SEC charges GS with fraud

GS paid back every single penny they borrowed from the government. Wake up dude, not sure why you are still stuck in late 2008...


Quote from poyayan:

Exactly, I keep double down and double down and I ran out of cash. Then, I cried to sugar daddy to lend me unlimited cash. Guess what, eventually my double down will work if I have unlimited cash.

Then I brag about how smart I am betting long when you suckers were all scared.
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I think the issue is more that investigators are now crawling all over GS and other companies that did CDO deals.

http://www.reuters.com/article/idUSN2011048320100420

"Barofsky said he is in touch with the SEC and will possibly coordinate with the Department of Justice "to see if there are cases of fraud and if AIG and as a result, the American taxpayers, were victims of similar types of fraud.""


Goldman de-registered Fab in London.

http://online.wsj.com/article/SB100...0627207718.html?mod=WSJ_hpp_sections_business

"Goldman Sachs Group Inc. has de-registered Fabrice Tourre, the employee charged with fraud by the Securities and Exchange Commission, with the U.K.'s main financial regulator."





On a funnier note:

The term “GS” is now entering the popular lexicon as a verb, meaning to lie AND make money from doing so, as opposed to “BS” – which is just to lie without the benefit of compensation.
(As in "Don't GS me, man!")

-Richard Ambrose


That kind of stuff can be hard to shake off...
 
It is so easy to get caught up in the passion of fraud, greed, scams, etc, that we fail to reflect on the root causes of bad choices we make as a country. So, if you are less interested in the soap opera, and more interested in the structure of business and how systems need to adapt in the future by learning from the lessons of this crisis, I strongly recommend these books:

13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Hardcover)
~ Simon Johnson (Author), James Kwak (Author)

http://www.amazon.com/13-Bankers-Ta...=sr_1_1?ie=UTF8&s=books&qid=1271873307&sr=8-1

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism (Hardcover)
~ Yves Smith (Author)

http://www.amazon.com/ECONned-Unenl...cracy-Capitalism/dp/0230620515/ref=pd_sim_b_1


Fraud in the Markets: Why It Happens and How to Fight It (Hardcover)
~ Peter Goldmann (Author)

http://www.amazon.com/Fraud-Markets...1?ie=UTF8&s=books&qid=1271615208&sr=8-1-spell

At the very least, read the first and last chapters of these books, then if your interest is peaked you may find the rest very interesting. Believe it or not, these are very good writers and most of these books read like a thriller.
 
Quote from goldboy:

GS just smoked higher. Holding longs....

Thank you ill informed posters!!
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I don't have any GS right now and frankly I don't give a damn what the stock does, but anyone with any investment savvy is going to be divesting. The risks are too great. I anticipate every bounce to be met with selling for awhile at least.
 
problem is, most people dont even get the REAL story affecting GS. The stock price of GS has almost nothing to do with the outcome of the SEC charges. Its all about GS's reputation, now the FSA and also the German watchdog are investigating, the first big clients are dropping GS...Its purely reputational where all the damage is done and no outcome in court or settlement will change this. Its incredibly dumb to long GS now hoping to make a quick buck off this stock. If at all scale into short positions.

Quote from piezoe:

I don't have any GS right now and frankly I don't give a damn what the stock does, but anyone with any investment savvy is going to be divesting. The risks are too great. I anticipate every bounce to be met with selling for awhile at least.
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