GS fraude sur les produits de subprime / transaction finale

GS plonge sur une enquête de la SEC / -13%, dans de gros volumes ( 31 milllions de titres ) en live

Goldman Sachs : plonge, sur une enquête de la SEC.

(CercleFinance.com) - Goldman Sachs chute de 7% à 171 dollars, ( depuis on est passé à -13 % ) alors que la SEC ('Securities and Exchange Commission) a engagé des accusations contre la banque d'affaires et l'un de ses vice-présidents. Le gendarme des Bourses américaine soupçonne l'établissement financier new-yorkais d'avoir omis des éléments clés concernant un produit financier lié aux crédits hypothécaires de type 'subprime' alors que le marché immobilier américain commençait à vaciller. La SEC indique que Goldman Sachs a crée et commercialisé un CDO associé aux performances de titres adossés à des crédits hypothécaires résidentiels (RMBS). Or, le groupe n'aurait pas fournit aux investisseurs de ce produit des informations vitales, en particulier le rôle majeur joué par un hedge fund, Paulson & Co, dans le processus de sélection du portefeuille et le fait que ce hedge funds avait pris une position vendeur ('short') sur ce CDO. *********** c'est quand même fort ça ... GS crée un produit, pour le vendre à ses clients .. en association avec le fonds Paulson ( celui qui justement a fait fortune en shortant les subprimes, qui a crée depuis un fonds gold.. majoritairement GLD, puis qui en est sorti, pour convertir en physique ) et qui est le lampiste qu'on épingle .. fabrice Tourre, le vice président de gs, un français de 31 ans.. pourquoi lui et pas la direction, mystère? http://jessescrossroadscafe.blogspot.com/2010/04/sec-formally-charges-goldman-sachs-with.html d'autres détails, avec le texte de la plainte http://www.nakedcapitalism.com/2010/04/sec-sues-goldman-for-fraud.html

lol .. j'adore la défense de GS..

on est pas short msieur le juge , on couvre nos positions longues, de sorte à bien faire notre job de market maker, pour le compte de nos clients ... c'est TOUJOURS la même rengaine

Citation :

"Our short positions were not a 'bet against our clients,'" Goldman said in the letter. "Rather, they served to offset our long positions. Our goal was, and is, to be in a position to make markets for our clients while managing our risk within prescribed limits."

http://news.yahoo.com/s/ap/20100416/ap_on_bi_ge/us_sec_goldman_sachs_charged

article plus détaillé, sorti après la cloture de ce soir

http://www.nytimes.com/2010/04/17/business/17goldman.html?hp


et cet article ci tout à fait interessant == >Greeny, conseiller de Paulson ! ( qui date de janv 2008)

http://dealbook.blogs.nytimes.com/2008/01/15/greenspan-to-join-paulson-as-adviser-reports-say/

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bref.. inutile de vous dire pourquoi gold et silver ont été attaqué , si brutalement, aujourd'hui..
il n'était pas question, que l'or puisse monter alors qu'un des principaux membres du cartel est attaqué..

du coup, les clients escroqués se réveillent.. et GS ne serait pas un cas isolé..... comme on peut s'en douter ..

Reuters le 18/04/2010 ANALYSE Goldman pourrait ne pas être un cas isolé :

par Aaron Pressman et Joseph Giannone

BOSTON/NEW YORK, 18 avril (Reuters) - L'affaire Goldman Sachs n'est peut-être pour Wall Street que le prélude à l'ouverture d'une multitude de contentieux émanant directement de la crise des subprimes.

La SEC accuse la banque de fraude pour n'avoir pas dit aux acheteurs de CDO émis par un véhicule d'investissement du nom d'Abacus que le gérant de fonds spéculatifs John Paulson, qui avait contribué à la constitution du portefeuille de dérivés de créances immobilières de ce placement, pariait contre les dérivés en question.

La Securities and Exchange Commission (SEC) est l'organisme de tutelle des marchés financiers aux Etats-Unis. Les CDO ("collateralized debt obligation") sont des titres adossés à divers types de créances que l'on a titrisées. La pratique de créer des CDO synthétiques n'était pas rare en 2006 et 2007. Alors que la bulle immobilière touchait à sa fin, des investisseurs perspicaces cherchaient d'autres moyens de faire du profit.

L'action Goldman Sachs a plongé de 13% vendredi et les actions d'autres établissements financiers créateurs de CDO ont également fortement reculé. Deutsche Bank a perdu 9%, Morgan Stanley 6%, Bank of America 5% et Citigroup 5%.

Merrill Lynch, maintenant propriété de Bank of America, Citigroup et Deutsche Bank étaient les leaders du placement de CDO en 2006 et en 2007, selon des données de Thomson Reuters. Mais la plupart des ces opérations reposaient sur des valeurs mobilières adossées à des créances immobilières (MBS) réelles et non pas sur des dérivés comme dans le cas d'Abacus.

Des gérants de "hedge funds" (fonds spéculatifs) comme John Paulson avaient l'habitude de parier contre ces CDO synthétiques, fondés sur des contrats de dérivés et non sur des valeurs mobilières réelles. Ces CDO-là étaient moins courants.


