..Goldman Sachs Links and News - July 1 and 2, 2010 -

Wishing everyone a safe and fun Fourth of July weekend.  This is a good time to spend with family and friends, relax, forget for a while the problems of the day and to remember why we are Americans and why this is America.  

The Fourth of July would not have been possible were it not for  "We The People".  Let us not forget that it is still "We The People" who "Together Can Make A Difference".

This flag is still they symbol of America.  It will never be confused or fly below any Too Big Too Fail corporation flag. 

We will not publish this weekend so that we to can spend time with our families and friends.  We will be back on Monday.  Please stay safe.

Goldman's Cohn Says Firm Didn't Drive Down Mortgage-Asset Marks ...
Ex-AIG executive testifies he didn't ease standards to allow risky trades
Boston Globe
AIG Has 'Contentious Relationship' With Goldman Sachs: Timeline
June 30 (Bloomberg) 
Goldman Sachs board mum on director's conflicts
FierceFinance
Goldman Sachs Executives Say Risk Management Drove AIG Dispute
BusinessWeek
Volcker Rule All About Goldman
TheStreet.com
Goldman CFO says firm lost money on risky deals
The Associated Press
Goldman Sachs Pressed By Born for Derivatives Data
BusinessWeek
Forster 'Surprised' AIG Leaders Unaware of Swap Rules
BusinessWeek
YouTube - Goldman's Cohn Discusses Risk Management, Sovereign Debt ...
July 1 (Bloomberg) 
Cohn Defends Goldman's Risk Management
New York Times (blog)
Goldman Board Faces Scrutiny on Silence Over Conflicts: Video
Washington Post
Business - wjz.com
The Pomerantz Firm Charges Goldman Sachs (GS) With Securities Fraud
The Financial Reform Law: A 'Fig Leaf'
BusinessWeek
Goldman Sachs (GS) and Morgan Stanley (MS), the two biggest US securities firms before they converted into banks in 2008, have smaller deposit-taking units ...
Zach Carter: The Lying Liars at Goldman Sachs
By Zach Carter
 How the Feds and Goldman Sachs Used AIG to Hose U.S. Taxpayers ...
By Alain Sherter
Financial Crisis Commission Turns Up Heat On Goldman Sachs ...
By The Huffington Post News Editors
US Panel Seeks More Money to Investigate Financial Crisis
BusinessWeek
... with a focus on transactions Goldman Sachs Group Inc.
Goldman Sachs execs defend pursuit of payments from AIG
Los Angeles Times
Former NY Fed Chair and Goldman Sachs Director Friedman in the Hot ...
By Jr Deputy Accountant

July 2, 2010 
Goldman Sachs's Role in Crisis at Stake in Question Over Marks
BusinessWeek
The Biggest Loser From Financial Reform? Could Be Goldman Sachs
DailyFinance
Can a Goldman Sachs short position push securities down?
FierceFinance
memeorandum: Goldman Sachs More Responsive to FCIC; Blankfein ...
Bloomberg: Goldman Sachs More Responsive to FCIC; Blankfein Interviewed
Analysis: Crisis panel targets Goldman as AIG skates by
Reuters
Complaint: State Of Texas V. Goldman Sachs Et Al | Daily Markets
By Larry Doyle
The Lying Liars At Goldman Sachs at The Catherine Austin Fitts Blog
By solari
 

Links and News From Readers of GoldmanSachs666

We always welcome links to news about Goldman Sachs from our readers.  Below are a few that were emailed or mentioned in comments to posts.  They are all worthy of notice and sharing.

Thanks to all of you who take the time to offer these important links. Each title is linked.

Panel Chairman Presses Goldman Sachs on Its Mortgage Bets’ Market Effect
By LOUISE STORY of the New Yourk Times

The panel’s chairman also pressed Goldman on whether its negative bets in the market became a “self-fulfilling prophecy.”

Explaining Derivatives, And Goldman's Dominance Thereof, In Four Simple Charts
Submitted by Tyler Durden...ZeroHedge

Attached are several charts used to explain to confused politicians all they need to know about the biggest ponzi scheme market ever created (synthetic derivatives), how these derivatives are created, how the leverage attributed to just one asset can result in infinite amplification of risk, and how Goldman is in the very middle of a web which encompasses tens if not hundreds of trillions in derivative counterparty exposure with virtually every single other financial company in the world.

