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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

Thursday, May 23, 2013

What Goldman Sachs Does Not Know

The following UK article deals with what bankers did not know about finance when the system failed everyone else but not the bankers.  We can conclude that the whole banking system is "malformed" and flourishes for the rich only because it is so corrupt.  A corrupt system plays into the hands of "morally stunted people."

The odd fact is that the bankers at Goldman Sachs knew the subprime mortgage market would collapse because they helped it become toxic with securitizations and, just before the collapse destroyed the savings and pensions of others, Goldman shorted the whole mortgage market that they had just perverted and  profited mightily.

So Goldman Sachs now pretends not to know that TBTF banks like themselves will be bailed out again if they fail once more.  It is the lie that they tell themselves and tell others along with all the other lies.

What Bankers don't know
By Golem XIV 
. . . .
They no doubt felt that while there would be a disaster for some, there would still be money to be made for a few of the, luckier or ‘smarter’, ones. I suspect they would still count themselves as among the ‘smarter’ and acted accordingly.

What’s more, no matter how massive the losses that would be inflicted, I suspect our loathsome twosome also thought there had to be someone who had to take the risks and suffer the losses, in order that the system itself be preserved to profit another day. Only they wanted to make sure that that ‘someone’ was not them personally. On this, the rest of the Global Financial class agreed with them.

Today, five years in to the cataclysm, it is clear that that ‘someone’ was only ever going to be you and me. Someone had to be frogmarched up to ‘save’ the system but it was never going to be the wealthy. Those senior bond holders are oh so sacrosanct. Whereas depositors, well they can be bailed in can’t they.

Read the whole article here


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