AU-DELA D'ABACUS

Quoi qu'il en soit, l'acte d'accusation de la SEC contre Goldman Sachs mobilise déjà des investisseurs qui ont perdu gros sur ces CDO, affirme l'avocat Jake Zamansky.

"J'ai été contacté par des clients de Goldman afin d'engager des poursuites pour récupérer leurs pertes", a-t-il dit. "Ca dépassera largement le seul Abacus. Les autorités et les avocats des plaignants vont examiner d'autres opérations et quels types de conflits se jouent chez Goldman".

Une enquête du site internet ProPublica sur les paris contre des créances liées à des CDO engagés en 2007 par le "hedge fund" de Chicago Magnetar avait également débouché sur des allégations de conflit d'intérêt contre Deutsche Bank, Merrill et JPMorgan Chase.

La banque néerlandaise Rabobank a porté plainte en juin contre Merrill Lynch au sujet de l'implication de Magnetar dans un CDO appelé Norma.

"Merrill Lynch a fait équipe avec l'un de ses hedge funds clients les plus prisés - un vendeur à découvert réputé qui avait aidé Merrill Lynch à monter quatre autres CDO - pour créer Norma, un instrument personnalisé en vue de parier contre le marché des valeurs mobilières adossées à des créances immobilières", explique Rabobank dans sa plainte déposée le 12 juin à la Cour suprême de New York.

La SEC et d'autres autorités financières ont fait savoir que le cas Abacus ne serait pas le seul étudié.

"Nous examinons avec soin ces produits et ces transactions", explique Robert Khuzami, responsable de l'application des réglements de la SEC. "Nous explorons la totalité du spectre pour déterminer s'il y a eu des cas de fraude".

Le procureur général du Connecticut Richard Blumenthal a déclaré que ses services s'étaient d'ores et déjà saisi du dossier Goldman. "L'une des questions primordiales consiste à savoir s'il s'agit d'un incident isolé ou s'il y a un fait de collusion entre banques d'investissement et hedge funds en vue de laisser couler des valeurs qu'ils ont créées et vendues à des investisseurs qui n'en savaient rien", explique-t-il dans un communiqué.

SEC charges against Goldman Sachs may trigger torrent of lawsuits

Submitted by cpowell on 10:21AM ET Sunday, April 18, 2010.
Section: Daily Dispatches
By Daniel Wagner
Associated Press
via Chicago Tribune
Sunday, April
18, 2010

http://www.chicagotribune.com/business/sns-ap-us-goldman-sachs-legal-storm,0,1061669.story

