Good thing we have regulators

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Author: [Politics] Topic: Good thing we have regulators
wallstreetcappers PM wallstreetcappers
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Posted: 4/16/2010 11:41:55 AM
lol

So Goldman made money packaging garbage investments and then bet against those same investments and made money.

Groovy..


KOAJ PM KOAJ
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Posted: 4/16/2010 11:45:51 AM
about time


wallstreetcappers PM wallstreetcappers
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Posted: 4/16/2010 11:45:54 AM
And the shorting party?

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.
JerryRice80 PM JerryRice80
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Posted: 4/16/2010 11:53:31 AM

Goldman runs the government...good luck

groovy..wow, haven't heard that one in a while 

wallstreetcappers PM wallstreetcappers
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Posted: 4/16/2010 11:55:31 AM
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.


JerryRice80 PM JerryRice80
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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

wallstreetcappers PM wallstreetcappers
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Posted: 4/16/2010 12:06:52 PM
Of course..

GE tossed around with the toxic football, so did GM and many other companies.


TripleDouble PM TripleDouble
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Posted: 4/16/2010 12:07:11 PM

How the market handles this will be interesting.

captjohn67 PM captjohn67
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Posted: 4/16/2010 12:13:04 PM
i feel a severe slap on the wrist coming...
wallstreetcappers PM wallstreetcappers
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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.


KOAJ PM KOAJ
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Posted: 4/16/2010 12:19:23 PM
agreed capt. sec can only impose civil penalties. doesnt matter to goldman when you print money courtesy of the fed

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
KOAJ PM KOAJ
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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
KOAJ PM KOAJ
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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
wallstreetcappers PM wallstreetcappers
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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.
KOAJ PM KOAJ
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Posted: 4/16/2010 2:36:49 PM
http://linuxmafia.com/pub/humour/nyse-2008-jump-you-guy.jpeg

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
wallstreetcappers PM wallstreetcappers
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Posted: 4/16/2010 2:43:31 PM
Well all of these companies are pretty close to multi year highs, this drop today is really nothing.

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.
KOAJ PM KOAJ
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Posted: 4/16/2010 3:08:31 PM
paulson wasnt the creator...they just wanted to bet on a subpriome crash. they asked GS to put together a basket for them to short. they did, moody's rated it AAA. paulson and gs shorted it, then gs went out and sold the other side of the trade as investment grade bonds

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
KOAJ PM KOAJ
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Posted: 4/16/2010 3:48:38 PM
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
wallstreetcappers PM wallstreetcappers
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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.


KOAJ PM KOAJ
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Posted: 4/16/2010 4:04:37 PM
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
rooster010 PM rooster010
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Posted: 4/16/2010 4:09:32 PM

friggin criminals

wallstreetcappers PM wallstreetcappers
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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..
DiscoD69 PM DiscoD69
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Posted: 4/16/2010 4:17:50 PM
WSC

As usual

At least I found one thing KOAJ said that made sense: "about time"
KOAJ PM KOAJ
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Posted: 4/16/2010 4:18:01 PM
agreed

i would invite you to read zerohedge or denninger today as well

good stuff

kujayhwk PM kujayhwk
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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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