Goldman, JPMorgan Are Wall St.'s New Giants

nytimes.com:

A new order is emerging on Wall Street after the worst crisis since the Great Depression -- one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry.

Read the whole story: nytimes.com

Comments

[fcsakes]

10:18 PM on 07/18/2009

Suck on the big one, big boys. Next headline hopefully: Banjoboydropsacaponwallstreetmoguls.

[crazylikeafox]

12:56 AM on 07/18/2009

Take your money out of Chase bank. Cut up your Chase credit cards. Don't take a mortgage with them.

Don't worry about Goldman, you don't have nearly enough money to even be dealing with them.

[lvdragonlady]

05:50 PM on 07/17/2009

No they are not. They are nothing more then thugs who made their profits from the ridicules fees that they charge their customers.
They are nothing.

[crazylikeafox]

12:54 AM on 07/18/2009

Nothing but criminals.

[Kaborka]

04:13 PM on 07/17/2009

And the NWO agenda proceeds as planned. Pretty soon, we'll be taking our peas and queues directly from Tel Aviv...

[Ben6768]

01:38 PM on 07/17/2009

These people are leeches and bloodsuckers.

This parasitic activity will ruin the U.S.

[PhilipTaylor]

01:53 PM on 07/17/2009

With FAKE ENR0N-STYLE Profits!

Just before ENR0N C0LLAPSED they claimed a MASSIVE PROFIT!

[PhilipTaylor]

01:56 PM on 07/17/2009

1. What is wrong with writing mortgages that are SURE TO FAIL in two or four years?

2. What is wrong with slicing and combining them into a package called a Derivative that is SURE TO FAIL in two to four years? Adding lots of hidden Fees!

3. What is wrong with selling those as LOW RISK "AAA" Rated Derivatives to the little old lady down the street who thinks "AAA" means the safety of a Treasury Bill and to people (v!ctims) all over the world who think it is nearly 100% safe. What is wrong with representing JU_NK as if it is Low Risk?

4. What is wrong with using A1G Credit Default Swaps to make Massive and Repeated Bets those Derivatives are going to SURELY FAIL in Two to Four Years?

Answer: Two MAJOR FRAUD LAWS!

[jsgaetano]

01:38 PM on 07/17/2009

Time to start enforcing the Sherman Anti-Monopoly Act.

For the last 30+ years, conservatives simply pretended it doesn't exist.

[PhilipTaylor]

01:54 PM on 07/17/2009

Also, Prosecute FOR These LAWS ON THE BOOKS:

1. Misrepresentation of High Risk Products as Low Risk "AAA" and selling them all over the World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len Softwarwe: "The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding stolen software they developed! Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another that intercepts messages and insert GS Trades ahead of others trades so they can capture the BOUNCE from a Big TRADE. And it is all Automatic and ILLEGAL!

[PhilipTaylor]

01:31 PM on 07/17/2009

G0LDMAN Quarterly Analysis:

$9.45 Billion LOSS = $3.55 Billion Claimed Profit - $13 Billion slipped through A1G by Geithner as a GIFT!

[PhilipTaylor]

01:48 PM on 07/17/2009

But that ignores the $47.7 Trillion MASSIVE Mammoth in the ROOM conveniently hidden "OFF-Balance-Sheet" using the ENR0N L00PHOLE!

While, Generally Accepted Accounting Principles (GAAP) and tax laws allow off-balance-sheet entities for valid reasons, many bad things happen when economic reality differs significantly from the assumptions that were used to justify the off-balance-sheet entity.

Problems also occur when egos get too big. Enron and Wall Street exemplifies how ego can be the basis for the misuse of off-balance-sheet items. Here, off-balance-sheet vehicles appear to have been used to pump up financial results rather than for legitimate business purposes. What started as a plan to legitimately use off-balance-sheet vehicles morphed into ways to manufacture earnings as trades went bad. While one could argue that this is also a case of economic reality differing from expectations, the way management reacted to the situation allows us to classify it as an ego thing.

