Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud

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Goldman Sachs Set to Pay £3.5bn in Bonuses

Goldman Sachs, the world’s biggest investment bank that is now assailed by accusations of fraud, is poised to reignite controversy over bankers’ bonuses by paying its staff more than £3.5 billion for just three months’ work.'

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Goldman Sachs Charged With Fraud

A fraud charge has been filled on behalf of the US Securities and Exchange Commission (SEC) against Goldman Sachs Group Incorporated.

The Security and Exchange Commission (SEC) has accused Goldman Sachs Group of structuring and marketing a "synthetic Collateralized-Debt-Obligation" or CDO, tied to sub-prime mortgages.'

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CLIMATEGATE - Carbon Market Chaos Strikes Again

The Hungarian Government, the cheeky sods, figured out that if CERs were issued by the UN (and not the EU), they could use them to write off the obligations of some Hungarian companies, and then, apparently, sell them again, so others could use them to write off their obligations, too.

It’s like reselling a three-course meal after it’s been eaten.

When confronted, the Hungarian Government claimed the used CERs were only sold to non-European investors. (So that makes it alright then? Someone outside Europe wasted money?)

Except that, as things do in a “free” market, the used CERs turned up in the EU market anyway, and eventually someone noticed.'

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Fake Gold Bars in Bank of England and Fort Knox

It’s one thing to counterfeit a twenty or hundred dollar bill. The amount of financial damage is usually limited to a specific region and only affects dozens of people and thousands of dollars. Secret Service agents quickly notify the banks on how to recognize these phony bills and retail outlets usually have procedures in place (such as special pens to test the paper) to stop their proliferation.

But what about gold? This is the most sacred of all commodities because it is thought to be the most trusted, reliable and valuable means of saving wealth.
A recent discovery — in October of 2009 — has been suppressed by the main stream media but has been circulating among the “big money” brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox — the US Treasury gold — that is the equity of our national wealth. In short, millions (with an “m”) of gold bars are fake!

Who did this? Apparently our own government.'

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Adrian Douglas: If Your Gold is at An LBMA Bank, You May Be Just an Unsecured Creditor

I estimate that as much as 50,000 tonnes of gold have been sold that do not exist. That is equivalent of all the gold reserves in the world that are yet to be mined -- or, put another way, 25 years of gold production.

That is the granddaddy of all short positions.

The fractional reserve operation of the LBMA is likely to be the next Madoff scandal, except multiplied by 100 -- a $5 trillion fraud as opposed to a $50 billion fraud.'

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Former Managing Director of Goldman Sachs: Accounting Fraud of the Too Big to Fails May Be Worse Than Enron

Nomi Prins - former managing director of Goldman Sachs and head of the international analytics group at Bear Stearns in London - is saying the same thing that financial bloggers have been saying: The giant banks are manipulating their books to make themselves look profitable.

In fact, Prins says that this might be worse than the fraud which occurred at Enron.'

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Grand Theft Auto: How Stevie the Rat Bankrupted GM

Screw the autoworkers.

They may be crying about General Motors' bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won't spoil Jamie Dimon's day.

Dimon is the CEO of JP Morgan Chase bank. While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders - led by Morgan and Citibank - expect to get back 100% of their loans to GM, a stunning $6 billion.

The way these banks are getting their $6 billion bonanza is stone cold illegal.

I smell a rat.

Stevie the Rat, to be precise. Steven Rattner, Barack Obama's 'Car Czar' - the man who essentially ordered GM into bankruptcy this morning.

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