Forum Post: CALL TO ACTION 11/11/11: GOLDMAN SACHS has engaged in practices that cost countries around the world countless jobs. It's time to get those jobs back. On 11/11/11, go to Goldman & ask to apply for 1 of those jobs they stole. World locations list below.
Posted 12 years ago on Oct. 24, 2011, 4:49 p.m. EST by therising
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Matt Taibbi of Rolling Stone famously described Goldman Sachs as "a great vampire squid wrapped around the face of humanity relentlessly jamming its blood funnel into anything that smells like money." Here's the article: http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
We should line up outside Goldman's world headquarters in NYC -- 200 West Street New York, NY 10282 -- (only 19 minute walk from Zuccotti Park) and stand there with résumés, asking for these jobs back that Goldman destroyed...
Reporter: "Why are you here with thousands of protesters demonstrating outside of Goldman Sachs?"
Interviewee: "Protesting Goldman??" I'm looking for a job. Goldman engaged in practices that resulted in the loss of countless jobs in recent years while profiting heavily and giving huge bonuses to its employees. Goldman took a bunch of jobs from our economy. We just want them back. They must be here somewhere so we're here in line with our resumes....waiting patiently to talk to them about the jobs. (Hands resume to reporter....
Resume says. "reasons I think I'm qualified to work here: 1) I would sell my own mother or buy yours to make a buck. 2) I'm not embarrassed to get huge bonuses for shuffling paper while millions of Americans are out of work and suffering. Etc.
Here's another article about Goldman: http://m.rollingstone.com/?redirurl=/politics/news/the-people-vs-goldman-sachs-20110511
If you haven't seen the award-winning film "Inside Job" narrated by Matt Damon, be sure to check it out. Impeccably researched and tells the real story behind the economic collapse. It was not an accident. Hard to believe. But it's true.
Did you know that Goldman Sachs cornered the world food commodities market which helped create a situation where 250 million more people became hungry? In one year we went from having 750 million hungry people in the world to 1 billion. One year.
They bet on food and drove up prices so I that hunger went up 25% in one year. See this link for more info: http://occupywallst.org/forum/why-goldman-sachs-owes-250-million-hungry-people-a/ . Foreign Policy Magazine.
Did you know that Goldman Sachs is a major investor in private prisons and has profited enormousliy from the fact that out of every 100 American citizens is in prison?
http://blogs.alternet.org/refugee/tag/private-prisons/
Did you know that Goldman Sachs exploits student debt for profit?
Please see www.care2.com/how-goldman-sachs-exploits-student-debt-for-profit
BREAKING NEWS - Reuters -Former Goldman Director surrendering to FBI - insider trading
http://occupywallst.org/forum/breaking-news-from-reuters-ex-goldman-sachs-direct/
Here's one thing we could do to get Congress to properly regulate goliaths: http://occupywallst.org/forum/proposed-list-of-demands-please-help-editadd-so-th/
For worldwide location, please visit http://www2.goldmansachs.com/who-we-are/
United States Atlanta 3414 Peachtree Road, N.E. Suite 600 Atlanta, GA 30326 Tel: 1-404-846-7200 United States Boston 125 High Street, 17th Floor Boston, MA 02110-2704 Tel: 1-617-204-2000 United States Chicago 71 South Wacker Drive Suite 500 Chicago, IL 60606 Tel: 1-312-655-4600 United States Chicago 440 South LaSalle Streket Suite 1600 Chicago, IL 60605 United States Dallas 100 Crescent Court Suite 1000 Dallas, TX 75201 Tel: 1-214-855-1000 United States Houston 1000 Louisiana Street Suite 550 Houston, TX 77002 Tel: 1-713-654-8400 United States Jersey City 30 Hudson Street Jersey City, NJ 07302-4699 Tel: 1-212-902-1000 United States Los Angeles Fox Plaza Suite 2600 2121 Avenue of the Stars Los Angeles, CA 90067 Tel: 1-310-407-5700 United States Miami 200 South Biscayne Blvd. Suite 3700 Miami, FL 33131 Tel: 1-305-755-1000
* WORLD HEADQUARTERS ------- New York City Goldman, Sachs & Co. 200 West Street New York, NY 10282 United States. Tel: 1-212-902-1000 Tel: 1-212-902-1000
United States Philadelphia Mellon Bank Center 1735 Market Street 26th Floor Philadelphia, PA 19103 Tel: -215-656-7800 United States Princeton 701 Mt. Lucas Road Princeton, NJ 08540 Tel: 1-609-497-5500 United States Salt Lake City 222 South Main Street Salt Lake City, UT 84101 United States Salt Lake City 175 East 400 South, Suites 200 & 300 Salt Lake City, UT 84111 United States Salt Lake City 295 Chipeta Way Salt Lake City, UT 84108 Tel: 1-801-884-1000 United States San Francisco 555 California Street 45th Floor San Francisco, CA 94104 Tel: 1-415-393-7500 United States Seattle 719 2nd Avenue Suite 1300 Seattle, WA 98104 Tel: +1 206 613 5500 United States Tampa 2502 Rocky Point Drive Suite 500 Tampa, FL 33607 Tel: 1-813-288-7500 United States Washington, D.C. 101 Constitution Avenue, N.W. Suite 1000 East Washington D.C. 20001 Tel: 1-202-637-3700 United States West Palm Beach Goldman, Sachs & Co. 777 South Flagler Suite 1200 - East Tower West Palm Beach, Fl 33401 Tel: 1-561-650-1600
This may be a better link for GS’s phone #’s http://www2.goldmansachs.com/who-we-are/locations/index.html
Thanks for your help with phone #.
