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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

Tuesday, January 3, 2012

Goldman Sachs's Predictions for 2012

You may want to read another reaction to yesterday's post about Matt Taibbi's article here.

Matt has another few fine words to say about Goldman Sachs's predictions for 2012 that are worth reading. Jennifer Shepard's comment at the end of the article is surely pertinent. Perhaps her comment should be regarded as the predictable future for Goldman Sachs:

Jennifer Shepard says:

"After reading so many articles and watching numerous documentaries detailing the obvious seediness of Goldman Sachs' business practices, it infuriates me to no end that they are still able to get away with the things they do, and that they continue to influence the markets. Who is stupid enough to take their advice? I just don't get it. What the hell is it going to take to see them and the many other Wall St companies of their ilk to be prosecuted legally? I know the whole system is rigged in their favor, and it's all about money, but it just baffles the brain. People need to wake the hell up!"

Goldman's Latest Boiler-Room Stock: America
By Matt Taibbi - Taibblog (RollingStone)

. . . .

Have a column on Iowa coming soon, but first, a quick but absurd note from the world of high finance.

It seems Jim O'Neill, the head of Goldman's Asset Management department, is predicting that the United States stock market may go up "15 to 20 percent." O'Neill apparently believes Ben Bernanke and the Federal Reserve will resort to another round of money-printing, and finally green-light the long-awaited "Qe3," or third round of "Quantitative Easing."

The QE programs involve the Fed printing hundreds of billions of dollars and pumping them into the marketplace, where they ostensibly stimulate the economy (although recent experience tells us that the money mostly ends up being swallowed by the financial services industry – but that's another subject for another time). Anyway, Bernanke declined to go ahead with a third QE program in late 2011, but O'Neill apparently thinks we'll get it in 2012. From Bloomberg:

"If QE2 doesn’t work, then we’ll get QE3," said O’Neill, who was named chairman of the money manager in September after working as the co-head of global economics research and chief currency economist at New York-based Goldman Sachs Group Inc. since 1995. There’s a "good chance" the S&P 500 will rise 15 percent to 20 percent in the next 12 months, he said.

O'Neill added that he thought a 20 percent bump would be "relatively straightforward" for the U.S. S&P.

Goldman is building an impressive resume of sweepingly bullish predictions that later on, in retrospect, look more like signals to investors that they should run screaming in the opposite direction. A good example might be May of 2008, when Goldman boldly predicted that oil would go to $200 a barrel; oil would go on to peak at $147 less than two months later and crash to the floor soon after.

O'Neill himself famously coined the infamous "BRIC" term (Brazil, Russia, India and China), urging investors to throw their money at those emerging markets, arguing that those markets would eclipse the U.S. and Japan as the world's biggest economies by 2050. Mutual fund investors responded by pouring $70 billion into BRIC over the last decade, but that run looks over now, as $15 billion flowed out of BRIC funds in this past year alone, and some analysts are predicting a $20 percent drop this year.

Even Goldman wrote in a Dec. 7 report that that BRIC has already seen its crest. "We have likely seen the peak in potential growth for the BRICs as a group," Goldman analyst Dominic Wilson wrote in the Dec. 7 report.

I laughed when I read Wilson's quote, wondering exactly how long ago the bank privately came to that conclusion and started shorting BRIC countries. Goldman's Dec. 7 report, incidentally, arrived just before O'Neill released his new book, a Tom Friedmanesque volume of cheerleading nonsense called The Growth Map: Economic Opportunity in the BRICs and Beyond. That book was published on December 8, meaning O'Neill was seen spending 256 pages predicting "rosy prospects" for the BRIC bloc exactly one day after Goldman itself had officially bailed on its own cheesy marketing gimmick.

Anyway, every time I read one of these rah-rah predictions, I get this feeling that I've seen this movie before. When it comes time to do Goldman, Sachs: The Movie!, I'll be bummed beyond belief if Vin Diesel doesn't get to play Jim O'Neill.

The folks at Zero Hedge long ago caught on to Goldman's JT-Marlin pump-and-dump vibe. Here's what they said when Goldman upgraded European bank stocks a few weeks ago:

Goldman has just started selling European bank stocks to its clients, whom it is telling to buy European bank stocks. Said otherwise, the Stolpering of clients gullible enough to do what Goldman says and not does, has recommenced. Our advice, as always, do what Goldman's flow desk is doing as it begins to unload inventory of bank stocks. Translation: run from European bank exposure.

Sure enough, Euro bank stocks plummeted a few days after that ZH post.

I don't know much about the stock market, but when the O'Neills of the world start telling me what a great investment opportunity the American stock market is, I start getting the urge to buy canned food ...

Read the article here


House of cards said...

Why NO Brokerage Account is Safe - Is Ann Barnhardt Correct?

Warren bulldog's his own broker by confronting them with critical questions that remain unanswered regarding the risks of Hypothecation and Re-hypothicaion, the validity of money that can never be delivered, the perils of margin account, speculation in shell corporations, assurances of fund segregation. I also talk about the fact that obtaining SIPC coverage may be hit or miss, the same as trying to hit a dart board. The SIPC will not cover all the financial innovation that has crept into stock and brokerage accounts; it also will not cover pervasive fraud in ETF and derivatives instruments. Warren talks about his foreign currency holdings being non-deliverable; as such he has to question whether or not these fund exist.

