SEC charges GS with fraud

Discussion in 'Wall St. News' started by nitro, Apr 16, 2010.

  1. Goldman will make around 500 Million from today's action.

    They are probaby short to the gills.
     
    #31     Apr 16, 2010
  2. 4EXJOE

    4EXJOE

    Here's your jail time scapegoat right here...

    First Jerome Kerveil and now this frog....

    What is it about Frenchies?

    To much Jean-Paul Satre??:D :D :D
     
    #32     Apr 16, 2010
  3. Div_Arb

    Div_Arb

    I agree. Expect GS to vindicate itself, and send the markets to new all-time highs.
     
    #33     Apr 16, 2010
  4. It appears Obama is playing the bankers. GS has no protectors.

    Their primary protector the criminal Herr Bush is gone.

    And their bastard unamerican republican protectors in congress will be shot where they stand if any news got out that they're protecting GS



     
    #34     Apr 16, 2010
  5. A sacrificial lamb, hum that would sure please the public. Everyone would eat that up and the Dems get re elected.

    That’s a brilliant idea, seems the rising market was not getting consumer confidence moving up, so lets try this….excellent idea!
     
    #35     Apr 16, 2010
  6. Wasn't Jesus silly.

    Satan realised he too has been screwed by Blankfein and co. and they have a fallout.:p

    "We are doing god's work" - simply awesome.

    Cheers,
    Max
     
    #36     Apr 16, 2010
  7. nitro

    nitro

    Some of you think this is funny. I think it is disgusting. Wall street is full of crooks.
     
    #37     Apr 16, 2010
  8. nitro

    nitro

    I am now getting really cynical. I think we should check all the trades late yesterday. We have time stamps down to the milli second. Someone traded ahead of this news. The crooks are making money off the crooks!
     
    #38     Apr 16, 2010
  9. cstfx

    cstfx

    #39     Apr 16, 2010
  10. Goldman was not the only firm that peddled these complex securities — known as synthetic collateralized debt obligations, or C.D.O.’s — and then made financial bets against them, called selling short in Wall Street parlance. Others that created similar securities and then bet they would fail, according to Wall Street traders, include Deutsche Bank and Morgan Stanley, as well as smaller firms like Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner.

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    Among the most aggressive C.D.O. creators was Tricadia, a management company that was a unit of Mariner Investment Group. Until he became a senior adviser to the Treasury secretary early this year, Lewis Sachs was Mariner’s vice chairman. Mr. Sachs oversaw about 20 portfolios there, including Tricadia, and its documents also show that Mr. Sachs sat atop the firm’s C.D.O. management committee.

    From 2003 to 2007, Tricadia issued 14 mortgage-linked C.D.O.’s, which it called TABS. Even when the market was starting to implode, Tricadia continued to create TABS deals in early 2007 to sell to investors. The deal documents referring to conflicts of interest stated that affiliates and clients of Tricadia might place bets against the types of securities in the TABS deal.

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    cont on link..

    http://www.nytimes.com/2009/12/24/business/24trading.html?pagewanted=4&_r=1
     
    #40     Apr 16, 2010