11/11/11 is growing near
I Love your posts. This is good stuff, Keep spreading the word!
Bloomberg just stole 2 generators that I dropped off a month ago at Zuccotti Park. I'm even more devoted now to help however I can to support the brave souls fighting for our freedom in Zuccotti Park. We owe them so much. They are heroes.
It's time or humanity to rise up against giants who feed on our lives, feed on our children's energy and future.
Hi people, you have all my respect and support. Corporate greed is certanily a great cancer of this world but is not the root cause of all evil. In europe and specifically in Italy, corporations do not have such a leverage on politics but, as you may very well know, things are not going much better than in U.S. In my opinion the world corruption can be greatly reduced if every protest demands a DIRECT DEMOCRACY. If people replace the congress then they can stop all the laws and bailouts and wars they want to stop. Today is not hard to gather votes electronically (like the youtube thums up, for example). In a direct democracy people can decide how much should be the salary of a politician and if it is not much more remunerative than any other 'normal job' then only the ones who really care for the wellness of the nation will remain in office. Let's think about this together.
So, I'm interested to know what you think the way forward is from here considering what just happened in Oakland.
I'm into that. Just want to be sure it's more than just clicking on computer because we need great leaders who can build consensus. We can't all be experts on everything so we need specialists who represent us or at least give informed info.
Goldman's reign is coming to an end. The beginning of their end commences 11/11/11. Non-violent direct action at their offices. Thousands of people demanding accountability. Goldman caused 250 million more people in the world to go hungry in one year. Sounds unbelievable but it's true. They turned the food commodities market into a casino, drove up prices, made a killing and the shocks spread round the world.
11/11/11, a day of non-violent direct action against Goldman Sachs worldwide. Planning has commenced. This is a go.
Democracy Now has posted the 11/11/11 event as have other media outlets.
Time for us to rise and expose this firm for what it is.
Hey, you could ALSO apply for any of the jobs shown at http://money.cnn.com/galleries/2011/fortune/1105/gallery.fortune500_most_hiring.fortune/index.html !
Maybe later. Really interested in Goldman right now. Seems like they must have a ton of jobs since they destroyed so many. Those jobs had to go somewhere and Goldman made a fortune off the economic downturn betting against America.
Does anyone know what the credit bureaus used to do when everyone figured out their number?... changed it! Just sayin'. I can also tell you right now, if 1000 people walk into a bank applying for the "lost jobs" they will just say the position has been filled. Also, if all 1000 walk in at once, they will just claim harrasment and have everyone thrown in jail. We must think before we act.
For every one that gets arrested there will be 2 to replace them.
Understand your concerns. However the point is the line outside and the press that covers 500 people, 5,000 people, 50,000 people waiting in line for those jobs Goldman stole.
Roughly half of the press with spin it one way and half will spin it the other. Maybe if OWS would provide an announcement to the press beforehand, it might be more effective. It would at least give OWS something to show when the media does spin it to their viewers.
So, where do we go from here now that police have crossed the line in Oakland?
Excellent idea. We need to frame it. Good thing we have a little time to prepare.
...I was never aware of the amount of complaints and corruption that has been proven true about this company.
How come they are not being sued by our own government? My god..just when I think I know the extent of corruption within our own government, I get proven wrong. It makes me sick.
Isn't is amazing we've put up with Goldman's bad behavior for so long?
It is interesting that Goldman has been able to get away with this stuff for so long. I think it's because they penetrated the upper corridors of power.
I completely agree. Very excited that now we're going to do something about it. :)
Yes, I am, too. I am proud to be a part of something bigger than all of us put together.
I hope you are taking care, and I look forward to this long fight alongside you.
Change is inevitable.
Cheers to that. We're in it to win it and we're here for the long haul. You take care too.
Goldman Sachs stole my state's solar energy rights. (Nevada, the last place for solar power).
How did this happen?
http://www.energyboom.com/solar/blm-nixes-cogentrix-nevada-solar-plans August 25, 2011 They seem reputable. The following is their first paragraph;
Since January of 2007, Cogentrix Solar Services LLC, a subsidiary of Goldman Sachs, has been sitting on a series of exclusive solar applications for Nevada land which together involve as much land as all other solar applications in that state combined.
That's ridiculous. What can we do about this?