WASHINGTON -- The fraud charges against Goldman Sachs & Co. that rocked
financial markets Friday are no slam dunk, as hazy evidence and strategic
pitfalls could easily trip up government lawyers.
Yet that hardly matters, experts say, because the allegations will kick off a
new era of litigation that could entangle Goldman and other banks for years to
come.
The charges against Goldman relate to a complex investment tied to the
performance of pools of risky mortgages. In a complaint filed Friday, the
Securities and Exchange Commission alleged that Goldman marketed the package to
investors without disclosing a major conflict of interest: The pools were picked
by another client, a prominent hedge fund that was betting that the housing
bubble would burst.
Goldman said the charges are "unfounded in law and fact." In a written
response to the charges, the bank said it had provided "extensive disclosure" to
investors and that the largest investor had selected the portfolio -- not the
hedge fund client. Goldman said it lost $90 million on the deal.
That doesn't contradict the SEC complaint, which says the largest investor
selected the mortgage investments from a list provided by the hedge fund. And
the fact that Goldman lost money has no impact on the fraud charges.
The charges will unleash a torrent of lawsuits, and likely signal that the
government is prepared to file more lawsuits related to the overheated market
that preceded the financial crisis, experts said.
"This is just the tip of the iceberg," said James Hackney, a professor at
Northeastern University School of Law. "There are a lot of folks out there in
different deals who played similar roles, and once it starts building steam,
plaintiffs' lawyers will figure out this is where the money is and there should
be a lot of action."
Among the legal action expected in the coming months:
-- Class-action suits by Goldman shareholders who believe that alleged
misconduct by Goldman made their stakes less valuable could come as early as
Monday. Such suits are common when companies are accused of wrongdoing. Goldman
shares fell almost 13 percent Friday as the bank lost $12.5 billion in market
capitalization.
-- Suits by investors who believe that Goldman sold them on deals that were
doomed to fail. The investors in the transaction at the heart of the SEC case
could sue first, followed by others who believe their losses were similar.
-- Possible criminal charges, if the SEC's civil case reveals evidence that
meets the higher standard of "proof beyond a reasonable doubt." Experts said
it's unlikely that the company as a whole will face criminal charges, but
evidence could emerge that would expose the Goldman executive named in the SEC
complaint, 31-year-old Fabrice Tourre, to criminal prosecution.
-- Charges by regulators about other mortgage investments at Goldman and
elsewhere. SEC enforcement chief Robert Khuzami told reporters Friday the agency
is racking up evidence on other deals in the overheated market that preceded the
financial crisis.
Already the case has provoked legal questions from foreign governments,
according to published reports. That's because the financial crisis forced many
countries to bail out banks that lost money on investments arranged by
Goldman.
German regulators are considering legal action against Goldman, newspaper
Welt am Sonntag reported, quoting a spokesman for Chancellor Angela Merkel.
The charges would be on behalf of IKB Deutsche Industriebank AG -- an early
victim of the financial crisis that was rescued by the state-owned KfW
development bank among others. IKB invested in the deal regulators are
targeting.
The flurry of legal activity is likely to proceed separately from the SEC's
case against Goldman, which experts said faces numerous pitfalls.
To prove its fraud case against Goldman, the government must show that
Goldman misled investors or failed to tell them facts that would have affected
their financial decisions.
The government's greatest challenge, experts said, will be boiling the case
down to a simple matter of fraud. The issues involved are so complex that
Goldman may be able to introduce enough complicating factors to shed some doubt
on the government's claims.
"If you wanted to go after Goldman with a complaint that wouldn't stick, this
would be perfect," said Janet Tavakoli, president of Tavakoli Structured
Finance, a Chicago consulting firm. "If you look at these products, almost all
of them look like hoaxes because of the junk inside."
Legal experts pointed to the paucity of evidence in the government's lawsuit,
which contains short excerpts from e-mails but lacks key information about what
the various investors knew and what actions they took.
The quality of the evidence was not clear from the complaint, said Jacob
Frenkel, a former SEC enforcement lawyer now with Shulman, Rogers, Gandal, Pordy
& Ecker PA.
Frenkel said there's been an uptick in "cases where the government chooses
select excerpts from e-mails as the basis for its allegations only to find that
the balance of the text or other e-mails prove otherwise."
For example, prosecutors last fall tried unsuccessfully to use a series of
e-mails to convict two Bear Stearns hedge fund executives. They wanted to
convince jurors that there was behind-the-scenes alarm at the hedge funds as
investments in complex securities tied to mortgages began to slide.
The jurors were not swayed. After the verdict, some jurors told reporters
they found the evidence against the two executives flimsy and contradictory.
Others suggested the pair were being blamed for market forces beyond their
control.
Goldman already has advanced a similar argument. "Any investor losses result
from the overall negative performance of the entire sector, not because of which
particular securities" were in the investment pool, the bank said in a written
response to the charges Friday.
That's part of a time-honored tradition of defusing accusations by bringing
in details that may or may not be relevant, said James Cohen, a professor at
Fordham University School of Law.
"Traditionally it's in the interest of the party that has Goldman's role to
muddy the waters -- it's rarely in their interest to have the picture as sharp
as HDTV," Cohen said.
Several legal experts suggested that Goldman and the SEC had reached an
impasse over a settlement before the charges were announced. They speculated
that Goldman was unwilling to admit that it allowed the hedge fund to create a
portfolio of securities that was designed to fail because that admission could
do irreparable harm to Goldman's reputation.
"Goldman could've easily paid a fine already," said John Coffee, a securities
law professor at Columbia University. "So I don't think it's money they're
fighting over."
The case has been assigned to U.S. District Judge Barbara Jones of New York.
Jones is the federal judge who five years ago presided over the $11 billion
criminal fraud case that toppled WorldCom Corp. and sent its former CEO Bernard
Ebbers to prison for 25 years.

C'est très exactement le point à retenir : la boîte de Pandore est ouverte tant contre GS que contre tous les autres (banques, courtiers, ... et leurs télévangélistes) ; qui voudra / pourra conclure des affaires avec GS (et bientôt d'autres) au risque d'être montré du doigt pa rleurs actionnaires ou clients et / ou trompé par GS ?

Apparemment le lien du post de Sandro vers le Chicago Tribune ne marche pas.

Sinon, tout ça ressemble un peu à Al Capone se faisant arrêter pour fraude fiscale quand même...

pendant ce temps.. certains ânes-analystes ( dont I
.Mouillesseaux de la ch agora qui évoque les positions de GS et Paulson sur GLD) ont le culot de prétendre que la baisse de l'or est dûe au fait que le fonds Paulson étant impliqué dans l'affaire.. pourrait solder ses positions ....
c'est tout de même hallucinant cette façon de faire... plus qu'un contresens complet, c'est en soi une manipulation ..dans la manipulation ( puisque, comme dit précédemment, le cartel ne pouvait pas laisser parader les métaux suite à la nouvellesur GS )
bref ..voici l'excellente réponse de Peter Grandish

http://www.grandich.com/2010/04/gold-update-3/


entre nous ... qu'ils vendent leurs positions GLD, GS et Paulson, au contraire ! c'est ultrabullish pour ... Gold === > moins yaura de papier, meilleur ce sera ... une évidence à rappeler, semble t'il
au fait, histoire d'enfoncer le clou .. à votre avis .. quand greenlight a vendu ses positions GLD pour du physique, c'était parcequ'il était baissier sur l'or??

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plus de détails sur les poursuites qu'envisagent l'allemagne et l'angleterre contre GS

Bloomberg:

Germany Reviews Legal Action Against Goldman After Fraud Case:

http://mobile.bloomberg.com/apps/news?pid=2065100&sid=al0diyFVOxr8
-END-

GOLDMAN MAY OWE BRITISH TAXPAYERS $841M.

