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New SEC opens fraud case against Goldman Sachs
http://www.reuters.c...&feedName=topNews
Goldman Sachs Group Inc was charged with fraud on Friday by the U.S. Securities and Exchange Commission in the structuring and marketing of a debt product tied to subprime mortgages.

This is one specific case involving one specific transaction, but given any luck it's just the first pebble of a land slide.

From the looks of the case though, it's probably a case of somebody failing to provide enough plausible deny ability to what a lot of companies seem to have been doing. One overly honest email, and suddenly standard business practice is fraud.

Jay
New Standard business practice Is fraud. So often. Let me count
the ways. Nahh.. anyone can make that list. We're inured to it for being immersed in it.

Recently on NPR was an interview with a honcho at an 'Equipment Service Co.' (something to do with helping companies not-to over-pay for IT and similarly arcane techno budgets.)
They ceased paying their salesfolk COMMISSIONS! 15 years ago.

Since making this policy change, profitability rose as did employee performance, not to mention overall satisfaction with their jobs -- double-digits. (And employees made more.)

The initial Point was about the obscene 'bonuses paid to the Über-crooks fantasizing their bogus hedge funds, and an assertion (with psych-explanations of Why) -- that these policies always reduce credibility, also reduce business efficiency/performance er ... forget that 'Excellence' cliche immediately.

All of which seems related to ...
http://www.iveybusin...intArticle_ID=777

“Growth for the sake of growth is the ideology of the cancer cell.”
-- Edward Abbey, Writer and environmental activist

Too complex to grasp? seems so.



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I could almost see voting for Palin in 2012 on the grounds that this sorry ratfucking excuse for a republic, this savage, smirking, predatory empire deserves her. Bring on the Rapture, motherfuckers!
-- via RC
     SEC opens fraud case against Goldman Sachs - (jay) - (1)
         Standard business practice Is fraud. So often. Let me count - (Ashton)

None shall pass!
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