SEC Complaint: Sonja Anticevic, et al
This case involves a widespread and brazen international scheme of serial insider trading orchestrated by Plotkin, an Associate in the Fixed Income Research division at Goldman Sachs Group ( Goldman Sachs ), and Pajcin, a former analyst at Goldman Sachs, resulting in at least $6.7 million of illicit gains. Pajcin was formerly associated with several broker-dealers, including Goldman Sachs. Plotkin has been employed at Goldman Sachs since July 2000, where he is currently an Associate in the Fixed Income Research division.
We need serious direct non-violent action against Goldman Sachs.
I don't understand. Does Goldman train their execs in insider trading or does that happen in the top business schools?
Over and over again. Illicit gains. Illicit gains. Ilicit gains. We should shine a big spotlight on Goldman's ill gotten gains in the world press. I think it's time. Between now and 11/11/11 there should be many actions and protests outside Goldman offices but 11/11/11 should be the granddaddy of all protest days. It's time to get those I'll gotten gains back.
IN THE MATTER OF GOLDMAN SACHS EXECUTION & CLEARING, L.P.
On March 14, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 (Order) against Goldman Sachs Execution & Clearing, L.P. (Goldman Clearing), an affiliate of The Goldman Sachs Group, Inc. According to the Order, between March 2000 and May 2002, certain of Goldman Clearing's customers unlawfully sold securities short in advance of repeat and secondary offerings in contravention of Rule 105 of Regulation M and the Commission's short sale rules. The customers conducted their trading in their prime brokerage accounts using Goldman Clearing's REDI System©, a direct market access, automated trading platform, and executed their illegal sales by falsely marking their orders to sell "long."
The Order finds that Goldman Clearing's exclusive reliance on its customers' representations that they owned the offered securities they were selling was unreasonable because, for over two years, the customers' pattern of trading and Goldman Clearing's own trading records reflected that they were selling the securities in violation of Rule 105 and the Commission's short sale rules. The customers never delivered to Goldman Clearing the securities they purported to sell long, but rather, had to borrow the securities from Goldman Clearing to settle all of their sales. Goldman Clearing's records also reflected that its customers' always covered their short positions with securities they purchased in follow-on and secondary offerings after executing their sales. Had Goldman Clearing instituted and maintained procedures reasonably designed to detect these significant trading disparities, it could have discovered the pattern of unlawful trades by its customers. Accordingly, the Order finds that Goldman Clearing violated the Commission's order marking and stock loan rules by executing and settling its customers' short sales as long transactions. The Order also finds that Goldman Clearing was a cause of its customers' violations of the short sale rules.
Based on the above, the Order censures Goldman Clearing and directs it to cease and desist from committing or causing any violations and any future violations of Section 10(a) of the Securities Exchange Act of 1934 and Rule 10a-1(a) thereunder, and Rules 200(g) and 203(a) of Regulation SHO. The Order also directs Goldman Clearing to pay a $1 million civil money penalty. Goldman Clearing consented to the Order without admitting or denying any of the findings in the administrative and cease-and-desist proceedings.
How could they sell their customers short positions as long positions with a straight face? What kind of human being can do that?
Securities fraud. Again and again and again and again. Pathological. Psychopathic. They never learn.
An oldie:
The complaint filed in New York names Goldman, Sachs & Co. as defendant and alleges that Goldman Sachs violated the antifraud provisions in the sale of the commerical paper of the Transportation Co. Goldman Sachs was the dealer for the commercial paper of Transportation Co. from August 1968 through Hay 1970. Goldman Sachs has consented, without admitting or denying the allegations, to the court order restraining certain violations of the securities laws. Goldman Sachs has also undertaken as part of the injunction to implement certain procedures to obtain and disseminate to purchasers of commercial paper information about the issuers of commercial paper.
Violated anti fraud provisions. Over and over again. Arrogant violations. These guys have psychopathic tendencies. We can't just sit by idly while they play casino with all the ingredients of our lives.... It's time to take forceful direct non-violent action and get the media paying close attention to this vulture of a company.
I agree.
I think if there's a big push now with the sentiment of the world behind Goldman protest, we can non-violently push these guys off balance. Once the press turns on them completely, it will be tough to recover. And there are ways to get the press to turn on them.
I have been digging into this at my end as well. I just spoke with someone who worked on Wall Street for 34 years and he has some incredible tales to tell about Goldman. They definitely haven't always had the blue chip image they have now.
Goldman Execs Stay Fat And Happy On Huge Bonuses Despite Down Year For Profits
http://dailybail.com/home/goldman-execs-stay-fat-and-happy-on-huge-bonuses-despite-dow.html
William Black On Democracy Now: "Fire Geithner, Holder & Bernanke And Throw The Banking Felons In Jail" (Video)
http://dailybail.com/home/william-black-on-democracy-now-fire-geithner-holder-bernanke.html
-The People vs. Goldman Sachs- Matt Taibbi: A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges (May-11-2011)
http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511
Yet more:
SEC Charges Former Goldman Sachs Employee and His Father with Insider Trading FOR IMMEDIATE RELEASE 2011-188
Washington, D.C., Sept. 21, 2011 — The Securities and Exchange Commission today charged a former Goldman, Sachs & Co. employee and his father with insider trading on confidential information about Goldman’s trading strategies and intentions that he learned while working on the firm’s exchange-traded funds (ETF) desk.