BBC ROBERT PESTON | 16 APRIL 2010
British taxpayers have a direct material interest in the outcome of the fraud case brought against Goldman Sachs by the US financial watchdog, the Securities and Exchange Commission.
Because the bulk of the loss on the transaction at the heart of the charge against Goldman ended up with Royal Bank of Scotland, the bank where British taxpayers have an 84% stake.
How the loss ended up with Royal Bank is quite a long story, which I'll summarise below…


http://www.bbc.co.uk/blogs/thereporters/robertpeston/2010/04/goldman_may_owe_british_taxpay.html

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pendant ce temps là Clinton se défausse sur les dérivés.. arguant qu'il avait été mal conseillé ..



c'est le délire total en ce moment ... on dirait bien que le chateau de cartes est en train de s'effondrer ... sous nos yeux ..


www.lemetropolecafe.com


Dave from Denver…
Sunday, April 18, 2010


Who The Hell Is Bill Clinton Kidding?


"Clinton Says He Had Bad Advice on Derivatives" - Bloomberg reports that Bill Clinton is placing blame for the derivatives fraud squarely on the shoulders of Robert Rubin and Larry Summers:
<BLOCKQUOTE>"Former President Bill Clinton said he should have pushed for regulation of financial derivatives when he was president, rejecting the advice of top economic advisers Robert Rubin and Larry Summers."</BLOCKQUOTE>
Here's the link: BILL CLINTON PROUDLY PASSES THE BUCK.

Before we forget history, let's recall the President Bill Clinton signed into the law the legislation that removed Glass-Steagall. This was THE ACT of Government that fostered and allowed the banking system to completely spin out of control with fraud, corruption and grand theft of this country's wealth by a handful of bankers and the politicians they purchased, INCULDING BILL CLINTON.

The collapse of the banking system in September 2008 rests squarely on Clinton's signature in 1999 and his policies with regard to financial regulation. To be sure, the Bush Administration further enabled the financial devastation created by the Clinton Administration. And the Obama Administration has pressed the accelerator thru the floorboard.

Currently the Obama Cabinet/Administration has several of the people who worked for Bill Clinton. This includes Larry Summers - Obama's chief economic policy guru; Tim Geithner - serial tax dodger; SEC Chief Mary Shapiro - who was head of the CFTC under Clinton and directly responsible for derailing derivatives legislation; and several of Robert Rubin's "mini-me's" who sit in "counsel" positions inside the Oval Office and under Tim Geithner.

If Clinton is willing to throw his own people under the bus - and many of those people are now Obama's people, what does that say about the policies and character of our current White House?

remarques supplémentaires de A Douglas..
en substance, non seulement il y a la fraude sur ce portefeuille de CDS... mais le plus important pour les européens .. sera que :
GS en temps que market maker du produit en question, connaissait l'identité des acheteurs, et entre autres des banques européennes à qui il a vendu le truc ..

ce qui lui a permis de les shorter, en prime .. DOUBLE FRAUDE.. la cerise sur le gateau, étant que ces banques ont du se faire renflouer massivement, comme vous le savez ....

et, derniere cerise : c'est le moment que choisit GS pour annoncer de nouveaux bonus faramineux


ça commence à faire beaucoup là ... les allemands et les anglais ont tiré les 1ers.. mais le reste devrait suivre ..

************

www.lemetropolecafe.com

A view from London on Goldman Sachs…
GS too hot
In today's LIR I was going to include more on the GS alleged fraud but dropped it as I don't want to get entangled with GS, however, the suspsicion is out there that GS and others deliberately created these securities designed to fail and then knowingly sold them on to European banks and others, not just to make fees and to profit by the short positions against the securities that they sold, but also to profit from shorting the stock of the purchasing banks, once GS and others triggered the defaults. In effect, GS and others created the securities to fail, and knowing who had bought what and how much of their capital was at risk, GS and others were in prime position to short these banks and drive them towards or into bankruptcy. Many had to be bailed out, at least in Europe, and the EU governments are going to be making a big issue of it. A some point a line of criminality is crossed, although that probably varies by the jurisdiction of the victim bank. But, at some point too, US law was breached, if this premise is true, and it's quite likely that on the criminal side the DOJ has whistleblowers and wiretaps. Not necessarily limited to GS. I suspect that this criminal side will hit before or in time for the November US election. Never let a good crisis go to waste, and this will be far to good to waste in Washungton, I suspect.

