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[Politics] Topic: Good thing we have regulators |
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wallstreetcappers |
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#1 Posted: 4/16/2010 11:41:55 AM
So Goldman made money packaging garbage investments and then bet against those same investments and made money.
Groovy..
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KOAJ |
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#2 Posted: 4/16/2010 11:45:51 AM
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wallstreetcappers |
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#3 Posted: 4/16/2010 11:45:54 AM
The Goldman client implicated in the fraud is one of the world's
largest hedge funds, Paulson & Co., which paid Goldman roughly $15
million for structuring the deals in 2007.
Time to dismantle the giant if you ask me. Clients have lost a billion dollars and Goldman made that much more, time to chop off their knees.
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JerryRice80 |
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#4 Posted: 4/16/2010 11:53:31 AM Goldman runs the government...good luck
groovy..wow, haven't heard that one in a while  |
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wallstreetcappers |
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#5 Posted: 4/16/2010 11:55:31 AM
"Goldman wrongly permitted a client that was betting against the
mortgage market to heavily influence which mortgage securities to
include in an investment portfolio, while telling other investors that
the securities were selected by an independent, objective third party."
A proper fine is to restrict Goldman's business, fine them 50 times the loss to the parties in question and force them to multiple year extensive audits to keep NYSE compliance.
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JerryRice80 |
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#6 Posted: 4/16/2010 12:04:15 PM looks like obungle gonad swirler, GE's Jeff Immelt is under investigation too. This is amazing...
http://blogs.barrons.com/stockstowatchtoday/2010/04/16/dow-off-108-points-on-goldman-ge-investigations/?mod=yahoobarrons |
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wallstreetcappers |
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#7 Posted: 4/16/2010 12:06:52 PM
GE tossed around with the toxic football, so did GM and many other companies.
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TripleDouble |
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#8 Posted: 4/16/2010 12:07:11 PM How the market handles this will be interesting. |
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captjohn67 |
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#9 Posted: 4/16/2010 12:13:04 PM |
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wallstreetcappers |
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#10 Posted: 4/16/2010 12:17:39 PM QUOTE Originally Posted by captjohn67:
i feel a severe slap on the wrist coming...
Yep and instead it should be shackles on their wrists from a business perspective.
You cheat and you cannot be in the business period.
Goldman should have that business segment removed, stripped from them for good.
There are multiple layers of fraud and cheating here, and using realistic logic this is one of MANY instances, we will never know the full extent of what they did/do.
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KOAJ |
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#11 Posted: 4/16/2010 12:19:23 PM
interesting
The nation's largest investment bank, famously cozy with top
government officials in both parties, has tipped its hand to its
shareholders, indicating that major financial "reform" proposals will
help Goldman's bottom line.
"Given that much of the financial contagion was fueled by
uncertainty about counterparties' balance sheets," Goldman Chief
Executive Officer Lloyd Blankfein and President Gary Cohn wrote in a
letter at the beginning of the annual report,
"we support measures that would require higher capital and liquidity
levels, as well as the use of clearinghouses for standardized
derivative transactions."
today is also options expiration day and also that this came out during market hours which is very strange
imagine buying some of these puts this morning
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KOAJ |
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#12 Posted: 4/16/2010 12:20:11 PM QUOTE Originally Posted by wallstreetcappers:
Oh and this one is a great little tidbit.
"Goldman wrongly permitted a client that was betting against the
mortgage market to heavily influence which mortgage securities to
include in an investment portfolio, while telling other investors that
the securities were selected by an independent, objective third party."
A proper fine is to restrict Goldman's business, fine them 50 times the loss to the parties in question and force them to multiple year extensive audits to keep NYSE compliance.
its fine for goldman to do this. what isnt is that they polished Paulson's requested turd to others as a good investment
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KOAJ |
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#13 Posted: 4/16/2010 12:20:44 PM QUOTE Originally Posted by wallstreetcappers:
Yep and instead it should be shackles on their wrists from a business perspective.
