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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

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Friday, December 21, 2012

Can Goldman Sachs Really Make Amends?

So Goldman Sachs loans $41 million to finance a bike-sharing program (the loan will be repaid with interest).  So Goldman Sachs issues $10 million in social impact bonds which will be repaid with interest.  Goldman Sachs bets on the failure of the housing market and makes $14 billion here (AIG) and $10 billion there (TARP) and a few billions more elsewhere.

Goldman made $50 billion in revenue in 2009 alone and paid $20 billion in bonuses that year.

So, Dear Reader, do you see a bit of disparity in Goldman calling itself' "interested in the greater social good" while it extracts wealth from pensions and savings by creating toxic CDOs and selling them to the public?

Goldman Sachs, you cannot erase your frauds that easily.
Goldman Sachs makes loan to NYC bike program
By Jim Kim - FierceFinance

Goldman Sachs has committed to investing in New York City, in large part because it wants to maintain an image as a bank interested in the greater social good.

At the same time, since it's now a registered commercial bank, it is also CRA-bound to invest locally. The best example of a socially conscious local investment--certainly one that generated massive media coverage--was its move to issue $10 million in social impact bonds in the form of a loan to a city agency. The proceeds will be used to reduce recidivism by former prison inmates.
Read the whole article here

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How Goldman Sachs Made Tens of Billions of Dollars From the Economic Collapse of America In Four Easy Steps
By Michael - The Economic Collapse

The following is how Goldman Sachs made tens of billions of dollars from the economic collapse of America in four easy steps....

Step 1: Sell mortgage-related securities that are absolute junk to trusting clients at vastly overinflated prices.

Step 2: Bet against those same mortgage-related securities and make massive bets against the U.S. housing market so that your firm will make massive profits when the U.S. economy collapses.

Step 3: Have ex-Goldman executives in key positions of power in the U.S. government so that bailout money can be funneled to entities such as AIG that Goldman has made these bets with so that they can get paid after they win their bets. 

Step 4: Collect the profits - Goldman Sachs is having their "most successful year" and will end up reporting approximately $50 billion in revenue for 2009.
So is it right for the biggest fish on Wall Street to make tens of billions of dollars by betting that the U.S. housing market will collapse?

You see, when you are talking about a financial giant the size of Goldman Sachs, the line between "betting that something will happen" and "making something happen" gets blurred very quickly.

Read the rest of the article here

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