Goldman Sachs Fraud Charges

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Author: [Investments] Topic: Goldman Sachs Fraud Charges
sean2114 PM sean2114
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Posted: 4/16/2010 12:24:07 PM

http://finance.yahoo.com/news/SEC-accuses-Goldman-Sachs-of-apf-1523020722.html?x=0

read down and the guy getting hit with all the blame here is 31 years old. This is unreal so is the SEC really going to try and sell me on the fact thatt some 22-24 year old kid (that is how old he would have been in the early 2000's) is the mastermind behind this whole thing. Give me a break, this Vp is a scape goat nothing more.

2169 PM 2169
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Posted: 4/16/2010 2:56:55 PM
Wow, I can't stand this garbage anymore.
bucknuts PM bucknuts
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Posted: 4/16/2010 2:59:06 PM
Now they need to go after JP Morgan for the manipulation of gold and silver prices.....just more of the same rich get richer...
LeRinkRat PM LeRinkRat
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Posted: 4/16/2010 3:15:47 PM

Now they need to go after JP Morgan for the manipulation of gold and silver prices.....

not to mention OIL

http://www.marketwatch.com/story/goldman-charged-with-fraud-over-paulson-cdo-trade-2010-04-16 had the headline "Goldman charged with fraud over Paulson CDO trade" and I was SO excited thinking it was that crook HENRY "TARP Boy" Paulson BUT it was this popdick hedgehog operation Paulson & Co instead

LeRinkRat PM LeRinkRat
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Posted: 4/16/2010 3:19:08 PM
btw, you KNOW Goldman is going to wiggle out of it IF the SEC or CFTC didn't charge AIG with ANY fraud in their credit default swap operation
bucknuts PM bucknuts
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Posted: 4/16/2010 3:21:23 PM
Yeah a slap on the wrist and some fines...that theyll pay with stolen $$$$GOTTA LOVE IT
bucknuts PM bucknuts
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Posted: 4/16/2010 4:47:14 PM

http://www.globalfxradio.com/indexmainplayer.html

 

Always fun to listen to Andrew wrap of the days events..

Anent PM Anent
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Posted: 4/19/2010 3:48:20 PM
Goldman Sachs can go to hell.

Finally taking the team to read up on this story.  God damn immoral elitists.

The Securities Exchange and Exchange Commission has filed a civil suit accusing the Wall Street giant Goldman Sachs of securities fraud for selling a mortgage investment that was established to fail. The investment consisted of pools of risky mortgages that had been packaged together. According to the SEC, the pools were picked by another Goldman client who was betting against their success. The client, John Paulson, made over $3.7 billion from the collapse of the housing market but is not named in the suit. The SEC’s Director of Enforcement, Robert Khuzami, said Goldman was in clear violation of disclosure rules.

Kudos to the Obama Administration for being the first admin to take legal action against a Wall Street firm for profiting on the housing crash.

These guys are scum.
KOAJ PM KOAJ
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Posted: 4/19/2010 5:11:44 PM
QUOTE Originally Posted by LeRinkRat:

btw, you KNOW Goldman is going to wiggle out of it IF the SEC or CFTC didn't charge AIG with ANY fraud in their credit default swap operation


they thought they were. they knew 9 months ago about this (Wells notice). they should have filed an 8k to notify of a "material" change but they didnt...they thought they would be able to get out of it

fwiw - the charges were announced now to allow for dodd the crook to pass the financial reform bill which is as written is a 50b permanent backstop for Too Big To Fail. the funds can be used at POTUS appointed financial council's approval to take over any firm deemed too big to fail

the bill makes banks permanent wards of the state
Anent PM Anent
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Posted: 4/19/2010 5:34:04 PM
The government should fine itself.  Fannie May and Freddie Mac did the same thing!  Upon further review, this investigation by Obama is for show.  He has a reelection to think about.
LeRinkRat PM LeRinkRat
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Posted: 4/20/2010 9:25:16 AM

now THIS is FUNNY!!!

 AIG, the US government-controlled insurer, is considering pursuing Goldman Sachs over losses incurred on $6 billion of insurance deals on mortgage-backed securities similar to the one that led to fraud charges against the US bank.

ref: http://www.cnbc.com/id/36656434

that would be like an al-Qaeda suicide bomber's family bringing a wrongful death suit

Michfan15 PM Michfan15
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Posted: 4/20/2010 5:52:05 PM
Time to short GS?
Rush51 PM Rush51
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Posted: 4/20/2010 10:33:02 PM
The SEC is flexing its muscle....... oooooh..

Sorry, but  it's a case of too little , too late , however.    Where were they when they had opportunities to deflate ponzi schemes by Stanford & Madoff...   where was their oversight when the banking/lending industry was engaging in "liar loans" with consumers...  

They could have done a lot to avoid the meltdown that met  the financial industry..
LeRinkRat PM LeRinkRat
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Posted: 4/21/2010 12:25:08 PM

Time to short GS?

FAZ had a small spike the day after the Goldman news hit BUT hasn't done anything since and retreated. the street knows that the SEC is a toothless tiger and that the congress is in Wall Street's back pocket. they will skizzel out along with the other criminal frauds like the Morgan, Citi and B of A (Merrill Lynch).

wallstreetcappers PM wallstreetcappers
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Posted: 4/21/2010 2:14:03 PM
QUOTE Originally Posted by LeRinkRat:

Time to short GS?

FAZ had a small spike the day after the Goldman news hit BUT hasn't done anything since and retreated. the street knows that the SEC is a toothless tiger and that the congress is in Wall Street's back pocket. they will skizzel out along with the other criminal frauds like the Morgan, Citi and B of A (Merrill Lynch).



