Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs Has Mississippi's Public Employees' Pension Monies

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Fraud*
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

Saturday, February 4, 2012

Goldman Sachs Has Mississippi's Public Employees' Pension Monies

When we plan for retirement, when we have contributed to our pension fund and when we have entrusted those funds to Goldman Sachs, we expect that the bank will make sure to invest the funds in securities that are reasonably safe. How does it make employees feel when Goldman creates securities that are designed to fail and when Goldman bets against the mortgage market because of those same junk securities in order to makes billions?

And where did Goldman put its profits--into huge salaries and bonuses. This money does not belong to them!

Here's an example to peruse:

Goldman to face mortgage debt class-action lawsuit
By Jonathan Stempel - The Baltimore Sun

(Reuters) - Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.

U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.

These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.

Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.

Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.

Read the entire article here

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