Johann Hari: How Goldman gambled on starvation
The Independant

Speculators set up a casino where the chips were the stomachs of millions. What does it say about our system that we can so casually inflict so much pain?

By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing. You're wrong. There's more. It turns out that the most destructive of all their recent acts has barely been discussed at all. Here's the rest. This is the story of how some of the richest people in the world – Goldman, Deutsche Bank, the traders at Merrill Lynch, and more – have caused the starvation of some of the poorest people in the world. 

In U.S. Bailout of A.I.G., Forgiveness for Big Banks
By LOUISE STORY and GRETCHEN MORGENSON

At the end of the American International Group’s annual meeting last month, a shareholder approached the microphone with a question for Robert Benmosche, the insurer’s chief executive.

“I’d like to know, what does A.I.G. plan to do with Goldman Sachs?” he asked. “Are you going to get — recoup — some of our money that was given to them?”

FCIC's Angelides Says Goldman Sachs `Aggressive' on AIG: Video

Sorry, embed has been disabled.  Please click on the title link above.  This is a very good video from BloombergTV.

Angelides says "the American people are entitled to the facts".

This is a great interview with the Chairman of the FCIC.  Watch, listen and comment if you like.

Thanks again to all who contributed these links

Goldman Sachs Links and News UPDATE To Larry's Corner - June 30, 2010

Image via Wikipedia

UPDATE

"A Gigantic Ponzi Scheme, Lies and Fraud": Howard Davidowitz on Wall Street

This link compliments of one of our readers.  Thank you.

As I said in Larry's Corner earlier, Wall Street participated in a giant Ponzi scheme and engaged in fraud.  Now comes Howard Davidowitz and says the exact same thing on a more public forum and with much more credibility.  

Is anyone listening?  I certainly hope so.  The FCIC needs to listen, Congress needs to listen and most of all the Attorney General of the United States needs to listen and take action.

Take the time to read and view the video within this link.  It is well worth it    Click here

Goldman Sachs Links and News - June 30,, 2010

Goldman Sachs exec to advise central bank
BusinessWeek
Goldman Sachs names its new Canada head
MarketWatch (blog)

 

Carney taps Goldman Canada's Hodgson for new special adviser
Ottawa, Toronto — Globe and Mail Update
This link courtesy of JR - one of our loyal readers.  Thanks JRThe Goldman Sachs alumni network of high-ranking officials has added a new       member to its Canadian chapter.

Volcker Said to Be Disappointed With Final Version of His Rule
BusinessWeek
Scrutiny of Goldman's Board Focusing on Silence Over Conflicts
San Francisco Chronicle
US crisis panel to examine Goldman, AIG ties
Reuters
Goldman exec admits bigger role in AIG deal
MiamiHerald.com
AIG HadContentious Derivative Relationship With Goldman Sachs ...
Goldman More Open Since Subpoena, FCIC Says
New York Times (blog)
AIG Has 'Contentious Relationship' With Goldman Sachs: Timeline
BusinessWeek
Goldman Sachs Shorted 1% of its Mortgage Bonds, CDOs, Cohn Says
BusinessWeek
BP-to-Goldman Boards Become Hot Seats for College Presidents
Bloomberg
Goldman Sachs Envy
Newsweek
Goldman Sachs 'Most Aggressive' In Demanding Cash From AIG
Huffington Post (blog)
Goldman Sachs COO Cohn Says Firm Didn't Drive Down Mortgage-Asset ...
Bloomberg Investigates Former NY Fed Chairman Stephen Friedman ...
By DailyBail
Sullivan Says He Was Unaware in 2005 of AIG Swap Risk
BusinessWeek
Cohn defends derivatives trades with AIG before insurer almost collapsed
MarketWatch
Goldman Could Have Managed Reputation Risk Better, Cohn Says
BusinessWeek 
Cassano defends actions at AIG
Washington Post 
Goldman says it doesn't know how much it made from housing crash
MiamiHerald.com

 Politicians Are Part Of The Problem

 There was a lot of internet buzz yesterday - virtually no television - about the Financial Crisis Inquiry Commission (FCIC) hearings on AIG and GS.  First let's examine a quote taken from an article on Reuters.