These are just my suspicions as to where this scandal is likely to head, but I suspect that after wrecking much of the banking stocks, in Europe and America, it has become payback time now for GS and any others that were similarly involved. If "the Fab" switches sides in return for a walk, even though so far it's all only civil, GS gets blown out of the water.
Graeme
Goldman Sachs finds $5bn for pay and bonuses amid fraud investigation
Bill,
Goldman plans to distribute any ill-gotten gains before any harmed investors can get their hands on the funds:
QUOTE
Goldman Sachs is expected to earmark about $5bn (£3bn) for staff pay and bonuses this week, days after being accused of securities fraud by the US regulators, fuelling the controversy over bankers' rewards in the teeth of the financial crisis.
Chief executive Lloyd Blankfein is expected to unveil revenues of $11bn for the first quarter of this year on Tuesday, up from $9.4bn in the same period of 2009. About 47% of that will go into a "compensation pool" for bosses and employees.
The bank, along with Fabrice Tourre, one of its vice presidents, is the subject of a civil fraud complaint by the US Securities and Exchange Commission (SEC). It denies the accusations and is understood to believe they are the result of a politically motivated witch-hunt – timed to coincide with a drive by President Obama to get tough on banks, and to come just ahead of its results.
The bank has been aware of the SEC's investigation for two years but had not spoken to investigators since September 2009 and is thought to have been taken by surprise by last week's events. Tourre has been interviewed by Goldman's internal compliance department but is still employed by the bank and has not been suspended.
Speculation over Blankfein's future is seen by insiders as "silly". However, the episode is likely to have incurred the ire of US investor Warren Buffett, who lost more than $1bn on paper in 24 hours on warrants held by his Berkshire Hathaway investment fund as Goldman shares plunged. Buffett endorsed the bank by loaning it $5bn at the height of the crisis at 10% interest. He is an outspoken critic of Wall Street sharp practice and excessive pay. Senior Goldman executives have held talks with major investors, thought to include Buffett, over the SEC accusation…………….for the whole article go here..http://www.guardian.co.uk/business/2010/apr/18/goldman-sachs-pay-bonuses

END
Cheers
Adrian

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en réponse à tout ça.. que fait l'arrogant JPM.. qui se sent un peu concerné ... des menaces.. même pas voilées !!


http://jessescrossroadscafe.blogspot.com/2010/04/jamie-dimon-warns-germany-on-banking.html

Pascal == > voila le lien chicago tribune, que tu demandais

http://www.chicagotribune.com/business/sns-ap-us-goldman-sachs-legal-storm,0,1061669.story

Merci pour le lien.

A noter que sur le blog de Jovanovic (19-21 avril)

http://www.jovanovic.com/blog.htm

Celui-ci considère que la SEC a sorti cette affaire sur GS principalement pour camoufler un scandale énorme dans le cadre duquel la SEC aurait aidé à dissimuler une nouvelle pyramide de Ponzi de $8Mds

http://www.sec.gov/news/press/2010/2010-60.htm

http://www.cnbc.com/id/36601719

A ce rythme, on va peut-être finir par manquer de traders français pour servir de lampistes quand même...

ils n'en loupent pas une == > 5 des dirigeants de GS ont vendu d'importantes quantités de leurs actions GS, avant l'annonce officielle de la SEC.. et ce sont les plus gros dégagements d'insiders, depuis 3 ans

Goldman Insiders Sold Shares as SEC Probed Firm

• By RANDALL SMITH
  

Five senior executives of Goldman Sachs Group Inc., including the firm's co-general counsel, sold $65.4 million worth of stock after the firm received notice of possible fraud charges, which later drove its stock down 13%.
Sales by three of the five Goldman insiders occurred at prices higher than the stock's current level. The stock sales by co-general counsel Esta Stecher, vice chairmen Michael Evans and Michael Sherwood, principal accounting officer Sarah Smith and board member John Bryan occurred between October 2009 and February 2010. It was the most active spate of insider selling in three years, according to InsiderScore.com in Princeton, N.J., which tracks and analyzes purchases and sales of stocks by top executives and directors.
Goldman received notice of the possible charges last July, but didn't publicly disclose that fact, later explaining that it didn't consider such a notice material information investors would have needed to value the stock. A week ago, on April 16, the Securities and Exchange Commission filed civil-fraud charges against Goldman for failing to disclose that a short seller, Paulson & Co., participated in selection of assets in a pool tied to subprime mortgages…
http://online.wsj.com/article/SB10001
424052748704388304575202542385439472.htm
l?mod=WSJ_business_LeftSecondHighlights

le scénario parait déjà écrit ==> ça va se terminer par un arrangement à l'amiable, que ça m'étonnerait pas


http://www.boursorama.com/infos/actualites/detail_actu_marches.phtml?num=aa2b9916244ab0a0f910340b8cddcfac

|

AFP le 30/04/2010 à 06:58 Goldman Sachs : la justice a ouvert une enquête criminelle contre la banque américaine


Daniel Sparks, responsable de la division des prêts hypothécaires de la banque Godman Sachs, le 27 avril 2010, devant le Sénat américain.
AFP/Archives Jim Watson
La Justice américaine a ouvert une enquête criminelle contre la banque d'affaires américaine Goldman Sachs, ont affirmé jeudi soir plusieurs médias américains dont le Wall Street Journal et le Washington Post.

"Des enquêteurs fédéraux mènent une enquête criminelle pour déterminer si Goldman Sachs ou ses employés se sont livrés à des fraudes boursières en relation avec le courtage de produits hypothécaires", écrit le Wall Street Journal en citant des sources proches du dossier.

L'enquête ouverte par un procureur fédéral de Manhattan en est au stade préliminaire, et aurait débuté à la suite d'un dossier transmis par le gendarme américain de la Bourse (SEC), selon le journal. La SEC a lancé une plainte contre la banque d'affaire et l'un de ses employés, le français Fabrice Tourre, les accusant d'avoir trompé des clients en leur vendant des produits financiers adossés au marché très risqué de l'immobilier américain, qui s'est effondré en 2007.