Wikipedia: The "Enr0n loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.

That was how it started but Wall Street took it MUCH FARTHER! In fact "Around the WORLD!"

Since the Enron scandal companies that have any kind of off-balance-sheet items, whether justifiably or not, are being branded with a scarlet letter "E"nr0n.

[funkalicious]

01:29 PM on 07/17/2009

JP Morgan is run by a bunch of thieves Selling boxes of air to clients who were sold gold and platinum bar iinvestments to be held by JP morgan in a secure vault not only were they charged for the metals they wer charged a storage fee and they never bought or stored the metal. But hey these guys are heros for stealing from the tax payers treasury. The best government money can buy!

http://uk.reuters.com/article/idUKN1228014520070612
NEW YORK, June 12 (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) will pay $4.4 million to settle a class-action lawsuit with brokerage clients who bought precious metals and paid storage fees, according to a court filing.

The proposed settlement, which must be approved by the federal court in Manhattan, includes a cash component of $1.5 million and economic and remedial benefits valued at about $2.9 million, according to a court filing on Monday.

The suit, filed in August 2005, alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.

But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security, according to the complaint.

[ErnestineBass]

02:11 PM on 07/17/2009

Ruh roh...that sounds like ANOTHER Madoff-style Ponzi scheme to me.

[PS9]

02:40 PM on 07/17/2009

If you want to rant that's ok. But at least get the subject of your rant correct.

JPMorgan and Morgan Stanley are not the same company.

At least try to obtain a fact or two.

[Sundialsvc4]

01:16 PM on 07/17/2009

"So they say."

But "what they say" is whatever's convenient at the moment.

It's called "securities fraud." And they don't know how to NOT do it.

Don't believe a word that comes out of their mouths, nor any figure with a dollar-sign in front of it.

[PhilipTaylor]

01:26 PM on 07/17/2009

JPM FAKE PROFITS MEAN NOTHING! Profit is only 0.0033% of JPM Toxic Derivatives! 7,400 years of these profits can cover their $81 TRILLION in Derivatives (worst case admittedly)! Best case a 100 years if they can make a about a $TRILLION GAIN EACH YEAR!

G0LDMAN's FAKE PROFITS: Is a $3.44 Billion Profit larger than $47.7Trillion in TOXIC DEBTS? It turns out their profit is 0.007% of their Toxic Derivatives and at that rate it will take only 3,359 years to cover their Toxic Derivatives (worst case admittedly)! Best case a 100 years if they can make a about a $HALF-TRILLION GAIN EACH YEAR!

[PhilipTaylor]

01:49 PM on 07/17/2009

While, Generally Accepted Accounting Principles (GAAP) and tax laws allow off-balance-sheet entities for valid reasons, many bad things happen when economic reality differs significantly from the assumptions that were used to justify the off-balance-sheet entity.

Problems also occur when egos get too big. Enron and Wall Street exemplifies how ego can be the basis for the misuse of off-balance-sheet items. Here, off-balance-sheet vehicles appear to have been used to pump up financial results rather than for legitimate business purposes. What started as a plan to legitimately use off-balance-sheet vehicles morphed into ways to manufacture earnings as trades went bad. While one could argue that this is also a case of economic reality differing from expectations, the way management reacted to the situation allows us to classify it as an ego thing.

Wikipedia: The "Enr0n loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.

That was how it started but Wall Street took it MUCH FARTHER! In fact "Around the WORLD!"

Since the Enron scandal companies that have any kind of off-balance-sheet items, whether justifiably or not, are being branded with a scarlet letter "E"nr0n.

[PhilipTaylor]

01:03 PM on 07/17/2009

So are they going to gradually weigh down Americans with 50 years of GDP Growth ($700 Trillion) that will take 200 years to work OFF?