The commission is supposed to issue a report by Dec. 15, detailing the crisis that peaked in late 2008 after the collapse of former investment banking giant Lehman Brothers. 

The report will serve as a public record of the historic event and will not likely include thorough recommendations for reform. (Reporting by Steve Eder, Karey Wutkowski, and Kim Dixon in Washington; Editing by Tim Dobbyn)  (emphasis added by GS666)

Having read the quotes above the FCIC appears to be what I call another "feel good" panel put together by Congress to appease the American people.  They still think that most Americans are stupid and that this type of costly - do nothing - action will appease us.

MESSAGE TO CONGRESS
We are not stupid and cannot be that easily appeased.  We want actions that are meaningful.  We want those responsible for wrong doing to be brought to justice.  We want justice for all Americans who have and are still suffering as a result of the greed and arrogance of these Too Big To Fail, government supported and sponsored private corporations.

We don't want a REPORT that will be written and published 6 months from now.  History has proven that reports of this nature do nothing to punish or bring to justice those that may be responsible for reprehensible acts.  Case in point would be the Warren Commission report on the assassination of President John F. Kennedy. 


We have had all the investigations, hearings and testimony we need for the Attorney General to build cases against those responsible.  There are Bernie Madoff's hidden throughout the financial sector and most specifically at Goldman Sachs.  They need to be exposed and brought to justice like Bernie Madoff was.  What they did was far bigger and more damaging to many millions of people throughout the world then the actions of convicted fraudster Madoff.  He pales in comparison.

THE PROBLEM

The problem however, rests with Congress and the Executive Branch both past and present.  They were the sponsors of the actions to liberalize lending practices, encouraged (by removing regulatory oversight) lenders and Wall Street to fund loans to anyone then turned a blind eye when Wall Street created financial instruments  that most people sitll today don't understand - in order to create a continueous flow of money to do so.  IN short this was all a Ponzi scheme.

Now, we have those responsible for helping to create this problem - politicians - attempting to solve the problem.  A classic case of the fox watching the hen house.

CONCLUSION

There are those of us who will not give up the fight for justice.  Justice is our right and is for all not just a select few.  While our numbers may be small our vigil will be large.  It will take years to recover from the financial mess we are in.  More will be hurt along the way who will join the fight for justice.  The daily pain of our lives due to the actions of greed and arrogance of ALL those involved will only strengthen our desire for the pursuit of justice.

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• Goldman Sachs More Responsive to FCIC; Blankfein Interviewed (businessweek.com)
• Collapse of AIG wasn't my fault, says its former derivatives boss (independent.co.uk)
• Merrill Lynch "For Sure" Is The Most Jealous Of Goldman Sachs (BAC, GS, C, UBS) (businessinsider.com)
• Goldman Offers Interviews With Blankfein To Make Up For "Overwhelming The FCIC With Documents" (GS) (businessinsider.com)
• "Regulators Made Sure Goldman Sachs Got All of its Bailout Money" and related posts (truthdig.com)
• Ex-A.I.G. Exec Calls Bailout Too Generous (dealbook.blogs.nytimes.com)
• Goldman CFO says firm lost money on risky deals (seattletimes.nwsource.com)

Goldman: Believe It !

Here's Dylan on Goldman:

Visit msnbc.com for breaking news, world news, and news about the economy

How Goldman Trashed a Town By Stephen Gandel - TIME

This article was submitted by Sean Z.  Thanks for the article and link.

How Goldman Trashed a Town
By Stephen Gandel
TIME.com

Starting in July, Liza Kuzela of Cedar Rapids will pay $0.44 more a month to have her trash collected. The amount is trivial, but the reason is not. Two years ago, Cedar Rapids lost $2.6 million on an investment tied to a Goldman Sachs bond deal Abacus that the Securities and Exchange Commission claims was rigged to fail.

When the bond went bust, hedge-fund manager and Goldman client John Paulson pocketed a billion dollars. Kuzela, her neighbors and others around the country with no ties to Wall Street are picking up the tab. The case of Cedar Rapids and Goldman illustrates how everyday Americans end up paying for Wall Street's big paydays.

