SEC charges GS with fraud

Quote from asiaprop:

you are not getting the point I made. I mentioned that GS would not have gone under even if it did not receive a single penny from AIG when it was decided AIG would pay up 100 cents on the dollar to GS due to its obligations.
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Ok, if the government let AIG fail, you are saying Goldman Sachs will be ok, no big deal for them. Why? Because they collect money on the collateral call from AIG when the spread is big, AND they hedge with swaps if AIG default?
(WHO) is the counterparty to pay Goldman Sach if AIG fail/ no bailout?
(WHO) is the counterparty (to the counterparty) of Goldman Sachs?
Hmm? big circle and no one have the CASH on the balance sheet?
 
NEW YORK (CNNMoney.com) -- The Securities and Exchange Commission's internal watchdog said Sunday that he will launch an investigation into the SEC's decision to pursue fraud charges against Goldman Sachs.

In a letter released by Rep. Darrell Issa, R-Calif., SEC Inspector General David Kotz said the probe will examine the "serious allegations" raised by several Republican congressmen regarding the probe.

"We will seek review of documentary evidence, including e-mails between and among the individuals who may have participated in or been aware of the timing of the SEC action brought against Goldman," Kotz wrote.

He also said he will interview current SEC employees, and will seek cooperation of individuals outside the commission.

Kotz said he will inform Issa when the probe is concluded.
Goldman knew it profited from crisis

Last week, eight members of the House Oversight and Government Reform Committee wrote to SEC chairwoman Mary Schapiro to question the commission's "independence and impartialty" in choosing to file the charges so close to a final vote on Wall Street reform. Their letter prompted a highly unusual response from Schapiro defending the SEC's political independence.

"On a personal level, I am disappointed by the rhetoric," Schapiro said in a written statement. "The fact is that regulatory reform has been pending for over a year. We have brought many cases related to the financial crisis over that period."
0:00 /4:47SEC director talks tough about Goldman

On April 16, the SEC charged New York-based Goldman (GS, Fortune 500) and a vice president, Fabrice Tourre, with failing to disclose conflicts of interest in the 2007 sale of a portfolio of securities heavily tied to subprime mortgages. Investors in the portfolio ultimately lost $1 billion, the SEC said.

Legislators are currently debating a possible overhaul of the financial system that aims to avoid another severe breakdown. The House Oversight Commitee's letter asks the SEC to investigate whether its officials may have timed the charges against Goldman in order influence those discussions, and whether agency officials leaked information to the press before the charges were filed. To top of page

http://money.cnn.com/2010/04/23/news/companies/sec_goldman_leak/index.htm
 
what a stubborn moron, ignoring all evidence and facts.

Quote from wmb:

If your point is that GS received money from the taxpayers than you and I agree!
If your point is that Gs wouldnt have survived had it not been for taxpayers to come in and support AIG than you and I agree.
If your point is that GS was knowingly and willinly betting on the demise of the housing market than you and I agree.
If your point is that GS risk management department is irresponsible and boneheads than you and i agree.
But if your point is that Aig needed help and GS was a white knight your goofy!

The consultants disagree with GS assesment that they would have survived without help from the government. Only GS thinks they would have survived. But fuld thought he would survive, but he did not have as many freinds as he thought. GS would have perished If the government had not come in and bailed out AIG.

THE END!
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Of course this story begs the question What else have they leaked to GS? WHo in the federal government, leaks info to gs and why? ..... this has been going on forewver, obviously the point to this thread is that people from all over are getting tired of it and when a company can bet on the demise of the housing market, well unpatriotic is the least of the insults you could hurl at this company and the SEC for tolerating this crap. The SEC should burn from what they allowed BERNIE madoff to do. WE are all too busy to keep track of the SEC the SEC is an independent agency set up to protect the private investors....the copnstitution is setup to protect the citizens not GS alone! THE HOUSE IS BURNING!!!
 
yes exactly that is not just what I am claiming but what is supported by hard evidence. GS would not have gone under even if AIG had not paid a single penny to GS AT THE TIME when it was decided that 100 cents on the dollar was paid on AIG's obligations to Goldman. Please take a look at the capital requirements GS was meeting at that point in time, the data is widely available.

Quote from trendlover:

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Ok, if the government let AIG fail, you are saying Goldman Sachs will be ok, no big deal for them. Why? Because they collect money on the collateral call from AIG when the spread is big, AND they hedge with swaps if AIG default?
(WHO) is the counterparty to pay Goldman Sach if AIG fail/ no bailout?
(WHO) is the counterparty (to the counterparty) of Goldman Sachs?
Hmm? big circle and no one have the CASH on the balance sheet?
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Quote from asiaprop:

what a stubborn moron, ignoring all evidence and facts.
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Hey , I'm clearly not the on ly stubborn moron around! The mirror is a dangerous place. The fact remains GS would and should perish. Get another job, don't be the last man standing. BUt with the bonuses the government is paying you guys and unemployment at 10% what job would you get anyway that comes remotly close to a GS job? What goes around comes around!
 
oh my God, now you are screaming at GS that they have shorted the housing market? So short selling companies is also unpatriotic? You definitely should consider a career different from trading. Maybe long-only investing would suit you. But I strongly recommend a career change!!!

P.S.: THe objective of the SEC is NOT to protect private investors, also that you got wrong. Please do some basic research. Tip: Google "SEC regulate financial markets"

Quote from wmb:

Of course this story begs the question What else have they leaked to GS? WHo in the federal government, leaks info to gs and why? ..... this has been going on forewver, obviously the point to this thread is that people from all over are getting tired of it and when a company can bet on the demise of the housing market, well unpatriotic is the least of the insults you could hurl at this company and the SEC for tolerating this crap. The SEC should burn from what they allowed BERNIE madoff to do. WE are all too busy to keep track of the SEC the SEC is an independent agency set up to protect the private investors....the copnstitution is setup to protect the citizens not GS alone! THE HOUSE IS BURNING!!!
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i just pointed to it few posts above, the homework you would need to do yourself. But here again, please check about GS credit lines with the street, and its reserve ratio at the point in time when AIG made whole on its obligations. Its information that is available. After reading that and you still disagree then I am happy to talk about numbers in detail but I dont wanna debate things based on what the majority reads in popular media, CNBC, and hears from "consultants", who by the way published an opinion on Lehman Brothers, not GS.

Quote from Anaconda:

You never actually gave any evidence or facts, just biased rhetoric & opinion.
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Quote from asiaprop:

i just pointed to it few posts above, the homework you would need to do yourself. But here again, please check about GS credit lines with the street, and its reserve ratio at the point in time when AIG made whole on its obligations. Its information that is available. After reading that and you still disagree then I am happy to talk about numbers in detail but I dont wanna debate things based on what the majority reads in popular media, CNBC, and hears from "consultants", who by the way published an opinion on Lehman Brothers, not GS.
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Please use your specific numbers to explain why GS is down $4 when the market is up 45.

Your post above offered nothing other than opinion and editorial gibberish, not one fact or number. Please convince me since you know why it is a good company.
 
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