Wilbur Ross, a Super-Trader on Wall Street and one of the super-rich Timmy picked for his PPIP program in a RARE MOMENT of FULL HONESTY on CNBC last Monday (July 7) said,

"This is the largest TRANSFER of DEBT from the PRIVATE Banks to the Government in History and it will take MANY YEARS."

So Wall Street will gradually weigh down Americans with 50 years of GDP Growth ($700 Trillion) that will take 200 years to work OFF?

Close the ZOMBIE BANKS, F1CA and CONGRESS!

Wilbur Ross is also implying it is the Greatest transfer of wealth from the American People/Government to Wall Street over MANY YEARS as a corollary! Thanks Wilbur for the RARE MOMENT of FULL HONESTY from Wall Street!

CNBC has the video interview with Maria unless it was scrapped due to its outright honesty about the situation!

If you cannot find it I have IT on my DVR!

[PhilipTaylor]

12:54 PM on 07/17/2009

They are now trying to get rid of Citi and BofA!

[PhilipTaylor]

12:56 PM on 07/17/2009

LET'S GET RID OF THEM INSTEAD!

Prosecute FOR:

1. Misrepresentation of High Risk Products as Low Risk "AAA" and selling them all over the World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len Softwarwe: "The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding stolen software they developed! Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another that intercepts messages and insert GS Trades ahead of others trades so they can capture the BOUNCE from a Big TRADE. And it is all Automatic and ILLEGAL!

[Gewyne]

12:51 PM on 07/17/2009

Crooks the whole lot of them, just a circle of people telling us how much we need them whilst they suck out as much money from people whilst they can, when it goes wrong you just get a shrug of the shoulders and asked whether you can lend them some more money so they can try again - they know the system will collapse again so they suck out as much cash as they can in pay and bonuses instead of putting this money against potential losses or writing off their bad debts -

http://www.youtube.com/watch?v=oOjpEYwSa7k&feature=related

http://www.youtube.com/watch?v=TdqDnGdsrHg&annotation_id=annotation_557058&feature=iv

http://www.youtube.com/watch?v=9bjvHQ7eicE

http://www.youtube.com/watch?v=T0Qe5KEVgAM&feature=related

[PhilipTaylor]

12:59 PM on 07/17/2009

They created $700 Trillion in Toxic Derivatives!

That is $7 Million per family in America!

Where did that MONEY GO? OFF-SHORE, Extravagance, and Employee Pockets to keep the Racket Going, you have to share with the underlings in the M0B!

[JScott]

12:47 PM on 07/17/2009

Narrowing Concentration Of Power' On Wall St. -NOT A GOOD THING, HEY ELIZABETH WARREN DO SOMETHING!

[PhilipTaylor]

01:00 PM on 07/17/2009

This is a JUSTICE Matter and they must be PROSECUTED for the following:

1. Misrepresentation of High Risk Products as Low Risk "AAA" and selling them all over the World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len Softwarwe: "The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding stolen software they developed! Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another that intercepts messages and insert GS Trades ahead of others trades so they can capture the BOUNCE from a Big TRADE. And it is all Automatic and ILLEGAL!

[PhilipTaylor]

12:43 PM on 07/17/2009

G0LDMAN DOES NOT EVEN HAVE TO GET THEIR H@NDS D1RTY AS THEIR COMPUTER SOFTWARE STE@LS PROFITS FOR THEM!

JUST SIT BACK AND COLLECT MONEY! EXCEPT IT IS ILLEGAL!

NEWEST SCHEME:

G0LDMAN broke only unwritten rule on Wall Street - "don't cheat Insiders!"

Being investigated is whether GS illegally used security-access codes to acquire the order messages prior to "TransactionCommit" timepoints at the NYSE. This may have only resulted in a nanosecond trading advantage but today a nanosecond is a lifetime.

So they automatically insert their orders ahead of others at a lower price and then sit for a few minutes while the Intercepted Order execute and pushes up the price. Then they take the $Millions or $Billions. Only problem: Completely illegal!