[Larry}  Relative to my last post, this type of news should be headlines but is not.  Stories such as this give cause for more investigations and cause for legal actions with teeth.  As this article says,

Regulators have begun to bring charges against firms that constructed and managed the complex financial transactions that were struck at the height of the housing bubble. Many look like they were purposefully set up to fail. (emphasis added by GS666)

[Larry} Other then the SEC in their case against GS what regulators have begun to bring charges?  There are charges pending in BK court on Lehman but Lehman is already defunct and I would bet a derivative that no one person will ever be charged or do time for the crime.  Further more,  what about all the other banksters out there on Wall Street?  They have all taken shelter within bigger Too Big To Fail banks like JP Morgan and Bank of America who themselves should be investigated but seem to have a "free get out of jail card".

I believe there are laws on the books that cover what the last line in the quote above points out - "many (CDO's, CDS's) were PURPOSELY set up TO FAIL.  Is it not a crime to sell a security that carries a good (but false) rating that is known to fail?  I believe this falls under the catagory of FRAUD and fraud is illegal. 

Read more...click here 

Goldman Sachs’ Psychology

Here's something different than our usual pieces on Goldman from Damon Vrabel:

Goldman Sachs’ Spirituality and Psychology

As a perfect case study illustrating how our economic system feeds our psychology and spirituality, one of CSPER’s tenets, I thought I’d share what an old classmate from Harvard b-school, a Goldman MD, said earlier this week after stumbling on some of my material. It’s similar to what others have said…

“You’re off the deep end…I know I add value to my clients and to society at large and I am very comfortable with that.”

Of course claiming to “add value” is just repeating empty talking points from the fraudulent Economics 101 folks like this learned as students (see the first 4 lessons of Renaissance 2.0 to revisit the flaws of the economics taught in colleges today). This is an example of how the “best and brightest” have no real ability to think independently, but simply a good ability to memorize what the system tells them as kids so they become its best servants (no surprise, the latter half of Lesson 6 pt 3 mentions how the system builds conformity in us, not free thinking).

Most of you know the truth about Goldman by now–a parasite that uses debt and its membership in the unconstitutional money cartel (lesson 1) to feed on the productive economy, what little of it exists anymore–so I won’t go into that.
.....

Read the rest here

Goldman Sachs Links and News - June 29, 2010 - With Larry's Corner

Recovery in US is quite solid: Abby Cohen, Goldman Sachs
Economic Times
Goldman Sachs Launches 10000 Small Businesses Initiative in the ...
Montana finalizes settlement with Goldman Sachs over auction-rate securities
CanadianBusiness.com
Goldman Sachs spends $1.15 million to lobby government during 1st quarter
CanadianBusiness.com
Tapping the Crowd to Bring Goldman Sachs to Justice? | Blogs ...
By webadmin@itbusinessedge.com 
State Finalizes Settlement With Goldman Sachs | Flathead Beacon
By Associated Press
Goldman Sachs Could Settle SEC Fraud Suit by July 20, Mayo Says
BusinessWeek
Analysis: SEC may use Goldman Sachs to improve its image
USA Today
Volcker Rule May Give Goldman, Citigroup Until 2022 to Comply
BusinessWeek
Investors Betting on 2008 Repeat Are Wrong, Goldman Sachs Says
BusinessWeek
Goldman Sachs Says to Buy Berkshire Hathaway (BRK-A, BRK-B)
24/7 Wall St. (blog)
Simon Johnson: What Is Goldman Sachs Thinking?
By Simon Johnson
Bank of Canada Names Goldman's Hodgson as Adviser
San Francisco Chronicle
Goldman Sachs More Responsive to FCIC After Subpoena BusinessWeek
June 29Bloomberg
FACTBOX-Goldman Sachs alumni in the news
Reuters
Goldman Sachs keeps top ranking
Financial Times

Is It Just My Imagination? 

Is it just my imagination or have I been away on sick leave too long and not been paying attention?  I'm talking about the lack of media concerning our economy, our Recession and the culprits like Goldman Sachs that caused this domestic disaster with a lot of spillover abroad.

It seems to me that our media is a one dimensional world whose focus on more then one major event at a time is limited - a form of media Attention Deficit Disorder - if you will.