Obey the elite said...

The Ministry of Propaganda Declares Ron Paul "Unelectable"   (January 3, 2012)

The Ministry of Propaganda has chosen to suppress the only dangerous-to-the-Power Elites candidate by declaring him "unelectable."

The Status Quo's Ministry of Propaganda has a single political task for 2012: eliminate the sole threat to the Status Quo (Ron Paul) from the running, leaving voters with a "choice" of clueless stooges for the Power Elite.

That roster includes President Obama and the daytime-TV/soap-opera field of Republicrat contenders.

The Ministry of Propaganda has settled on a ludicrous strategy to eliminate Ron Paul: declare Paul "unelectable."
What all the candidates but Ron Paul dare not acknowledge because it isn't on the approved Ministry of Propaganda script is that the Status Quo is heading off a cliff at the direct behest of the nation's Power Elite. The only candidate that has "the vision thing" and that clearly enunciates exactly how the Power Elite's policies have led the nation off a cliff of insolvency and Imperial hubris is Ron Paul.

For this sin against the Status Quo and its Power Elite, Paul has been excommunicated, and the (pardon my language) smarmy army of corporate media whores cannot declare him "unelectable" often enough.

That is proof that he is highly electable, for otherwise the Ministry of Propaganda wouldn't be running a campaign of such transparent desperation.

Scamsters said...

MF Global sold assets to Goldman before collapse: sources

- MF Global unloaded hundreds of millions of dollars' worth of
securities to Goldman Sachs in the days leading up to its collapse,
according to two former MF Global employees with direct knowledge of the
transactions. But it did not immediately receive payment from its
clearing firm and lender, JPMorgan Chase & Co (JPM.N), one of the sources said.

Audacity said...

President Obama Negotiates our Formal Surrender to Crony Capitalism – and the Nation YawnsL’audace, encore l’audace, toujours l’audace!

(Audacity, more audacity, always audacity: the white collar defense lawyer’s creed)

of the secrets to being an extraordinarily effective elite criminal is
also true of their lawyers – audacity. Elite white-collar criminals
can frequently get away with grotesque criminal conduct if they use
their exceptional advantages provided by wealth, privilege, and seeming
legitimacy. Even within the ranks of elite white-collar criminals,
however, the CEOs who control SDIs – particularly during a financial
crisis that they caused – are unique in their power to commit crimes
with impunity. They hold the national, even global, economy hostage.
Treasury Secretary Geithner has made this strategy simple by displaying
the “Stockholm Syndrome.” He has fallen in love with the criminals
that are holding our economy hostage. Geithner claims that the
fraudulent SDIs are so fragile that they would collapse if they were
even investigated seriously for fraud. He conveniently ignores the
fact that the primary reason for the SDIs’ fragility is that their CEOs
looted the banks.

Save democracy said...

A Petition to Support the Saving American Democracy Amendment

Sen. Bernie Sanders has proposed a constitutional amendment that would overturn the Supreme Court decision in a case called Citizens United vs. FEC.  

The Saving American Democracy Amendment states that:

•Corporations are not persons with constitutional rights equal to real people.
•Corporations are subject to regulation by the people.
•Corporations may not make campaign contributions or any election expenditures.
•Congress and states have the power to regulate campaign finances.

All afraid said...

Meet the Mainstream Press

Nothing is more emblematic of the mainstream media (MSM) than NBC’s
“Meet the Press.”  I wonder if it should be renamed “Meet the
Corporate Mainstream Press” because that is exactly what it was on Sunday. 
Before the first vote was cast, Sunday’s panel anointed Mitt Romney as the
Republican candidate to face Barack Obama this fall.  I really wonder why we
have caucuses or primaries at all.  We should all just
watch TV and let shows like “Meet the Press” tell us what’s
good for us.  The word pompous comes to mind when I see them in action, and last
night, Ron Paul showed them how little they know what America really wants by
finishing just a few percentage points behind the Romney.

Sit and watch said...

By now most of you have read the story about how MF Global sold assets
to Goldman Sachs and JP Morgan "cleared" the trades right before MF
Global filed.  JP Morgan refuses to give up the funds that it is holding
from these trades.  Please keep in mind that the bankruptcy trustee
could force JP Morgan to relinquish these funds but is not. 
Coincidentally (wink wink) JP Morgan happens to be a significant client
of the bankruptcy trustee's law firm.  Let's see:  Jon Corzine was the
CEO of Goldman Sachs and his number one lieutenant was Gary Gensler, who
happens to be the chairman of the CFTC, the regulatory body that
oversees firms like MF Global.  Jon Corzine also happens to have been
Vice President Biden's financial adviser and has spent plenty of time
with Obama in the Oval office.  See where this is going?  This is grand
scale theft in the billions and it is being enabled by those who were
entrusted to enforce the laws and prevent this from happening, all the
way up the President.

Daniel Harris said...

Really a very good information that will be so helpful. Now most are interested like this.

Croooked plans said...

2 Weeks Before MF Global's Bankruptcy, Jon Corzine And His Wife Went French Chateau Shopping
Read more:

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