Goldman Sachs claims its "Expressions of puffery and corporate optimism do not give rise to securities violations." If we cannot rely on words to convey real meanings, if real words are just so much puffery, then the world is a worthless place in which to live.
Goldman's "mistakes" are not mistakes but "intentions." Intentions should send the executives to jail under Sarbanes-Oxley. The world of George Orwell is being transubstantiated into Goldman Sachs who has finally prepared us to enter the new political/financial state where:
Love is Hate;
Lies are Truths;
War is Peace;
and Plenty is Famine.
We are truly doomed!
Class Action to Teach Goldman Sachs Integrity
By Adam Klasfeld - Courthouse News Service
MANHATTAN (CN) - Goldman Sachs cannot wiggle out of class action securities fraud claims by arguing that public statements that it valued "honesty," "integrity" and "fair dealing" were "puffery," not promises, a federal judge ruled.
"Goldman's arguments in this respect are Orwellian," U.S. District Judge Paul Crotty wrote in a footnote to his 27-page order. "Words such as 'honesty,' 'integrity,' and 'fair dealing' apparently do not mean what they say; they do not set standards; they are mere shibboleths. If Goldman's claim of 'honesty' and 'integrity' are simply puffery, the world of finance may be in more trouble than we recognize."
On April 26, 2010, shareholder Ilene Richman filed a class action against Goldman Sachs, in the wake of the bank's infamous Abacus investment.
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