PDA

View Full Version : Judge likens Goldman logic to Orwell’s ‘1984’



Qtec
06-25-2012, 11:46 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">A federal judge has described Goldman Sachs as "Orwellian," which doesn't mean the company is staffed by talking pigs, but rather that -- like the Ingsoc government in George Orwell's 1984 -- <u>they have a habit of using words to mean what they don't.</u>

Manhattan federal court judge Paul Crotty wrote in an opinion issued Thursday that when Goldman uses "[w]ords such as ‘honesty,’ ‘integrity,’ and ‘fair dealing’ [the words] apparently do not mean what they say," New York Post reports.

The comments came in reference to a lawsuit against Goldman that the judge allowed to proceed last week. In that suit, a horde of Goldman shareholders -- including the Arkansas Teacher Retirement System, the West Virginia Investment Management Board and the Plumbers and Pipefitters National Pension Fund -- accused the firm of painting a deceptively sunny picture about some fairly important information, like how it was allegedly selling lousy derivatives to clients while betting against those same derivatives.<span style="color: #000099"> There is no 'allegedly about it, its a fact that they did!..</span>

The deals named in the suit, involving financial instruments called Abacus, Hudson, Anderson and Timberwolf, are the same transactions described in a damning Senate report last year.

<span style='font-size: 14pt'>According to that report, Goldman <u>did indeed</u> market deals to its clients that it knew to be of poor quality -- or "shitty," as Senator Carl Levin might say, over and over -- all the while setting itself up for a windfall by betting against that those assets.</span>

In March of this year, a widely read New York Times piece by departing executive director Greg Smith also depicted Goldman Sachs as a place that puts profits over investors. Smith described hearing <span style='font-size: 17pt'>"morally bankrupt people" brag about "ripping their clients off."
</span>
In response to Smith's broadside, Goldman CEO Lloyd Blankfein admitted that "[w]e haven't gotten everything right in how we deal with the public." No word on Blankfein's thoughts on doublespeak. </div></div> link (http://www.huffingtonpost.com/2012/06/25/federal-judge-upholds-sha_n_1624121.html?utm_hp_ref=business)

At least nobody can accuse the banks of being discriminatory,they will steal from anyone, even pensioners. Abacus is a clear case of fraud.

Abacus.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The suit alleges Goldman engaged in “outright fraud” as well as client conflicts in one of the transactions, known as Abacus. Goldman allowed John Paulson, a hedge-fund manager and client, to select the assets for the Abacus CDO, knowing it would perform poorly so Paulson could profit by shorting it, they allege, adding that Goldman hid Paulson’s role.

Those suing Goldman include institutional investors, such as the Arkansas Teacher Retirement System, the West Virginia Investment Management Board and the Plumbers and Pipefitters National Pension Fund.

Read more: http://www.nypost.com/p/news/business/goldman_kFGaYp7pSPZ1rRxAxf5ucP#ixzz1ysFZ3N2D
</div></div>

While the pension funds lost their money, GS and Paulson cashed in. Paulson made 1 Billion on the deal by betting that this 100% AAA investment would fail.

Once again, the banks managed to steal from just about everyone and they still get away with it.!

How much power do you have when you can rip off the whole country,cause a world financial crisis, get your losses covered by the tax payer and then carry on as before?

Q....who rules the USA? I think OWS had it right.

LWW
06-26-2012, 04:12 AM
And you use doublethink to believe that GS is evil and at the same time believe that the regime being operated by GS ex employees is good.

IOW ... nothing new here.

Gayle in MD
06-26-2012, 04:52 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">A federal judge has described Goldman Sachs as "Orwellian," which doesn't mean the company is staffed by talking pigs, but rather that -- like the Ingsoc government in George Orwell's 1984 -- <u>they have a habit of using words to mean what they don't.</u>

Manhattan federal court judge Paul Crotty wrote in an opinion issued Thursday that when Goldman uses "[w]ords such as ‘honesty,’ ‘integrity,’ and ‘fair dealing’ [the words] apparently do not mean what they say," New York Post reports.

The comments came in reference to a lawsuit against Goldman that the judge allowed to proceed last week. In that suit, a horde of Goldman shareholders -- including the Arkansas Teacher Retirement System, the West Virginia Investment Management Board and the Plumbers and Pipefitters National Pension Fund -- accused the firm of painting a deceptively sunny picture about some fairly important information, like how it was allegedly selling lousy derivatives to clients while betting against those same derivatives.<span style="color: #000099"> There is no 'allegedly about it, its a fact that they did!..</span>

The deals named in the suit, involving financial instruments called Abacus, Hudson, Anderson and Timberwolf, are the same transactions described in a damning Senate report last year.

<span style='font-size: 14pt'>According to that report, Goldman <u>did indeed</u> market deals to its clients that it knew to be of poor quality -- or "shitty," as Senator Carl Levin might say, over and over -- all the while setting itself up for a windfall by betting against that those assets.</span>

In March of this year, a widely read New York Times piece by departing executive director Greg Smith also depicted Goldman Sachs as a place that puts profits over investors. Smith described hearing <span style='font-size: 17pt'>"morally bankrupt people" brag about "ripping their clients off."
</span>
In response to Smith's broadside, Goldman CEO Lloyd Blankfein admitted that "[w]e haven't gotten everything right in how we deal with the public." No word on Blankfein's thoughts on doublespeak. </div></div> link (http://www.huffingtonpost.com/2012/06/25/federal-judge-upholds-sha_n_1624121.html?utm_hp_ref=business)

At least nobody can accuse the banks of being discriminatory,they will steal from anyone, even pensioners. Abacus is a clear case of fraud.

Abacus.
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The suit alleges Goldman engaged in “outright fraud” as well as client conflicts in one of the transactions, known as Abacus. Goldman allowed John Paulson, a hedge-fund manager and client, to select the assets for the Abacus CDO, knowing it would perform poorly so Paulson could profit by shorting it, they allege, adding that Goldman hid Paulson’s role.

Those suing Goldman include institutional investors, such as the Arkansas Teacher Retirement System, the West Virginia Investment Management Board and the Plumbers and Pipefitters National Pension Fund.

Read more: http://www.nypost.com/p/news/business/goldman_kFGaYp7pSPZ1rRxAxf5ucP#ixzz1ysFZ3N2D
</div></div>

While the pension funds lost their money, GS and Paulson cashed in. Paulson made 1 Billion on the deal by betting that this 100% AAA investment would fail.

Once again, the banks managed to steal from just about everyone and they still get away with it.!

How much power do you have when you can rip off the whole country,cause a world financial crisis, get your losses covered by the tax payer and then carry on as before?

Q....who rules the USA? I think OWS had it right.

</div></div>



<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">"morally bankrupt people" brag about "ripping their clients off."

</div></div>

<span style="color: #990000">Questions:

Is there a limit to how many individuals can join in a massive class action law suit?

I wonder how many Americans would sign on, naming all of the CEO's of the banks, and the ratings agencies?

I'm surprised that we aren't seeing any class action suits?

G.</span>

Soflasnapper
06-26-2012, 09:55 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body">And you use doublethink to believe that GS is evil and at the same time believe that the regime being operated by GS ex employees is good.

IOW ... nothing new here. </div></div>

You must have missed this part:

How much power do you have when you can rip off the whole country,cause a world financial crisis, get your losses covered by the tax payer and then carry on as before?

Q....who rules the USA? I think OWS had it right.

Clearly, under the timeline this implies, the Obama administration is also under their substantial control.