Too much debt…too little cash. But best of all? Co. Has to restate numbers after getting caught book cooking…it’s been six months without a restatement. Think that’s a good sign? Think again.

Best of breed Goldman short a ton. Oak Tree are minions who tried to get cute. Don’t fuck with Goldman…ever

Tic Toc

The Fly says:

August 8, 2012 at 11:23 am

Not true. DMND just did massive cap raise. Quit spreading lies here, else get banned.

Reply

It is plain to see that the US Department of Justice believes, as do neo-classical economists like Alan Greenspan, that fraud cannot exist in the markets. Thus we have the justice department’s pronouncement that Goldman Sachs did not commit fraud as described in the Levin/Coburn report.

Poppycock! Goldman Sachs is a “Super Predator.”

This decision just shows how well Goldman has captured the government, the politicians and the regulators.

William K. Black has been investigating and writing about control frauds for a long time.

Here are a few excerpts from his paper (in bold and italics) and some comments on their use by Goldman:

“Control frauds have…shown the ability to get ‘clean’ opinions for financial statements that purport to show that the company is highly profitable and solvent when the company is in fact deeply insolvent and unprofitable and pervasively corrupt.”

1. Investment Bank Goldman was probably insolvent before it became a bank holding company in 2008;
2. The Federal Reserve then gave Goldman access to about $800 Billion worth of short-term loans from its discount window;
3. Goldman received $13 Billion in bailout money via AIG;
4. Goldman received TARP money worth $10 Billion;
5. Blankfein claims that he did not need the bailout money from TARP but he was very conversant with Paulson, a former Goldman guy;
6. The Federal Reserve bought the toxic assets of banks to make the banks appear profitable and solvent.

“…only the CEO can optimize the company for fraud. He optimizes the company by having it invest primarily in assets that have no readily ascertainable market value.”

1. Blankfein hired and paid the rating agencies to rate Goldman’s junk CDOs made from sub-prime mortgages as AAA–as safe as Treasuries;
2. Goldman created sup-prime securities that were grossly inflated in value which helped extend the life of the financial fraud to 2007;
3. Goldman’s toxic securities grew at a rapid rate until Blankfein realized that the mortgage market would collapse from bad securities;
4. Blankfein made bets on the collapse of the mortgage market;
5. Blankfein helped create the scheme to thus produce false assets, false sales and grossly inflated prices to produce additional profits from fees and from bets;
6. Blankfein’s claim on false profits were greater than any “real” profits;
7. Goldman Sachs used robo-signing (forgery) to produce the paperwork for foreclosures. They promised to never do that again!

Read more at http://www.goldmansachs666.com/2012/08/goldman-sachs-and-control-fraud.html