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Thread: SEC accuses Goldman Sachs of civil fraud

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by winston53660 View Post
    The case hinges on GS going short though.
    Based on the article I don't think so.

    In its complaint, the SEC alleges that Goldman failed to tell investors in a collateralized debt obligation that a major hedge fund
    that helped choose the portfolio had also placed bets against it.
    Which is interesting because based on the little I know Goldman did not care if anyone went short on this. They did not understand the risk and were just happy to take their money.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by Erod View Post
    Note that Lehman, which had numerous Obama supporters within its leadership (including Steven Rattner, who was originally going to be the "car czar") seems to be escaping their culpability, much like Fannie and Freddie.
    Yet the GOP is linking Obama to Goldman. So how does that fit into you view.

    Boehner's office also pointed to Goldman employees having collectively contributed more than almost any other company or institution to Obama during the presidential campaign.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by satandog View Post
    Based on the article I don't think so.



    Which is interesting because based on the little I know Goldman did not care if anyone went short on this. They did not understand the risk and were just happy to take their money.
    I believe that GS is under fire for not disclosing the short position of the RMBS that was set up by Paulson ( who also had the Short position) to the investor who was being advised by GS
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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by Redress View Post
    SEC accuses Goldman Sachs of civil fraud - Yahoo! News



    Goldman of course denies any wrongdoing. So, this goes somewhat over my head, but I find the topic interesting. Does the government have a solid case here?
    Far more facts would be needed to address your point. However, Goldman gave Obama lots and lots of money. This is interesting. The bonuses that place paid its people a few years ago was well-rather hyperbolic to many.

    a girl i went to college, and later law school with earned an MBA and a JD and went to work for GS. I ran into her at our 25th college reunion (she had married a guy from our lawschool and they had two under 11 year old kids).

    While most of us were dressed casually she was in a a suit heels etc because she noted she might have to catch the train back to NYC in a moment's notice.

    She also racked up about a 1.5 million dollar bonus

    I wouldn't wish her life style on most people though



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    Goldman Sachs Defrauded Investors, SEC Charges

    The SEC has filed charges against Goldman Sachs.

    The government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was collapsing.

    The Securities and Exchange Commission said in a civil complaint Friday that Goldman failed to disclose that one of its clients helped create - and then bet against - subprime mortgage securities that Goldman sold to other investors.

    The SEC said the fraud, a blow to the reputation of Wall Street's most powerful firm, was orchestrated in 2007 by a Goldman vice president then in his late 20's. The employee, Fabrice Tourre, has since been promoted to executive director of Goldman Sachs International in London.
    Notice that, if someone works for a bankster, and commits fraud, he is promoted. That should tell you a lot about banksters.

    Article is here.
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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by Erod View Post
    Note that Lehman, which had numerous Obama supporters within its leadership (including Steven Rattner, who was originally going to be the "car czar") seems to be escaping their culpability, much like Fannie and Freddie.
    Thank you for your totally uniformed, irrelevant opinion. Go back to watching Glen Beck...

    Anyway, here's my thought on this story:



    THANK YOU, GOD!

    Given the massive power, political and otherwise, GS wields, we needed some divine intervention to bring this scumbags down.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by hazlnut View Post
    Anyway, here's my thought on this story:

    They had a behind the scenes where are they now show on A&E the other day for Animal House. That kid is now a Minister.

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    Re: SEC accuses Goldman Sachs of civil fraud

    Quote Originally Posted by winston53660 View Post
    They had a behind the scenes where are they now show on A&E the other day for Animal House. That kid is now a Minister.

    Hey, if God did miracles like that for me, I'd be a minister too.

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    Re: Goldman Sachs Defrauded Investors, SEC Charges

    Quote Originally Posted by danarhea View Post
    The SEC has filed charges against Goldman Sachs.



    Notice that, if someone works for a bankster, and commits fraud, he is promoted. That should tell you a lot about banksters.

    Article is here.
    Nice new avatar Dan.
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    Re: SEC accuses Goldman Sachs of civil fraud

    “The product was new and complex, but the deception and conflicts are old and simple.” — Robert Khuzami, the SEC's enforcement chief

    The little guy in this world can't buy a break, but he sure can buy a scam. Finally, the S.E.C. is starting to behave like it actually works for us.

    Excerpted from “Goldman Sachs Charged With Fraud; SEC Alleges Firm Misled Investors on Securities Linked to Subprime Mortgages; Major Escalation in Showdown With Wall Street” By GREGORY ZUCKERMAN, SUSANNE CRAIG and SERENA NG, The Wall Street Journal, APRIL 17, 2010
    Goldman Sachs Group Inc.—one of the few Wall Street titans to thrive during the financial crisis—was charged with deceiving clients by selling them mortgage securities secretly designed by a hedge-fund firm run by John Paulson, who made a killing betting on the housing market's collapse.

    Goldman vigorously denied the Securities and Exchange Commission's civil charges, setting up the biggest clash between Wall Street and regulators since junk-bond king Drexel Burnham Lambert succumbed to a criminal insider-trading investigation in the 1980s, helping to define the era. …
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