You cheat and you cannot be in the business period.
Goldman should have that business segment removed, stripped from them for good.
There are multiple layers of fraud and cheating here, and using realistic logic this is one of MANY instances, we will never know the full extent of what they did/do.
wait until AIG comes clean
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#14 Posted: 4/16/2010 2:30:17 PM QUOTE Originally Posted by KOAJ:
its fine for goldman to do this. what isnt is that they polished Paulson's requested turd to others as a good investment
Its unethical for Goldman to sign off on a POS investment knowing its contents were chop steak while selling it as prime filet, then going short the same investment at the same time.
I can tell you this..if you or I had misprepresented a fund or a stock or a bond to a client, profited off the trade, went behind the client and sold short based on the info we knew about the investment, we would be stripped of our licenses, be fined and maybe serve some jail time.
Goldman needs to be knocked out here..you take away their right to cheat when stuff like this comes out.
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KOAJ |
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#15 Posted: 4/16/2010 2:36:49 PM
never as appropriate
my U-4 would be all scarred up if i did 1 10th of 1% of what GS has done here
goldman knew it was crap...check MCO today? uncle warren owns a lot of that turd. moody's rated it AAA i'm assuming, pension funds and sovereign wealth funds bought this crap as well. this is just the tip of the iceberg IMO
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#16 Posted: 4/16/2010 2:43:31 PM
Aside from the obvious futures support game they are playing.
I thought it was quite funny that Paulson and Co were the creators of this crap..did they think that nobody would catch them? I guess so.
It will be interesting see if other banks were pulling these kind of stunts, of course they were.
50 times the loss, take away the right to do business, regulate the living hell out of them..just as we should have done last year.
Watch congress pull some bullsh!t hearing with the heads of the banks and nothing serious happens regulatory wise.
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KOAJ |
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#17 Posted: 4/16/2010 3:08:31 PM
fwiw - there was insane amount of retail call buying yesterday...which can only mean institutional call selling
i would guess someone knew what was up and decided to sell an assload of goog, gs, and spx calls that were well in the money a day before op-ex
congress will do nothing as they always do. i hope cuomo gets involved in ny to file criminal charges
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KOAJ |
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#18 Posted: 4/16/2010 3:48:38 PM
options from yesterday
reuters reported GS knew in advance they would be hit with charges today during market hours
GS wins and makes tons of cash, Obama and government looks like heros
forgive my cynicism
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#19 Posted: 4/16/2010 3:58:34 PM QUOTE Originally Posted by KOAJ:
who sold all these futures this morning?
options from yesterday
reuters reported GS knew in advance they would be hit with charges today during market hours
GS wins and makes tons of cash, Obama and government looks like heros
forgive my cynicism
It is aimed correctly.
Only Goldman could profit off a SEC probe..just totally hilarious.
Paulson knew what they were doing, they chose which mortgage baskets went into the footballs.
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KOAJ |
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#20 Posted: 4/16/2010 4:04:37 PM
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rooster010 |
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#21 Posted: 4/16/2010 4:09:32 PM  
friggin criminals |
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#22 Posted: 4/16/2010 4:15:56 PM QUOTE Originally Posted by KOAJ:
of course paulson did...nothing illegal in that is there? fraud is selling the other side of the trade when you are shorting it in house
Yup there is illegalities of course, most importantly the arms length issue.
In the investments forum there is a WSJ link that gives more and interesting details.
Goldman should be closed up..
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DiscoD69 |
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#23 Posted: 4/16/2010 4:17:50 PM
As usual 
At least I found one thing KOAJ said that made sense: "about time"
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KOAJ |
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#24 Posted: 4/16/2010 4:18:01 PM
i would invite you to read zerohedge or denninger today as well
good stuff
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kujayhwk |
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#25 Posted: 4/16/2010 4:25:20 PM Crooks on WallStreet.... ....shocked, I am....
Name me anytime in history that it hasn't been rife with fraud and corruption. |
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