The SEC’s Division of Enforcement alleges that Spencer D. Mindlin obtained non-public details about Goldman’s plans to purchase and sell large amounts of securities underlying the SPDR S&P Retail ETF (XRT). He tipped his father Alfred C. Mindlin, a certified public accountant. Father and son then illegally traded in four different securities underlying the XRT with knowledge of massive, market-moving trades in these securities that Goldman would later execute.
It's almost like psychopathic behavior is encouraged at Goldman.
Yes, it is.
SECURITIES ACT OF 1933 Release No. 8332 / October 31, 2003
In the Matter of
GOLDMAN, SACHS & CO.,
Respondent. : ORDER UNDER RULE 602(e) OF THE SECURITIES ACT OF 1933 GRANTING A WAIVER OF THE DISQUALIFICATION PROVISION OF RULES 602(b)(4) AND 602(c)(2)
Goldman, Sachs & Co. has submitted a letter, dated April 5, 2003, requesting a waiver of the disqualification from the exemption from registration under Regulation E arising from the settlement with the Commission of a civil injunctive proceeding and arising from any related injunction entered by a U.S. state or territorial court addressing the same activities as the settled injunctive proceeding.
On April 28, 2003, the Commission filed a civil injunctive complaint against Goldman, Sachs & Co. in the United States District Court for the Southern District of New York alleging that Goldman, Sachs & Co. violated NASD Inc. ("NASD") Conduct Rules 2110, 2210(d)(1), 2210(d)(2), and 3010, and New York Stock Exchange, Inc. ("NYSE") Rules 342, 401, 472, and 476(a)(6).
Goldman, Sachs & Co. filed a "Consent of Goldman, Sachs & Co." in which it agreed, without admitting or denying the allegations of the Commission's complaint, to the entry of a Final Judgment against it. Among other things, the Final Judgment permanently enjoins Goldman, Sachs & Co. from violating NASD Rules 2110, 2210, and 3010, and NYSE Rules 342, 401, 472, and 476, orders Goldman, Sachs & Co. to pay $50,000,000 in disgorgement, penalties and interest, and requires Goldman, Sachs & Co. to comply with certain undertakings.
$50 million is peanuts to these clowns. They get off easy with theae paltry fines. How does that happen? Corporate lawyers are most often picked as judges?
How do the meetings work at Goldman? What kind of tone is set by senior management that employees throughout the company feel it's ok to violate the law? How exactly do those conversations go that make the other employees feel it's OK to screw the customer and break the law?
Don't they ever stop being bad?
"The money powers prey upon the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes. I have two great enemies, the Southern Army in front of me and the bankers in the rear. Of the two, the one at my rear is my greatest foe." Abraham Lincoln
What was true then, is true now.
That is amazing that Lincoln had the same problem. Jefferson, of course, stated similar issues. Speculation is the great evil. Look what Goldman did to the food commodities market. Turned it into a casino and drove 250 million people into hunger in a single year.
Ugh. I want action on this. We need to curb them
Agreed.
I really hope people wake up to Goldman's greed. We need to find ways to spread the word
If any of our international friends want to stop by Goldman's office on 11/11, here is a list of locations:
http://www2.goldmansachs.com/who-we-are/locations/index.html
SECURITIES ACT OF 1933 Release No. 7832 \ April 6, 2000
SECURITIES EXCHANGE ACT OF 1934 Release No. 42636 \ April 6, 2000
ADMINISTRATIVE PROCEEDING File No. 3-10178
In the Matter of
GOLDMAN, SACHS & CO. Respondent. ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS, MAKING FINDINGS OF FACT, ISSUING A CEASE- AND-DESIST ORDER, AND IMPOSING REMEDIAL SANCTIONS
Goldman Sachs violated Sections 17(a)(2) and 17(a)(3) of the Securities Act by effecting defeasance escrow transactions with municipalities at prices not reasonably related to the current wholesale market prices for the securities under the particular facts and circumstances, including the pertinent tax regulations. Based on all the relevant facts and circumstances, Goldman Sachs knew or should have known that the prices it charged were not reasonably related to the prevailing wholesale market prices of the securities. The excessive markups also violated Sections 17(a)(2) and 17(a)(3) of the Securities Act because the excessive markups jeopardized the tax-exempt status of those municipalities' refunding bonds and diverted money from the U.S. Treasury to Goldman Sachs when the transaction was in positive arbitrage, or reduced the savings available to the municipalities from the refundings when the transaction was in negative arbitrage.
How does Goldman recruit so many who are willing to compromise their values?
