Goldman Sachs: The Sugar Daddy for DemocRATS

Goldman Sachs: The Sugar Daddy for DemocRATS

http://preview.tinyurl.com/110e4zEvleths

Excerpt:

HEAVY HITTERS
Goldman Sachs
Goldman Sachs, one of Wall Street’s most prestigious investment banks,
was also among the many banks in 2008 and 2009 to receive billions of
dollars in taxpayer money to help it stay afloat. Like others in the
securities industry, Goldman Sachs advises and invests in nearly every
industry affected by federal legislation. The firm closely monitors
issues including economic policy, trade and nearly all legislation
that governs the financial sector. It has been a major proponent of
privatizing Social Security as well as legislation that would
essentially deregulate the investment banking/securities industry. The
firm tends to give most of its money to Democrats. A number of high-
ranking government officials in recent years have spent part of their
careers at Goldman Sachs

On Apr 20, 8:01*am, "O'Donovan, PJ, Himself"
wrote:
Goldman Sachs: The Sugar Daddy for DemocRATS

http://preview.tinyurl.com/110e4zEvleths

Excerpt:

HEAVY HITTERS
Goldman Sachs
Goldman Sachs, one of Wall Street’s most prestigious investment banks,
was also among the many banks in 2008 and 2009 to receive billions of
dollars in taxpayer money to help it stay afloat. Like others in the
securities industry, Goldman Sachs advises and invests in nearly every
industry affected by federal legislation. The firm closely monitors
issues including economic policy, trade and nearly all legislation
that governs the financial sector. It has been a major proponent of
privatizing Social Security as well as legislation that would
essentially deregulate the investment banking/securities industry. The
firm tends to give most of its money to Democrats. A number of high-
ranking government officials in recent years have spent part of their
careers at Goldman Sachs

YO! Earl...

On 20/04/10 19:23, in article
,
"Jigsaw1695" wrote:

Earl...


Capitalism is Republicanism, even more so with the Klepto
Capitalists

On Apr 20, 1:27*pm, Earl Evleth wrote:
On 20/04/10 19:23, in article
,

"Jigsaw1695" wrote:
Earl...

Capitalism is Republicanism, even more so with the Klepto
Capitalists


When government grants privileges to business it is said to be
fascist.

On Apr 20, 9:01*am, "O'Donovan, PJ, Himself"
wrote:
-SNIP-
TESTING

On 20/04/10 20:36, in article
,
"freeisbest" wrote:

'Klepto Capitalists'. I like it.


I thought I had invented it until I googled it.

I could have spelled it "Klepto Kapitalist"

or the "Klever Klepto Kapitalist", or KKK for short.

On Apr 21, 2:19*pm, (arthur wouk) wrote:
The Daily Reckoning
Wednesday, April 21, 2010

* Goldman's "whole truth" predicament,

On G+2 (Goldman plus 2), the stock market managed to inch ahead once
again. For the second day in a row, most of the non-Goldman part of the
stock market produced modest gains...even though Goldman, itself,
slipped more than 2%.

It was a very strange day for the immensely successful and widely
despised financial firm. Before the market opened for trading, Goldman
reported a dazzling earnings result for the first quarter - the second
best quarterly result in the firm's 141-year history. And Goldman
generated this result in classic Goldman fashion - a smattering of
profits from traditional business lines like investment banking, along
with a mountain of profits from proprietary trading.

But investors did not cheer the earnings result; they were still too
busy booing Goldman's fraudulent conduct...and the grim consequences
that might ensue. The various investigations and lawsuits that Goldman
will soon endure is bad news. The possibility that disgruntled clients
might jump ship is worse. How, for example, could Goldman possibly
produce its proprietary trading profits if there were no stooges around
to take the other side of its trades?

Goldman needs those stooges...er, clients...to grease the wheels of its
profit machine.

Goldman's top brass insists the firm has done no wrong. But many are
the critics who insist the firm has done little right...for its
clients, that is. This firm knows all about making money. No one doubts
that. But the "hows" of that moneymaking are becoming a topic of
national interest...and disgust.

One faithful Daily Reckoning reader, who also happens to be a former
attorney, provided the following insight:

Goldman Sachs is in a lot of trouble.

It is in far more trouble than most financial commentators seem to
realize, for reasons that are deeply embedded in the American system of
justice. Since Colonial times, American courts have required witnesses
to take a specific oath. This oath has become a part of American
folklore. From Perry Mason to Boston Legal, every witness who takes the
stand must swear, "to tell the truth, the whole truth and nothing but
the truth."

It is the "whole truth" portion of this oath that puts Goldman in such
trouble. The law recognizes that you can deceive people without ever
saying anything false, just by omitting critical truths.

A real estate ad that said, "This home is in a beautiful neighborhood,
is immaculately designed and was at one time owned by a famous
celebrity," might be 100% truthful. But it would also be 100% deceptive
if the sales agent failed to mention the additional truth that "the
walls are insulated with asbestos."

Omitting important truths is a crime...especially in the financial
industry. This concept is literally written into the definition of
securities fraud. The most important expression of that definition is
SEC Rule 10b-5 : Employment of Manipulative and Deceptive Practices.

This rule states that in connection with the selling of securities, it
is unlawful for anyone to "make any untrue statement of material fact,
or to omit to state a material fact necessary in order to make the
statements made, in the light of the circumstances under which they
were made, not misleading."

In other words, you can't just tell someone the truth about the
portfolio of collateralized mortgage obligations you are trying to
sell, you have to tell them the whole truth.

And this is why Goldman Sachs is in such deep trouble. When Goldman was
attempting to sell the portfolio of mortgage obligations to various
parties, it never told them:

"We want you to know that we built this portfolio for a hedge fund
manager who wants to short the collateralized mortgage market because
he believes it is overpriced and may collapse. He could be wrong, of
course, but he can't take a short position unless someone else buys the
actual securities we have created. Would you like to buy those
securities?"

Call me naïve, but I expect that most ordinary Americans, which is to
say, people who sit on juries, when they hear that testimony will be
thinking to themselves, "Wow! I'm not sure I would have bought those
securities if I had known the whole story."

Goldman is in deep trouble if it has to tell its story in a courtroom,
where every single employee-witness will have to tell the whole truth -
perhaps for the first time.

Here's our question: If Goldman Sachs is truly in trouble, isn't the
stock market in even deeper trouble?

Goldman is the largest player in the US stock market, and one of the
most influential players in every other major financial market.
Therefore, a discredited and enfeebled Goldman Sachs is probably not a
bullish event for share prices.

--
Out of the crooked timber of humanity, no straight thing was ever made.
Kant - Idea for a General History with a Cosmopolitan Purpose (1784),
* * * * to email me, delete blackhole. from my return address

http://preview.tinyurl.com/111g4zEvleths

Excerpts:

"A French trader was the only person named when financial regulators
charged the US investment bank Goldman Sachs with fraud. Fabrice
Pierre Tourre, a former executive at the bank, is accused of
misleading investors....

.....The SEC names Tourre as the creator of a financial product that
packaged toxic mortgages into a securities fund, which he sold to
investors who did not realize they were toxic....."