I know I have been a way from the internet for several weeks but for those days and weeks of being relatively immobilized, I was able to surf the tube.   Yes, there was a new disaster - The BP Gulf disaster - and it captured the airwaves.  Almost every news network fixated on this disaster. 

Don't get me wrong, this is a horrific event that will change the lives of many here in this country, abroad and beneath the sea forever.  Life as we knew it will never be the same.  An important event but with many parralels to our financial crisis and those Too Big Too Fail corporations.  

Given this disaster, the previous economic disaster and the global financial crisis disasters, one would think that the media would have much to write about, report on and inform the public of the dangers of corporations who are just too big whose cultures care little for mankind.  These corporations care only about historic profit taking and stock market manipulation to gain higher earnings for the top exhelon of corporate exec's and by default their stockholders (the true owners) 

So where are the reports on the fraud, illegal activities, SEC investigations and other law suits on Goldman Sachs?  Why does it seem they have all but disappeared into the sunset while Americans - you and me - are still suffering the affects of the damage they created?  

Were it not for the internet, these stories would not surface anywhere and the public would simply forget.  But even the internet is not buzzing as much as it once was.  It seems that our interest in disasters are limited as we tire of one and move on to the next while nothing is ever resolved.

Now the latest news is that Goldman Sachs and the other Wall Street Banksters could have up to 12 years to comply with the new financial regulations. 

According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation.

The provision known as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker, seeks to curb banks from assuming excessive risk by banning them from investing in hedge funds and private equity.

Source:  American Banking & Market News

Imagine being a criminal - a bank robber let's say - and you are told that you have 12 years to continue to do what you are doing before we will stop you.  In other words - pillage and plunder all you want.  Steal all the money you can because in 12 years it will be over for you - maybe.

We as Americans have become so complacent that we moan and groan for a bit then just accept what rotten deals we are handed.  We, as Americans, are led by the temporary sound bytes on our boob tubes living only in the reality of what is reported in the moment.  We have truly become a nation of Sheeple led to the slaughter by the Goldmanites whose conquest it is to conquer the entire world.  We have seen other empires in history that hve wanted to control the riches of the world with little regard for any humans that got in their way.

Is it just my imagination or is it a fact that Goldman and their band of merry banksters will continue to rob from the poor and give to the rich (I mean to themselves)?  Will they never see any real punishment for the harm they have caused to millions in our country and around the world.  Are we going to allow their crimes that depleted the retirement accounts of so many individuals and governments to go unpunished?

Where is the outcry?  We are still broke and reeling from the crimes of these TBTF's yet no justice seems to be in sight for us.  Only a warning shot fired over their bow to give them 12 years to complete their efforts of transferring all the wealth to themselves and to those few who helped them do so.

Is it just my imagination?

Goldman: $1.15 million lobbying

The best Government money can buy. Kinda says it all, don't it? You plunk down your cash and say this is how it's gonna be.

Goldman Sachs increases lobbying spending in 1Q

Goldman Sachs Group Inc. spent $1.15 million lobbying the government during the first quarter on issues tied to financial regulatory reform and the housing market, according to lobbying disclosure filings.

The $1.15 million the Wall Street bank spent during the first three months of the year is 72 percent more than it spent during the same quarter last year. It is also 67 percent more than Goldman spent lobbying the government during the final three months of 2009.

Goldman Sachs lobbied Congress, the Commodity Futures Trading Commission and the Export-Import Bank of the United States during the quarter on bank financing, financial regulatory reform, small business lending, mortgage lending, accounting rules, derivatives regulation and international tax rules.

.....

Read the rest here


Editor's note: I won't be able to post much for a while. I've got a new site and I'm busy at work so.....

Goldman Sachs Daily Links and News In Review Week of June 19 - 27

Editor's Note:  I must apologize for my absence this past week.  I was a little to optimistic about my recover, over did it a little and just needed a rest.  I guess I am just not ready to run a marathon.  In addition, I had several Doctors appointments, cleared by all and released.  Next starts Cardio Rehab - a work out program which should not interfere with my daily functions.  I look to be back full time this week, offering my links as well as my commentary.  