They have a network.
And...
SECURITIES AND EXCHANGE COMMISSION, 450 Fifth Street, N.W. Washington, D.C. 20549,
Plaintiff,
GOLDMAN, SACHS & CO., One New York Plaza, 37th Floor New York, NY 10004,
Defendant.
COMPLAINT
Plaintiff Securities and Exchange Commission (the "Commission" or "SEC") alleges:
NATURE OF THE ACTION
The Commission brings this action against defendant Goldman, Sachs & Co. ("Goldman Sachs" or "Defendant") to redress its violations of certain rules of NASD Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE").
From July 1999 through June 2001 (the "relevant period"), Goldman Sachs sought and did investment banking business with many companies covered by its Research Division. Research analysts were encouraged to participate in investment banking activities, and that was a factor considered in the analysts' compensation. In addition, the decision to initiate and maintain research coverage of certain companies was in some cases coordinated with the investment banking department and influenced by investment banking interests.
As a result of the foregoing, certain research analysts at Goldman Sachs were subjected to investment banking influences and conflicts of interest between supporting the investment banking business at Goldman Sachs and publishing objective research. The firm had knowledge of these investment banking influences and conflicts of interest yet failed to establish and maintain adequate policies, systems, and procedures that were reasonably designed to detect and prevent those influences and manage the conflicts.
By its conduct, Goldman Sachs violated NASD Rules 2110, 2210(d)(1), 2210(d)(2), and 3010, and NYSE Rules 342, 401, 472, and 476(a)(6).
I hope the American people wake up to just how bad this company is. They are hurting America. And they have maintained seats at the center of power for too long, especially in position of treasury secretary. We Americans have been asleep at the wheel.
Yet more...
ORDER INSTITUTING PUBLIC ADMINISTRATIVE AND CEASE-AND- DESIST PROCEEDINGS PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933, SECTIONS 15(b) AND 21C OF THE SECURITIES EXCHANGE ACT OF 1934, SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, AND SECTION 9(b) OF THE INVESTMENT COMPANY ACT OF 1940
This matter concerns insider trading by Rajat K. Gupta (“Gupta”), who on a number of occasions disclosed material nonpublic information that he obtained in the course of his duties as a member of the Boards of Directors of The Goldman Sachs Group, Inc. (“Goldman Sachs”) and The Procter & Gamble Company (“Procter & Gamble”) to Raj Rajaratnam (“Rajaratnam”), the founder and a Managing General Partner of the hedge fund investment adviser Galleon Management, LP (“Galleon”). Rajaratnam, in turn, either caused the Galleon hedge funds that he managed to trade based on the material nonpublic information, or passed the information on to others at Galleon and caused trades based on the information. 2. Specifically, Gupta disclosed to Rajaratnam material nonpublic information concerning Berkshire Hathaway Inc’s (“Berkshire”) $5 billion investment in Goldman Sachs before it was publicly announced on September 23, 2008, as well as Goldman Sachs’s financial results for both the second and fourth quarters of 2008. Rajaratnam caused the various Galleon hedge funds that he managed to trade based on the material nonpublic information, generating illicit profits and loss avoidance of more than $17 million.
A DIRECTOR. Caught red handed.
Just shows what we have been saying is true. Goldman will try to use this to suggest that all is well, that there is no need for further action. Wrong!
Another:
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 21592 / July 15, 2010 Securities and Exchange Commission v. Goldman, Sachs & Co. and Fabrice Tourre, Civil Action No. 10 Civ. 3229 (S.D.N.Y. filed April 16, 2010) GOLDMAN SACHS TO PAY RECORD $550 MILLION TO SETTLE SEC CHARGES RELATED TO SUBPRIME MORTGAGE CDO Firm Acknowledges CDO Marketing Materials Were Incomplete and Should Have Revealed Paulson's Role
The Securities and Exchange Commission today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.
In agreeing to the SEC's largest-ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.
In its April 16 complaint, the SEC alleged that Goldman misstated and omitted key facts regarding a synthetic collateralized debt obligation (CDO) it marketed that hinged on the performance of subprime residential mortgage-backed securities. Goldman failed to disclose to investors vital information about the CDO, known as ABACUS 2007-AC1, particularly the role that hedge fund Paulson & Co. Inc. played in the portfolio selection process and the fact that Paulson had taken a short position against the CDO.
Paulson is a piece of work.
Another....
SEC and NYSE Settle Enforcement Actions Against Goldman Sachs Unit for Role in Customers' Illegal Trading Scheme FOR IMMEDIATE RELEASE 2007-41
Washington, D.C., March 14, 2007 - The Securities and Exchange Commission and the NYSE Regulation, Inc. today settled separate enforcement proceedings against a prime broker and clearing affiliate of The Goldman Sachs Group, Inc. for its violations arising from an illegal trading scheme carried out by customers through their accounts at the firm. Both proceedings find that firm customers traded and profited by illegally selling securities short just prior to public offerings of the companies' securities. In connection with the illegal short sales, the SEC and the NYSE found that the affiliate, Goldman Sachs Execution and Clearing L.P. (Goldman), violated the regulations requiring brokers to accurately mark sales long or short and restricting stock loans on long sales. The SEC and the NYSE further found that, if Goldman had instituted and maintained appropriate procedures, it could have discovered through its own records the customers' illegal activity.