Beaucoup d'enquêtes criminelles sont lancées sans que le gouvernement ne dépose de plainte, et dans ce cas précis, les enquêteurs n'ont pas encore décidé s'ils allaient le faire ou non, ont précisé ces sources au quotidien.

Un porte-parole de Goldman Sachs joint par l'AFP a réagi aux informations de presse en indiquant que "vu l'attention donnée ces derniers temps à l'entreprise, nous ne sommes pas surpris d'articles évoquant une enquête et nous allons collaborer pleinement à tout demande d'information". Le New York Post indique de son côté sur son site internet jeudi que la banque pourrait "bientôt" mettre fin à l'amiable aux poursuites de la SEC.

"Goldman Sachs pourrait bientôt trouver un accord avec la SEC, choisissant de mettre fin à ce bras de fer plutôt que d'endurer encore l'embarras public subi mardi à Washington", écrit le New York Post, en référence à l'audition du groupe devant une commission sénatoriale américaine qui a duré près de 11 heures mardi. "Il est presque certain qu'il y aura un accord à l'amiable", affirme le journal, citant des sources proches du dossier.

Une source proche du dossier jointe par l'AFP a remarqué que "la SEC n'avait jusqu'à présent pas donné la possibilité à Goldman Sachs de trouver un accord à l'amiable pour mettre fins aux poursuites".

ça finira peut-être à l'amiable pour cette affaire-là, mais la SEC pourra en sortir d'autres. Les poursuites privées ne font, elles, que commencer.

Avec leur réputation légèrement ternie conduisant à des pertes d'affaires, ça coûtera bonbon aux mafieux de GS.

Il me paraît évident que l'enquête de la SEC correspond déjà à un accord amiable intervenu entre eux, la SEC et le gouvernement : on prend le petit bout d'une affaire, on cogne un lampiste étranger en épargnant les gros, GS ne riposte pas en attaquant la SEC sur ses propres scandales, et la Maison Blanche peut pérorer en affirmant qu'elle est indépendante de GS. Tout le monde est content.

Voila le dernier TAIBBI paru dans RS :

?RS_show_page=0]http://www.rollingstone.com/politics/news/;kw=[3351,136554]?RS_show_page=0

On the day the Securities and Exchange Commission filed suit against Goldman Sachs for securities fraud, shares in the company plunged 12.8 percent, closing at $160.70. The market, it seemed, was finally passing judgment on a decade of high-stakes Wall Street scammery that left America threatening Nigeria, Indonesia and Belarus on the list of the world's most corrupt economies.
A few days later, Goldman announced its first-quarter numbers. Profits were up 91 percent, to a staggering $3.4 billion.
Compensation and bonuses soared to $5.5 billion, up from $4.7 billion in the first quarter of 2009. Battered in the press, Goldman was raking up on the bottom line. So investors once again leapt into Goldman's arms, pushing the stock as high as $166.50, not far from where it was even before news of the SEC suit broke.
Goldman isn't dead – far from it. But this new SEC suit officially places it at the center of a raging national discussion about the hopelessly fucked state of American business ethics. As a halting, first-step attempt at financial regulatory reform makes its way toward a vote in the Senate, the government has finally thrown open the door and let a few of the rottener skeletons tumble out.
On the surface, the failure-to-disclose rap being leveled at Goldman feels like a niggling technicality, the Wall Street equivalent of a tax-evasion charge against Al Capone.

etc.


P.S. : il reprend exactement la même image que moi avec Al Capone, quel copieur !

Là franchement je ne trouve pas les mots...mais Zero hedge propose "unfuckingbelievable". Ca doit être quelque chose comme ça :

In the quarter ended March 31, Goldman made money on every single trading day. The firm did not record a loss of even $0.01 on even one day in the last quarter. That's 63 days profitable out of 63 trading days. The statistic probability of this event is itself statistically undefined.

http://www.zerohedge.com/article/unfuckingbelievable-goldman-has-zero-trading-loss-days-last-quarter

Encore mieux :


The White House said Friday that Elena Kagan's membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn't disqualify her for a position on the Supreme Court.

Ms. Kagan, the solicitor general, is considered a top contender to replace retiring Justice John Paul Stevens. President Barack Obama is expected to announce his nomination next week. An announcement could come "at any moment," White House Press Secretary Robert Gibbs said Friday.

From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.

The Securities and Exchange Commission has accused Goldman in a civil suit of failing to disclose to clients in a deal involving mortgage-related securities that a hedge fund betting on the mortgages to fail helped design the product. Goldman denies the charges.

Mr. Gibbs said the group Ms. Kagan advised had nothing to do with the activities in the SEC's case. "This is a panel that had absolutely nothing to do with the decisions that Goldman has made that they're now being investigated for," he said. Asked if there was a concern that this issue could be used against Ms. Kagan, should she be nominated, Mr. Gibbs said, "No."

