudulent acts. Greed, arrogance and entitlements to riches have become the norm for Goldman Sachs, but that does not justify their pursuits when they harm others.

Here is a list of Lenzner's ideas and suggested counteractions:

1. Paulson acted on the "prevailing mood in the nation" and thus Lehman was not bailed out.

Counteraction: I don't think Paulson had a clue what the prevailing mood was as he didn't even think there was a problem until the problem hit him in the face. In any case, no one knows for sure what was on Paulson's mind and others disagree with Lenzner here.

2. The bailout of AIG was not motivated by trying to make Goldman Sachs whole:

Counteraction: Well, that is hard to believe when you read that Paulson conferred with Blankfein before deciding on the AIG bailout. See here and here

3. Goldman Sachs did not need the bailout in 2008.

Counteraction: Perhaps Buffett's $5 billion prevented Goldman Sachs from going bankrupt or perhaps Goldman Sachs became a Bank Holding Company in order to take advantage of money from the Federal Reserve which would have prevented it from becoming insolvent. It doesn't matter which action prevented GS from becoming insolvent. See here.

4. Goldman is not interested in taking over Europe.

Counteraction: As the Levin/Coburn report pointed out, Goldman Sachs does not always look after their clients when a bit of profit is to be made from them. As they have shown in the past, Goldman does not care about their "largest competitiors, counterparties, clients or creditors;" they care about profits, not people. The big thing is that Goldman Sachs is TBTF and can depend on government to bail them out no matter what they do. See here.

Goldman Sachs is not a conspiracy; it is a fact that Goldman is everywhere. See here.

5. Goldman's derivatives are always hedged.

Counteraction: Yes, Goldman's derivatives are created to their advantage and to the detriment of the world. See here.

We have been documenting and gathering information for this site from all over the Internet. Economists, writers, journalists, consultants to financial firms, commentators, politicians, humorists, etc., have come forward and told the many truths about Goldman Sachs. You can reference them if you wish. They include William K. Black, Janet Tavakoli, Yves Smith, Ellen Brown, William D. Cohan, Barry Ritholtz, Robert Scheer, Marshall Auerback, Chris Hedges, James Galbraith, Alan Grayson, Bernie Sanders, Carl Levin, Tom Coburn, Greg Palast, Joseph Stiglitz, Andy Borowitz, and Simon Johnson and a host of others.

Mr. Lenzner, there are a lot of people who disagree with you about Goldman Sachs.




Knowswherehisbreadisbuttered said...

Lenzner is employed by MSM..he will talk out of the central theme at times to gain credibility but will always run home to mama ie MSM.

MF Global Continues Speculation - So does Wells Fargo Home Equity Collateral

According to Bloomberg Radio 1/2 of WFC tier one capital is in the form of home equity loans. These loans cannot preform as expected which thereby will make WFC insolvent in much the same manner as has been illustrated by MFG.. However, there is no illegality of commingling, instead we have fraudulent accounting, mark to model, and inadequate collateral to find yield.

Cozy and truth dont mix said...

Internet Has Become 'Surveillance Machine': Julian Assange

"The United States government does not want legal protection for us," he said, referring to a US Justice Department investigation into his whistle-blower website for releasing secret diplomatic and military documents.

The former hacker criticised journalists and the mainstream media for becoming too cosy with the powerful and secretive organisations they were supposed to be holding to account.

In a 40-minute address, he also accused credit card companies such as Visa and Mastercard of illegally cutting WikiLeaks off from funding under a secret deal with the White House.

"Issues that should be decided in open court are being decided in back rooms in Washington," he said.

Two set of laws said...

Send this to the dumbass...

Treasury Secretary Henry Paulson Tipped Off Prominent Hedge Funds Regarding Fannie Mae While Telling the US Senate and General Public a Different Story

I have on numerous occasions made the claim that Henry Paulson is guilty of coercion and fraud. For those actions, he should be arrested and criminally tried.

However, the latest disclosure in which hedge funds say they were tipped off by Paulson while he told Congress and reporters blatant lies is allegedly not even criminal behavior.

Who Was at the Meeting?

    Mindich, a former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004
    Daniel Stern of Reservoir Capital Group
    Singh, a former head of Goldman’s proprietary-trading desk, also began his fund in 2004, in partnership with private- equity firm Texas Pacific Group Ltd.
    Frank Brosens, founder and principal of Taconic Capital Advisors LP, who worked at Goldman as an arbitrageur and who was a protege of Robert Rubin, who went on to become Treasury secretary.
    Non-Goldman Sachs alumni who attended included short seller James Chanos of Kynikos Associates Ltd., who helped uncover the Enron Corp. accounting fraud;
    GSO Capital Partners LP co-founder Bennett Goodman, who sold his firm to Blackstone Group LP (BX) in early 2008;
    Roger Altman, chairman and founder of New York investment bank Evercore Partners Inc. (EVR);
    Steven Rattner, a co-founder of private-equity firm Quadrangle Group LLC, who went on to serve as head of the U.S. government’s Automotive Task Force.

What did PIMCO know and When?

Anyone who says they do not remember a meeting like that is a liar. Anyone who says "no comment" is indeed commenting and the possible interpretation is not pretty. So what else did Paulson say?

I would like to know who Paulson talked to outside the meeting.

Status quo lives said...

That's not rain, they're pissing on you....

Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance

Today, BusinessWeek's Michael Serrill and Jonathan Neumann have released a blockbuster report based on a FOIA response by the Treasury, which proves that in America rules are only for little people, that this country has been a banana republic for years, that Animal Farm was spot on, and gives excruciating detail of how Hank Paulson tipped off a select group of Goldman diaspora hedge fund managers about the eventual failure of Fannie and Freddie 7 weeks ahead of this information becoming public knowledge.

Where it however gets worse is when one considers the actual role of one Eric Mindich in the hierarchy of the Asset Managers' committee of the President's Working Group on Capital Markets, better known of course as the PPT: a topic we discussed first back in September 2009 when we asked "What Is Goldman Alum Eric Mindich's Role As Chair Of The Asset Managers' Committee Of The President's Working Group?" Back then we did not get an answer. Luckily, courtesy of a few answered FOIA requests, some real investigative journalism, and not reporting for the sake of brown-nosing just so one can get soundbites for their next name dropping "blockbuster" and straight to HBO movie, we are starting to get the full picture of just how high in US government the Goldman Sachs controlled "crony capitalist" adminsitration truly runs.

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