Let's Give Goldman Sachs Their Own "Shitty Deal" #Plunder #GoldmanSucks #FreeFriday http://bit.ly/cuUXky(If you haven't heard of the "shitty deal" yet read here.) As always the more you Tweet the above phrase, the greater your chances of receiving a copy of Plunder on DVD. Here's the trailer:
Tag Archives | Fraud
Finally! Despite the cozy relationship between the Obama administration’s financial team of Geithner, Summers, et al with their brethren on Wall Street, the SEC reveals that it has the balls to go up against Goldman Sachs. I fear for the job security of senior SEC staffers, but meanwhile they are hurting Goldman where it counts – the firm’s stock price dropped 10% on the announcement, as reported by NPR:
… Read the rest
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 faltering.
The Securities and Exchange Commission announced Friday civil fraud charges against the Wall Street powerhouse and one of its vice presidents. The agency alleges Goldman failed to disclose that one of its clients helped create — and then bet against — subprime mortgage securities that Goldman sold to investors.
Investors in the mortgage securities are alleged to have lost more than $1 billion, the SEC noted.
The “F Word” (for fraud) is back in polite conversation on Wall Street. Fraud and financial crime are slowly becoming part of the debate over what must be done to restore confidence in what has so plainly been a confidence game.
Drilling for oil has knocked financial reform out of the headlines but among commentators, a concern with crime and the absence of punishment is being raised again.
First there was Robert Reich, the former Clinton Labor Secretary, a small man with a large and insistent voice. He’s practically spitting because he’s so pissed off with the inaction, asking where has the SEC been—not the Bush SEC which blew the Madoff probe but the Obama appointees:
“It’s now clear Lehman Brothers’ balance sheet was bogus before the bank collapsed in 2008, catapulting the Street and the world into the worse financial crisis since 1929. The Lehman bankruptcy examiner’s recent report details what just about everyone on the Street has known since the firm imploded—that Lehman defrauded its investors.… Read the rest
CBS News correspondent Randall Pinkston reports:
… Read the rest
“It never entered the SEC’s mind that it was a Ponzi scheme,” Madoff said, because of “the reputation I had.”
“They thought the likelihood of Madoff being a big criminal was probably not something that was realistic,” said Paul Atkins, a former SEC Commissioner.
At the height of his career, Madoff was regarded as a financial genius, he even served as chairman of NASDAQ.
In 2003, Madoff was sure he would be caught and was surprised when investigators did not check his accounts to see if he had actually traded stocks – which he had not.
It is accounting 101, Madoff told the inspector general, to look at DTC – Depositor Trust Commission – to discover a Ponzi scheme.