Justice Department spokeswoman Tracy Schmaler said the Goldman advisory group met once a year for a day-long conference about public-policy issues. "The group wasn't involved in making any investment decisions for the company," she said.

http://online.wsj.com/article/SB10001424052748703338004575230602921084726.html?mod=WSJ_WSJ_US_News_5

Un juge de la Cour suprême faisant des piges chez Goldman Sachs !

Cette nouvelle a déclenché chez le juriste que je suis un véritable orgasme psychologique.

Allez ! on parie que l'enquête de la SEC n'ira pas très loin ?

Citation :

Un juge de la Cour suprême faisant des piges chez Goldman Sachs !

Cette nouvelle a déclenché chez le juriste que je suis un véritable orgasme psychologique.

Allez ! on parie que l'enquête de la SEC n'ira pas très loin ?

décidément, ils ont des pions partout ... y compris chez les juges de la court supréme !!

Mon dieu ! quelle surprise !

The latest rumor taking the street by storm is that Goldman has now settled with the SEC. We will bring you more as we get it.

http://www.zerohedge.com/article/has-goldman-settled-sec


Nous attendons la confirmation...le suspense est insoutenable.

le prix de l'arrangement serait de 1 milliard de $

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAsmKM5QcSuc&pos=3

Citation :

Goldman Sachs Settlement May Hinge on How SEC Justifies Penalty

May 21 (Bloomberg) -- Analysts predict Goldman Sachs Group Inc. will pay $1 billion or more to settle a Securities and Exchange Commission fraud suit that triggered a 26 percent drop in the firm’s stock. Extracting such a record-setting penalty may be easier said than done.
When it comes to presenting a settlement for court approval, the SEC will have to "have a good explanation and justification for the number," said Donald Langevoort, a former SEC attorney who teaches securities law at Georgetown University in Washington…

Bon ok, finalement on s'est fait avoir.

Mais on attend toujours une enquête de la SEC sur cette fausse rumeur...

Je fiche mon billet que GS avec au moins la complicité passive de la SEC a décidé de tester le marché en diffusant tout ça. Et apparemment ça a marché puisque ça a fait remonter le DOW de 200 pts...

Pour la transaction, ça attendra bien encore deux semaines...

ça continuerait à négocier .. du coté de GS, on veut bien casquer .. mais pas question de parler de fraude, hein !!
juste des négligences, des omissions.. etc etc ..
sinon, pas d'accord à l'amiable ..

01:55 GS Goldman Sachs may be willing to settle with SEC - American Banking News ($140.30)
Sources say Goldman would consider a settlement admitting negligent behavior in omitting facts in marketing the deals the SEC has based its civil fraud case on. But the sources say the bank will not agree to any settlement involving an admission that GS committed fraud. StreetAccount notes that the WSJ reported 21-May that a settlement was not imminent, and that a preliminary 4-May meeting had not included a discussion of what agreement the bank might be willing to come to.

http://www.cnbc.com/id/37362236


*********

tant qu'on y est .. lehman poursuit JPM pour les 8.6 milliards de trop .. réclamés juste avant la chute


http://www.euroinvestor.fr/news/story.aspx?id=11089782


22:54 JPM Lehman Brothers sues JPMorgan Chase - FT ($38.78)
In US Bankruptcy Court in Manhattan, Lehman seeks the return of $8.6B that JPMorgan seized as collateral in the days before Lehman filed for bankruptcy, and possibly billions more in securities and lost value. The suit alleges that "with the benefit of unparalleled inside knowledge," JPMorgan took actions forcing Lehman to declare bankruptcy over the weekend, rather than allowing it to open on Monday, 18-Sep-2008 and implement an organized withdrawal from its contracts.

épilogue : GS transige avec la SEC pour 550 millions de $, sur cette affaire

il manque plus que l'approbation du juge ..

comme d'habn GS refuse d'admettre la fraude ou le "wrong doing" et préfére reconnaitre avoir fourni des infos incomplétes aux investisseurs .. ben voyons ..

http://beforeitsnews.com/story/103/871/Dealbook:_Goldman_to_Settle_With_S.E.C._for_550_Million.html

commentaires du midas, ce soir

www.lemetropolecafe.com


Hannibal Lecter does it again…
04:33 GS WSJ looks at Goldman Sachs's settlement with SEC ($145.22)
Outsiders say Goldman got a cut-rate deal, paying only $550M to settle civil charges that it misled clients of its Abacus mortgage securities. Calling the settlement "the right outcome," Goldman admitted to having made "a mistake" by not telling investors that Paulson & Co had set up the securities to gain from a collapse in the housing market. Goldman also says the SEC has finished its review of other Goldman CDOs, and no claims against Goldman or any employees are expected. People familiar with the matter say criminal prosecutors continue to investigate Goldman and its employees to see if securities fraud charges should be issued. The settlement still needs to be approved by a US District Judge. The $550M is composed of a $535M civil penalty and $15M in profits from Abacus, and will be split as follows:
* $250M for Abacus investors, including $150M to IKB Deutsche Industriebank (IKB.GR)
* $300M for the US government
* * * * *
This one is going to make you sick. From a veteran Café member yesterday afternoon…
Goldman
Bill,
Two weeks ago I was talking to a well connected colleague with Goldman ties who was buying the July $140 strike Goldman calls. He was hearing a story that Goldman would settle with the SEC. He wasn’t sure if it was a false rumor or not, so he did not commit much capital. He was buying the calls a little over $1 and they closed yesterday at $1.40. They closed today at $6 as GS stock was up $6.16 to close at $145.22 because of an article saying Goldman was about to settle with the SEC. Pretty convenient that this comes out the day before options expiration. As you know, time is a big factor in determining what options are worth. What do you bet that GS went long call options on their own stock going into this announcement?
TC
Today, despite the stock market drubbing, the share price rose even further going into the option expiration. My bet is that Goldman "Hannibal Lecter" Sachs made a killing on this trade to offset some of their new fine. "Government Sachs" doesn’t have so many of its own working for the US Treasury for no reason.
Goldman Sachs Mafia Pays Hush Money to the S.E.C. Police