I got a ton of these....
I can't believe the American people have put up with this for so long. The people of the world have put up with this for so long.
This is one of my favorites:
SEC Brings Enforcement Actions against Three Individuals, Goldman Sachs, and Massachusetts Financial Services Company Related to Trading Based on Non-Public Information about the Treasury's Decision to Cease Issuance of the 30-Year Bond FOR IMMEDIATE RELEASE 2003-107
Washington, D.C., Sept. 4, 2003 -- The Securities and Exchange Commission today announced three related enforcement actions arising from trading in U.S. Treasury 30-year bonds minutes before the Treasury Department announced, on Oct. 31, 2001, that it would no longer issue such bonds. The Treasury Department's announcement had a dramatic market impact, causing the largest one-day price movement in the 30-year bond since October 1987. Goldman Sachs & Company (Goldman Sachs), Massachusetts Financial Services Company (MFS), and Peter Davis, the individual who misappropriated the Treasury Department information that was subject to a news embargo, will pay a total of over $10.3 million to settle the Commission's actions.
right on!
Do you have any examples of Goldman activity you can share here?
how about this:
Rolling Stones Reporter: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the shattering of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
There is so much clarity about what Goldman Sachs has done. Why have they not been prosecuted by the SEC?
becuase Senator Phil Gramm made it all legal gambling in 2000. please check this out, only 3 1/2 minutes:
CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
Thanks a lot Phil Gramm!!
what an ego, huh? the very people we don't want to run our Congress again, a benchmark of how not to do it.. Thanks for posting that.
We're going to need a good screening process for candidates. That's for sure :)
this might help. another dream of mine before Congress:
Today Congress we the people are here to start the wheels of governing turning in a different direction. It’s pretty obvious to us that our voice has been lost in the rambling of lobbyist's hard cash throughout the Halls of Justice.
So Congress we are here to take back our government and restore its fundamental principals to the American people. That this government is for the people, and by the people, and not by the rich people anymore.
Here’s how we plan on accomplishing this: First, ladies and gentlemen of the US Congress, we are setting up a nationwide interactive website devoted to understanding (if possible) why you vote on a particular issue, and if that vote benefits the American people the most? or one of your campaign contributors? After every vote in Congress, the American people can now see what you are thinking, or not. How? These results will be broadcasted nightly on all of the major networks and on the web.
Secondly, to maintain an even playing filed, we will next enact campaign contribution limits on a maximum of $100 for any person or corporation or so forth; so hopefully now we have an even playing field, which now the lawmaker will hopefully pick what’s right for the American people, verse big business!
Next, it gets better, we are introducing a bill that would require all lawmakers to take a lie detector test if they are asked why they voted on a particular bill (I know it's pretty out there-- but would make a good movie).
I’m sorry to say Congress that it has come down to this, but when you deal with children, sometimes you are forced to act according.
Right on! Transparency is the strong foundation ... Everything can be built on that.
thanks for that theising1
Yeah but it amounts to pennies on the dollar considering that GS makes $35 billion a quarter. the SEC settlements are a joke. The financial institution attorneys are in bed with the DoJ attorneys and none is getting prosecuted, in fact their good buddies are obstructing justice.
Thats why we have to show up at their door...
The right keeps directing OWS to washington DC through the media, which will disable it.
The government could care less, as it has all the authority of a thug to do as it pleases, while the private sector is worried that someone will repossess its property and dismantle its privileged systems of corruption.
Keeping the focus on wall street banks who commandeered washington to repeal glass-steagall act is important.
And bringing up the fractional reserve lending system keeps focus on the corruption of wall street banks!
True. But more accountability must be held towards DC. You cant put a fat kid on a diet if you dont address the parent who keeps feeding it Bigmacs.
When the right points to the government, OWS must point to Citigroup who lobbied Phillip Gramm to repeal Glass-Steagall Act.
And then Clinton signed it. Along with 155 Democrats in the house. DC is the one that allows the beast to operate.
What is easier? Changing DC? Or changing the Corporations?
I believe that it is easiest to stick with pressure on wall street who fears losing its real property, by challenging the unethical practice of fractional reserve lending with civil lawsuit and legislation, and by leveraging shame upon the banks who not only receive nonsensical benefit through a special exception but who are also to blame for establishing the system in the first place.
It is too easy to understand how the public at large has been compromised and duped by the special exception to make usury interest on multiplied and imaginary moneys by banks.
Hey lets face it, doing anything at this point is better than nothing. I do wish the wallstreet crowd would make a direct point to Obama to get outta town though..
Do you mean that they should not re-elect him or he should remove himself as a candidate?