Larry

 

OPERATION GULF GREASE

NewsWithViews.com

Goldman's great timing for unloading BP stock

New York Post

Banks Have Billions at Stake as Rulemaking Heads to Agencies

BusinessWeek

Failed AAA Rated Rembrandt on Wall Street Spurs Opacity Outcry

Goldman Sachs misled investors by failing to tell them ...

BusinessWeek

Goldman Sachs Loses Sawgrass Resort Foreclosure Bid (Update1)
San Francisco Chronicle

Banks Must Keep Stake in Safest Loans in House PlanBusinessWeek
The SEC also sued Fabrice Tourre, a Goldman Sachs

Goldman Request to Foreclose on Sawgrass Resort Denied by JudgeBusinessWeek

Law Office of Brodsky & Smith, LLC Announces Class Action Against The Goldman 
MarketWatch (press release)

ZionistGoldReport: Goldman Sachs Crimewatch- Swindling Australian ...By plutarch
Goldman Sachs Crimewatch- Swindling Australian Pig Farmers...

Goldman Sachs Loses Opportunity To Take Over Site Of Tiger Woods ...By Bess Levin

YouTube - Harper Says Bloomberg Poll Shows Goldman Deserves Probe ...June 8 (Bloomberg)  

Lawsuit Funding | Law Suit Filed: The Goldman Sachs Group Inc GS ...By Lawyers and Settlements 

Goldman Sachs Mulls Ad Campaign To Boost ImageWall Street Journal

 Rejected Goldman advertising slogansMarketWatch

Goldman Sachs, US Banks Face 'Minimal' Impact From UK LevyBusinessWeek

 Gulf Disaster Pay Czar's Relationship to Goldman Sachs ...

Goldman Sachs Morgan Stanley Would Be Least Affected by Swaps ...

Will Goldman Sachs's CEO Appear On Oprah? It's Been DiscussedBy The Huffington Post News Editors 

Special Report: Saving Goldman SachsABC News

The Pomerantz Firm Charges Goldman Sachs (GS) With Securities Fraud On Behalf ...MarketWatch (press release)

Goldman Sachs, U.S. Investment Banks Face `Minimal' Impact From ...By Bloomberg 

Goldman Sachs Bending Over Backwards To Show Clients Firm Cares ...By Bess Levin 

Goldman Sachs chief Lloyd Blankfein 'advised to go on Oprah ...
Weinstein Co, Goldman agree debt restructuring-WSJReuters

Saving Goldman Sachs - DealBook Blog - NYTimes.comBy By DEALBOOK

Morgan Stanley to Pay $102 Million in Subprime AccordBusinessWeek
... settlement last year with Goldman Sachs Group Inc

 Weinstein Said to Wipe Out $450 Million Debt With Goldman DealBusinessWeek

Big Banks Are Losers, Fed Wins in New BillWall Street Journal

Cassano, Goldman's Cohn to Testify at Swaps HearingBusinessWeek

Goldman Executives Slated for Hot SeatWall Street Journal (blog)

Goldman Told to Pay Bayou Fund CreditorsWall Street Journal

Goldman Sachs will repurchase securitiesGreat Falls Tribune

Scars of crisis...Alex update...Goldman Sachs to pay scam victims9&10 News

Goldman Sachs liable for scammed money
Laos News

Goldman Sachs Was Rebranded According to New Yorkers - Bazaar Cloud
Goldman Sachs Was Rebranded According to New Yorkers.

The True Story Behind Goldman Sachs International! | DOW Sport ...By admin 

A Magazine Back on a RollNew York Times
Its excoriating takedown of Goldman Sachs

Banking Bill Invites the Next Global Meltdown: Roy C. SmithBusinessWeek
Goldman Sachs now houses vast proprietary trading

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• Is Goldman Sachs Slowly Declining Into M&A Oblivion? (GS) (businessinsider.com)
• BP: Now more evil than Goldman Sachs (blogs.reuters.com)
• BP vs. Goldman Sachs (slideshare.net)
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Goldman Sachs: Predatory Lender

In this episode of the Kaiser Report, Max talks to Gary Rivlin, author of Broke, USA.
He says Goldman is a major player in the subprime credit card industry. I guess it shouldn't come as a surprise to anyone that Goldman is keeping company with other loansharks and financial slumlords like payday lenders.

Here's a link to the part I'm talking about.