ACTIVIST POST

The New York Times reported yesterday that the criminal gang at Goldman Sachs is paying a $550 million "fine" to the Securities and Exchange Commission to "settle" their fraud case. If approved, the settlement would "represent only a small financial dent for Goldman, which reported $13.38 billion in profit last year."

Meanwhile, Goldman Sach's shares rose 5% in after-hours trading alone on the news adding about $3.5 billion in value to their market cap. Ah, life is good for the banksters at the top of the pyramid, especially when the media is on your side too. The New York Times piece went on to say:
<BLOCKQUOTE>Even so, the settlement is humbling for Goldman, whose elite reputation and lucrative banking business endured through the financial crisis, only to be battered by government investigations that shed light on potential conflicts of interest in its dealings.

'This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing,' said Robert S. Khuzami, the commission’s director of enforcement. </BLOCKQUOTE>
The crime that Goldman Sachs is sweeping under the rug in this case is for a single mortgage security, Abacus 2007-AC1, that they pushed on clients while privately dumping it. The case had nothing to do with their deceptive lending practices, the bait and switch on the TARP bailout, or their front-running software that assures them that they can never lose on their stock trades.

The Times reported the details of the crime and subsequent "hush" deal as vaguely as any loyal mainstream media outlet would:
<BLOCKQUOTE>The commission contended that Goldman misled investors, who were making a positive bet on housing, because Goldman did not disclose Mr. Paulson’s involvement in creating the deal. Mr. Paulson has not been accused of wrongdoing.

Though Goldman did not formally admit to the S.E.C.’s allegations, it agreed to a judicial order barring it from committing intentional fraud in the future under federal securities laws.

In addition, Goldman acknowledged that the marketing materials for Abacus 'contained incomplete information' and that it was 'a mistake' not to have disclosed Mr. Paulson’s role. As part of the agreement, the bank also said it 'regrets that the marketing materials did not contain that disclosure.'</BLOCKQUOTE>
Then came the public statements to make us all feel warm and fuzzy that Goldman is now on the up-and-up with the American people. First, Goldman issued their PR statement, "We believe that this settlement is the right outcome for our firm, our shareholders and our clients."

After the settlement announcement, wannabe tough guy Senator Carl Levin released the following in a written statement that is so ironic it could be a stand-up comedy routine:
<BLOCKQUOTE>'Goldman played fast and loose in the Abacus deal, misled its clients, and got called on it today. A key factor in the settlement is that Goldman acknowledges wrongdoing, in addition to paying a fine and changing its practices . . . I hope the Goldman settlement together with the new financial reform law — which prohibits additional unethical practices and conflicts of interest — signal an end to the abusive practices that contributed to the 2008 financial crisis and the beginning of needed Wall Street reforms.'</BLOCKQUOTE>
The hand slapping followed by pats on the back for job well done is truly disgusting to witness. They really think the public so stupid to believe that Congress actually wrote the financial reform bill for the benefit of protecting the American people. What a joke -- as Ron Paul clearly points out here:
http://www.blogger.com/post-edit.g?blogID=7811593327276
272802&postID=3057125030545944672http://www.activistpost.com/2010/07/goldman-sachs-mafia-pays-hush-money-to.html
-END-
Marko’s Take…
Thursday, July 15, 2010


SEC No Match For Government Sachs


Now let me get this straight. Goldman Sachs (GS), aka "Government Sachs", has just received the largest penalty ever imposed on a financial firm. Yes, a whopping $550 million.

Relative to Goldman's 2009 net income of roughly $12 billion, this represents less than 5%, or about two weeks worth of earnings. In the case of British Petroleum (BP), they were arm-twisted into establishing a $20 billion escrow fund, or about 15 MONTHS of 2009 income. BP's escrow fund is to compensate victims…
http://markostake.blogspot.com/2010/07/sec-no-match-for-government-sachs.html

J'ai eu beau essayer, quand je me suis fait pécho aux jumelles par les bleus, de négocier un arrangement genre 50% de baisse, mais étrangement, et malgré mes initiales G.S... ça n'a pas marché

Obassahalor je suis fort surpris...pourtant eux, ils n'ont eu qu'à prononcer leurs initiales G.S, et ça a marché, donc, j'ai forcément dû merder quelque part.. what else?