Monday, April 26, 2010

All That Glitters is not Goldman Sachs

A corollary of Euripides states, “Those whom the gods would destroy they first make greedy.”

The gold leaf has come off the doorknobs at Goldman Sachs. The Securities and Exchange Commission recently filed a civil fraud charge against GS. The SEC claimed that GS failed to disclose vital information to buyers of a synthetic CDO created for, and with the involvement of its client, John Paulsen. The case has led to a vocal exchange in the media and blogosphere. Defenders of Wall Street say the SEC has a weak case at best. Those of the SEC say that GS is guilty and, even if GS were to be acquitted in a jury trial, behaved unethically.

The best comment I’ve read so far, with which I largely agree, is “10 Things You Don’t Know (or were misinformed) About the GS Case,” posted by Barry Ritholtz on April 23, 2010. He has offered to bet anyone $1,000 that GS will lose in court or settle, with the winnings to go to the charity of the winner’s choice.

Universities are all about truth, ethics, and justice. During apartheid, students and faculty demonstrated against investments in South Africa. Ditto for other important social causes. I have yet to read of a student and/or faculty demonstration demanding that universities divest themselves from GS. Perhaps one reason is that most universities do not disclose individual holdings in their endowments. I wonder how many, if any, graduate schools of business will return gifts to GS if the firm is found guilty, especially that the newest courses found in GSB curricula are about ethics (and the environment).

3 comments :

windcatcher said...

An “octopus wrapped around the face of humanity” as one journalist put it; the New World Banking Order has arrived. In 2009 speculative, uncontrolled derivatives were the Worlds largest market at an estimated 600 Trillion. The Worlds total economic output was an estimated 58.07 Trillion and the total World bond market was an estimated 82.2 Trillion. Yet, there is no “crime” that the bankers can be charged with as they bankrupt citizens and Nations into the New World Order?
The appropriate criminal charge should be Treason to the American People and our Democratic Republic and Constitution. The members of the Trilateral Commission and the Bilderberg Group in government and banking who conspired to overthrow our soverenity as an independent nation, who conspired to bankrupt our Treasury with three unjust Wars and multinational corporate “rolling” bailouts, conspired to control mass media “free Press” propaganda, conspired and manipulated “financial crisis” for their own gain, conspired to “relocate” American manufacturing/industry and technology, conspired to offshore “American Income Tax”, and who have conspired to enslave American citizens with National debt (about $64,000 per citizen) and personal debt. Deserve the death sentence by firing squad for Treason.
Obama, your New World Order is Totalitarian and we Patriots, American free citizens, will fight for our Democracy, Independence and Freedom.

About Us said...

I am presently in litigation with Fremont Reorganizing, Goldman Sachs dba Litton Loan Servicing, et al., (2 different cases) for about 2 years now. The main issue with the complaint is a fraudulent loan originated by Fremont in June 2006. This in turn produced an array of other
issues: unsigned deed of trust, over billing issues, lost payments, excessive balloon payment, back dated assignments, illegal non-judicial foreclosure documentation, missing documentation, illegally reporting to my credit, falsifying declarations, 6 week TRO's, court procedures not followed, judges wait until the courtroom is cleared to rule against a TRO (both times); retired (78 year old) judge ruled against a seated judges TRO where the retired judge took 30 minutes to read a 300 page brief. The whole time they have been ignoring my request and failing to give me the required documentation so that I can rescind the loan. Goldman Sachs dba Litton Loan Servicing has been aggressively trying to foreclose on my property. I believe to cash out for insurance reasons. (It's over a million dollar loan) I have invested over $400,000 into this property for the past 5 years and if I had known about this mortgage meltdown game played by Wall Street I would have never proceeded with this Real Estate transaction. The Media and the Government has not once addressed or helped the borrower, namely me, who also has been damaged by these defaulted CDO's.

A Time line of what's going on with Goldman Sachs to show how they are scheming to pursue foreclosures for the insurance by acquiring distressed, shelled fraudulent companies which will eventually or haven't already gone broke.

 Oct 26, 2005 Litton Loan Servicing Class Action - mishandling loans, servicing over 400,000 borrowers - case settled Feb 17, 2009 for $537 (limited due to class status)
 Feb 27, 2007 FDIC Cease and Desist - Fremont Reorganizing for illegal loan practices, et al., (largest predatory lenders who heavily solicited brokers for their schemes)
 Oct 16, 2007 Massachusetts Lawsuit vs Fremont and Goldman Sachs - Predatory Lending Practices - settled May 11, 2009 for $60 mil
 Dec 11, 2007 - Goldman Sachs Acquires Litton Loan Servicing
 June 2, 2008 Litton (Goldman Sachs) Acquires Fremont Reorganizing Servicing Rights
 June 19, 2008 Fremont Reorganizing files Bankruptcy
 Apr 16, 2010 - SEC vs Goldman Sachs - Securities Fraud

Here is the link to my blog http://bushnellcomplaint.blogspot.com/ if you want to download court documents pertaining to my case.

Note: My wife is pursuing individuals who are interested in joining her in a class action lawsuit with regards to violation of her community property rights in a wrongful foreclosure. If you are in a community property state and a spouse is not on title you may have grounds

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