How was GS found out? Quant trading recently hit an all-time high of 48.6% of all NYSE trading, and GS represents 60% of all program trades. NYSE tracks program trading and was startled by all sudden program trading. This works for leveraged Shorting or Leveraged Long Plays!

One might opine that GS makes money the old-fashioned way ... by stealing it.

Written by: Matt Goldstein at Reuters.
____________________________________________

Separate story regarding theft of computer code, G0LDMAN admited in C0URT their Software Manipulates Markets:

"The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding their software!

MOST AM@ZING ADM1SS1ON in a C0URT?

[PhilipTaylor]

12:53 PM on 07/17/2009

Prosecute FOR:

1. Misrepresentation of High Risk Products as Low Risk "AAA" and selling them all over the World

2. Manufactured Insider Trading - Far more manipulative than Chef Martha!

3. RE St0len Softwarwe: "The bank (Goldman) has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate the market in unfair ways." Regarding stolen software they developed! Isn't this the MOST AM@ZING ADM1SS1ON in a c0urt of l@w?

4. Another that intercepts messages and insert GS Trades ahead of others trades so they can capture the BOUNCE from a Big TRADE. And it is all Automatic and ILLEGAL!

[PhilipTaylor]

12:42 PM on 07/17/2009

Do they look like the new Godfathers?

Well they are and it time to dethrone them!

[PhilipTaylor]

12:50 PM on 07/17/2009

FAKE PROFITS MEAN NOTHING! Profit is only 0.0033% of JPM Toxic Derivatives!

They are NOT HEALING they are HIDING it "Off-Balance-Sheet" using ENR0N LOOPHOLE!

Anyone can show a Mammoth Profit if you FAKE IT Using Legalized Illegal Accounting!
Even ENRON did it!

So is $2.72 Billion larger than $81 Trillion? NO! Well Then they are Bankrupt!

Without "MARK-TO-MARKET" they exaggerate the Value of the Derivatives "On the Balance-Sheet" while JPM/CHASE has Toxic Derivative Debts of $81 Trillion all conveniently hidden!

Accounting is totally FAKE and how can analysts ignore the MAMMOTH IN THE ROOM - unless they are paid to!

Federal Agency, the 0ffice of Comptroller of the Currency, 0CC, issues a quarterly Report that has the following info:

1 JPM0RGAN $81TRILLION in Toxic Derivatives
2 BofA $78TRILLION
3 G0LDMAN $48TRILLION
4 M0RGAN $39TRILLION
5 C1T1GROUP $32TRILLION

http://www.occ.gov/ftp/release/2009-72a.pdf
Page 23!

Why save these 5 WS MAMMOTHS who have OUT-LIVED their TIME with their $30+ Trillion Each in Toxic Derivatives!

When did it sound like a good idea to have "OFF-BALANCE-SHEET" accounting? Wasn't it ENR0N?

Glass-Steagall ALL OF THEM!

Divide them up and get rid of the JUNK at the expense of the Stakeholders!

Bye Bye TOO-BIG-TO-FAIL!

[PhilipTaylor]

01:02 PM on 07/17/2009

Wilbur Ross, a Super-Trader on Wall Street and one of the super-rich Timmy picked for his PPIP program in a RARE MOMENT of FULL HONESTY on CNBC last Monday (July 7) said,

"This is the largest TRANSFER of DEBT from the PRIVATE Banks to the Government in History and it will take MANY YEARS."

So are they going to gradually weigh down Americans with 50 years of GDP Growth ($700 Trillion) that will take 200 years to work OFF?

Close the ZOMBIE BANKS, F1CA and CONGRESS!

Wilbur Ross is also implying it is the Greatest transfer of wealth from the American People/Government to Wall Street over MANY YEARS as a corollary! Thanks Wilbur for the RARE MOMENT of FULL HONESTY from Wall Street!

CNBC has the video interview with Maria unless it was scrapped due to its outright honesty about the situation!

If you cannot find it I have IT on my DVR!