VERY true..the SEC wont lay the hammer down on GS even though they keep defrauding over and over and over..remember not long ago how they helped Greece defraud the EU and hide the true ammt of debt a decade ago?

GS is in the business of profiting from cheating.

I saw a blip on CNN today that said there are 10 times the dollar value of derivatives being traded today than the GLOBAL GDP, allegedly there are currently 100 T of derivatives being trade and 10 T in GDP..


be easy PM be easy
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Posted: 4/21/2010 4:53:11 PM
This is the financial system that some of you's swore we NEEDED to save


wallstreetcappers PM wallstreetcappers
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Posted: 4/21/2010 5:33:00 PM
QUOTE Originally Posted by be easy:

This is the financial system that some of you's swore we NEEDED to save




As twisted as it sounds, I still think it was the correct decision.

The economic loss would have been 10 times what we spent on TARP, maybe more like 100 times..it was that severe.

You shut down the financial abilities of a country then you shut everything down..we cannot function as a society without some form of financial system.
be easy PM be easy
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Posted: 4/21/2010 5:46:54 PM
QUOTE Originally Posted by wallstreetcappers:



As twisted as it sounds, I still think it was the correct decision.

The economic loss would have been 10 times what we spent on TARP, maybe more like 100 times..it was that severe.

You shut down the financial abilities of a country then you shut everything down..we cannot function as a society without some form of financial system.


i guess that's where you and i differ. I believe the old system has run it's course, and is more or less dead

your opinion is that had we let that system come crashing down, the human race would have devolved to madness and we would have been killing each other in the streets

my opinion is that there is so much intelligent, hard working people, that once the reset button had been pressed, a new, MUCH better system would have taken place of the old, out dated one.

but i guess it boils down to having faith in yourself, and in turn others. i don't mean it as a knock on you wall, but you really seem to have a negative opinion of others.

CLICK

the future is already here, it just hasn't been widely distributed yet


VirginiaHoldem2 PM VirginiaHoldem2
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Posted: 4/21/2010 8:16:19 PM
Seems to me that if the markets retreat a little more and GS falls back to the 150's it presents a nice buying opportunity.

Lets be honest . . . IF and WHEN these charges go bye, bye, this is a $250 stock.  I mean dear lord they earn roughly $20 a share each year ($5.59 last quarter).  Slap a measley 12x to 13x earning multiple on that and you get to 250 rather easy. 

I will be looking to add long term if it retreats some more.  look at what JPM and BAC are trading at and you see that GS is undervalued.


wallstreetcappers PM wallstreetcappers
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Posted: 4/21/2010 8:47:15 PM
VH2,

Their earnings are a mirage..look at how they earned money, they earned money because it was cheap to obtain and their leveraging is the same as it was.

All these financial firms are porking out on .5% cash from the system, returning to the commodity and stock markets, the deep unregulated pools of synthetic CDOs and making money by leverage and the cost of borrowing being so low.

Scratch under the surface and see that the lending issues arent improving as quick as some might have expected..consumer and real estate loans are still not performing and banks are not lending nearly as much as they are speculating..and for now speculating is working.

BE..to me the solution of imploding the economy and starting over is NOT a solution, the aftermath of doing such is idiotic and implausible. Think for a second outside your ideological views on the FED and understand that if our financial system goes away, everything goes away..instant hyper unemployment, social chaos, millions of people are out of jobs and the resulting loss of life and livlihood would be catastrophic.

So do you think the way we lived for decades during the depression were acceptable? I do not..I would rather have these cheating scum banks get a life raft than MILLIONS of people lose their standard of living and their lives in the process.
wallstreetcappers PM wallstreetcappers
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Posted: 4/21/2010 10:12:48 PM
Paulsons rebuttal

I dont believe they didnt select the instruments or that ACA was as involved as they claim.


Vermeer PM Vermeer
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Posted: 4/24/2010 8:40:54 PM
I think GS is corrupt as...as the U.S. government, which it happens to control.

 This is all political theater. Big O needs to pretend to be a "reformer" of Wall Street, when in fact, he was bought and paid for a long time ago...

 GS vs Sheila Bair's SEC...hmmm....let me guess, some fake outrage, and a settlement that will be the equivalent of Llloyd (My face is an old child's bottom) Blankfein's loose change.

 I just want to see the Fabulous Fab get scolded and placed on double secret probation by the assclowns of Congress.That show is coming up this week isn't it?
  

  



bucknuts PM bucknuts
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Posted: 4/24/2010 11:25:18 PM

Dont know if you guys saw this but WOW....

http://www.youtube.com/watch?v=rCWgbpakij0&feature=player_embedded#!

 

 

1IRON PM 1IRON
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Posted: 4/25/2010 11:16:35 AM
QUOTE Originally Posted by bucknuts:

Dont know if you guys saw this but WOW....

http://www.youtube.com/watch?v=rCWgbpakij0&feature=player_embedded#!

Does not surprise me one bit. There are 10000 hits everyday on porn sites by govt workers.....maybe more. Can we at least, get them to put out a Best Free Online Porn Sites list for our tax money. That would be nice for those interested. Your taxes at work. Hey lets make Govt bigger ...............idiots.

 

 

 

 

 

HonLi PM HonLi
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Posted: 4/25/2010 12:04:21 PM
More great news for Goldman Sachs
http://www.washingtonpost.com/wp-dyn/content/article/2010/04/24/AR2010042401049.html

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