I honestly think the time for being patient with these idiots in these two parties has come and gone. I think they should be making it loud and clear that 'Hey, we arent sure who we are going to vote for, but it sure has hell wont be for you."
Showing up at their door is a game changer. It brings the media spotlight on them in a much bigger way than ever before.
nice
If possible, please share your own examples of what Goldman has done that has harmed America and the world.
I have none, but good reporting. it's a great point, thanks for bring that up.
Sure. Lots of good info put there on this.
well here's the best way to spank them:
Here's how we can easily Reform Wall Street: Take away their powers "Once Again." And a Million People March to Capitol Hill will help get it done!
For example, "We are here Congress because we want you to REINSTATE the Glass-Steagall Act of 1933 http://www.investopedia.com/articles/03/071603.asp#axzz1aPEc3wX which was created to help save our country from the Great Depression by preventing investment companies, banks, and insurance companies from merging and becoming large brokerage firms; instead of just being Banks and Insurance companies -- Congress why can't you learn a history lesson from 1929? It doesn't work. Btw, why did most of you vote for most of it's repeal in 1999? http://www.counterpunch.org/2008/09/19/shattering-the-glass-steagall-act (2nd story here)
Think about where we are now, it all started in 1999 with lawmakers like Senator Phil Gramm who helped create legal gambling casinos for our banks: CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
Furthermore, we also want you to CHANGE the Commodities Future Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 BACK to where it was before 2000, which since has deregulated energy markets and consequently allowed for such scams as The Enron Loophole; whereas in the early 2000's Enron Corp. was charging 250 bucks plus for a kilowatt hour...They all when to jail for this. But, the Enron loophole is still not closed, for example, allowing speculators to resell barrels of oil over and over again before it reaches the gas station owner. It's basically legal gambling at our expense. What were those lawmakers thinking then? What are you thinking now? Either do the right thing, or you're part of the 1%."
So why are oil prices high? The Enron Loophole. Former head of U.S. Commodity Futures Trading Commission speaks to Congress on the high price of oil--and he's not happy about energy deregulations:
http://www.youtube.com/watch?v=zbdtTGYQBMU&feature=related
http://www.youtube.com/watch?v=PNp0y0SjOkY&feature=related
Rolling Stones Reporter: Truth about Goldman Sachs--how they have cornered the markets--basically, The Enron Loophole and the shattering of Glass-Steagall Act in 1999. http://www.youtube.com/watch?v=waL5UxScgUw
Let's get focused and bring back The Glass-Steagall Act of 1933, they got it right 1933, we don't need to REINVENT the wheel because bringing this Act back will help create an even playing field once again....and let's finally Close the Enron Loophole, which allowed Enron to charge what they wanted for energy; they went to jail for this; but no one closed the loophole, why? Re-election Monies from the big brokerage firms and oil companies! The writing is on the wall.
Let's get organized and reinstate these critical financial reforms by a Million People March to Capitol Hill!
I agree that Glass-Steagalll would be a big help. Top of my list. But how do we get that done
by a united march to capital hill, and don't take no for an answer.
How strong is DC occupation at this point?
far as I know, it's just me and you :) Let's help get it going!
Right on. Let's do this. Spread the word :) http://occupywallst.org/forum/proposed-list-of-demands-please-help-editadd-so-th/
will do!
Thank :)
Here is a sample of Goldman's history:
SEC SUES GOLDMAN SACHS FOR RESEARCH ANALYST CONFLICTS OF INTEREST FIRM TO SETTLE WITH SEC, NASD, NYSE, NY ATTORNEY GENERAL, AND STATE REGULATORS
The Securities and Exchange Commission announced today that it has settled charges against Goldman, Sachs & Co., a New York-based investment bank and securities firm, arising from an investigation of research analyst conflicts of interest. This settlement, and settlements with nine other brokerage firms, are part of the global settlement the firms have reached with the Commission, NASD, Inc., the New York Stock Exchange, Inc. ("NYSE"), the New York Attorney General, and other state regulators. As part of the settlement, Goldman Sachs has agreed to pay $25 million as disgorgement and an additional $25 million in penalties. One-half of the total of these payments - $25 million - will be paid in connection with the SEC action and related proceedings by the NASD and NYSE and will be placed into a distribution fund for the benefit of customers of the firm. The remainder will be paid to resolve related proceedings by state regulators. In the SEC action, Goldman Sachs has agreed to a federal court order that will enjoin the firm from future violations of NASD and NYSE rules and require the firm to make changes in the operations of its equity research and investment banking divisions. In addition, Goldman Sachs will pay, over five years, $50 million to provide the firm's clients with independent research, and $10 million to be used for investor education.
Yeah but it amounts to pennies on the dollar considering that GS makes $35 billion a quarter. the SEC settlements are a joke. The financial institution attorneys are in bed with the DoJ attorneys and none is getting prosecuted, in fact their good buddies are obstructing justice.
So how do we get to a point that the SEC settlements are no longer a joke. How do we put guardrails up for beasts like this?
The SEC is filing suit for the government, they are not filing suit on behalf of the private citizens at large.
A class action lawsuit by the the private citizens at large needs to be filed and succeed in the courts.
Cool. How do we do that. Does a law firm volunteer to lead and then look for citizens? Or other way around?
Lawyers usually do not do anything pro bono unless they know that there is a guaranteed pay day, so it is not actually pro bono.
Even if a pro bono attorney is found, the court fees are exorbitant and the bills need to be paid; that is the hurdle.
So we need a Soros type to fund. Obviously a major legal expense. $300,000? $500,000?
I think this is the next step. Here's what I suggest:
Go by one or more of the locations listed above. Create a resume. If I can figure it out, I will post a sample on this forum. Try to visit the office. If you cannot, please leave the resume at the door. If you can get in, just leave the resume with the receptionist. Be peaceful and calm.
Maybe there's a way to create 2 or 3 sample resumes on word that people could edit and print. Could add link to post.
I agree! Great post! What do others think?
Here's how they made tens of billions of dollars from the economic collapse: 1st - Sold mortgage-related securities that are garbage to clients who trust them...and they sold them at overinflated prices 2nd - Bet against those same securities that they knew were junk and at the same time bet against the entire U.S. housing market. 3rd - Had ex-Goldman executives in key positions of power in the U.S. government so bailout money could be funneled to Goldman and AIG. AIG was the entity with whom Goldman placed the bets. So when AIG insurance giant lost the bets (Goldman of course knew they'd lose), Goldman could still get paid because they made sure U.S. government bailed out AIG. Goldman didn't even take a loss on it (see Inside Job). They got all their money. Unprecidented.
GOLDMAN HAD THEIR MOST SUCCESSFUL YEAR EVER IN 2009 raking in $50 billion in revenue. It was a very good year if you were the .0001% of the world who worked for Goldman. For the rest of us, it sucked.
Did you know that Goldman Sachs made tens of billions of dollars from the economic collapse? They steered clients to buy junk investments (illegal) and then bet against their own clients (illegal). Goldman is one of the companies who really destroyed a lot of jobs around the world. They've gotten off scott free.
Here is another lawsuit filed by the SEC against Goldman:
SECURITIES AND EXCHANGE COMMISSION V. GOLDMAN SACHS & CO, 05 CV 853 (SAS) (S.D.N.Y.)
SEC SUES GOLDMAN SACHS & CO. FOR IPO VIOLATIONS; GOLDMAN SACHS WILL PAY $40 MILLION
The Securities and Exchange Commission today charged Goldman Sachs & Co. with violating the securities law in its allocation of shares in initial public offerings (IPOs) in 1999 and 2000, by inducing or attempting to induce certain customers to purchase shares in the aftermarket. Goldman Sachs has agreed to a settlement in which it will pay a $40 million penalty and be enjoined from future violations of the applicable laws. The settlement is subject to court approval.
WHY GOLDMAN SACHS OWES 250 MILLION HUNGRY PEOPLE AN APOLOGY:
They have paid out an incredible amount in fines for all sorts of bad behavior. The more you dig into this company, the worse it gets. If you look at the food crisis around the world, you realize this is no accident. GREAT ARTICLE IN FOREIGN POLICY MAGAZINE TRACING WHAT HAPPENED HERE. (April 27, 2011 - by Frederick Kaufman) Here are some snippets: In 1991, Goldman started dealing in raw materials derivatives. This was the beginning of the Goldman Sachs Commodity Index (GSCI). It was all downhill from there. Long story short, the world got hungrier and Goldman Sachs got richer. This was the brainchild of their president at the time, Gary Cohn.
Things went bad in 1999 when the Commodities Futures Trading Commission deregulated futures markets, getting rid of common sense regulations that would protect the world from a crisis. All of a sudden, bankers could bet on food (something that since the great depression only people involved in the production of food could do). So Goldman turned food into a casino.
This is the speculation that has been so harmful across the board in our economy. Professional traders made a killing on food. "I make a living off the dumb money," commodity trader Emil van Essen told Businessweek last year. Commodity traders employed by the banks that had created the commodity index funds in the first place rode the tides of profit.
Prices spiked because of this unregulated speculation. This was a rigged market. And when food costs go up, people go hungry. The results: 250 MILLION PEOPLE JOINED THE RANKS OF THE HUNGRY in 2008 bringing the total of the world's "food insecure" to a peak of 1 billion -- a number never seen before.
Let me repeat: 250 MILLION PEOPLE WERE ADDED TO THE LIST OF THE HUNGRY IN 2008, in large part to the speculation of Goldman Sachs.
This bully needs to be checked.
Now is the time to shine a spotlight on Goldman Sachs.
Excellent.
Check this out. Breaking news from a few hours ago! http://occupywallst.org/forum/breaking-news-from-reuters-ex-goldman-sachs-direct/