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Dick Bove Cuts Goldman To Sell, Lowers Price Target From $163 To $120
From a note: The rating on Goldman Sachs stock is being lowered to Sell from Neutral. The price target is being cut to $120 per share from $163 per share. It now appears that the pressure on the Justice Department to bring a criminal lawsuit against Goldman is building to a high pitch. The new Matt Taibbi article in Rolling Stone Magazine is another all-out attack on the company. However, this time the attack is backed by a 650 page Senate report signed by both a Democrat and a Republican.
Then again, this is Dick Bove: the man who went to Buy on Lehman a few days before it filed.
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Booyaa, bitchez!
Expect a "record" fine that will end up being 1% of what they made from the greatest fraud in world history.
In a death by a thousand cuts, you have to count the cuts.
Only if Bernie Madoff or Dennis Kozlowski get to do the cuts. Then I will believe in justice for all.
The best day in my life will be to see Lord Blankfien and his cronies in Jail.
"end up being 1%" ----- you forgot the words 'less than'.
Later, he was seen hanging around a Port Authority john...doing "research."
Short those SQUIDS
chances are the squid is hedged against itself at this point. GS has shorted all available GS shares....no nekkid shorts allowed here.
I'm worried that Matt Taibbi is going to Guantanamo for endangering our
Zombie-locks recovery.
I'm worried Matt will either be "found in the woods", or become the victim of a mysterious hit and run.
Take care Matt.....you are a braver man than I. Please continue to persevere - you are one of the few heroes of this entire tragic affair!
T.E.I.N. everyone!
I'm worried that I agree with Bove
Bove is a Moron.
But if the dude makes a million idiot remarks, one is bound to actually make sense. Law of averages.
Expect a reversion to Bove Moronic mean shortly.
Amen. If you invest on his recommendations, you deserve the losses you get.
Meanwhile GS is $144. Buying opportunity? Do you want to rage on about GS's criminal/moral/philisophical/ethical lapses or buy best in breed at a bargain price?
is that you Jim Cramer?
Fines are a joke. Until one of the big cheese goes to jail, they will keep on playing the same game.
MAKE THE SQUID SQUEAL!
At least until Holder arranges for a $1 billion pardon sale on Barry's last day in office.
That new Taibbi article is a grand slam and his best to date illustrating the fraud. It connects that dots that Birnbaum among other perjured themselves before Congress. The real question is why are DOJ seeking indictments against MLB players and not a cartel that has stolen billion in taxpayer dollars by design?
There is a reason that lady with the scales wears a blind fold. This entire government has been given an order from the top to allow the wealth of our citizens to be stolen.
The real issue is why Common has been invited to the White House. Get your priorities straight, John.
Goldman employees filled most of the Oblamers cabinet positions , other cabinet members were picked by goldman some from municipal gov. where some the major fraud and theft occured ie. King County WA . Goldman must have one hell of blackmail file on Oblamer or Oblamer is just as corrupt or weak . They are just stalling if enough tine goes by the inside fascist will get a free pass, some of those case are over 5 years old.
I am puzzled by the politics of this action. As I posted yesterday, I doubt that Levin's panel is motivated by acting for the public good (and was junked as a trol). Is this action - lying to the Senate too big an issue to contain and must be acted upon? Was Levin's ego bruised by being lied to?
I'm glad that Taibbi is shining the light on GS but dont understand the underlying politics.
Bove and Blankfein are related.
Now that's just gross.
it is gross. I...can't...look...away....Damn...it's...got...me.
I dont blame Bove for the blown call on Lehman. I mean bail-outs were happening left and right. Hell, I remember buying C calls that Frdiay KNOWING they would be bailed out. Bove, like everyone else, got stiffed by the non-bailout of Lehman. The only ones who knew Lehman would not be bailed out were in the conference room with Hank Paulson buying puts.
What kind of player sits down at a table where they change the rules frequently?
I agree, but the sounds, the lights, and the thrills are all engineered to get you to sit down and plop down your money. I am only human. God give me the strength to only wager what I can afford. Where is the drink lady?
Can NAFTA Explain the Mystery Gold Shipments Smuggled Across the US/Mexican Border?
http://silverdoctors.blogspot.com/2011/05/docs-thoughts-on-case-of-myste...
It's to pay for all the weapons the ATF shipped to the drug cartels.
The courts will do nothing, it's all a big scam.
OT but heres a copy of a lawsuit against the Social Security administrator for Freedom of Information violations filed a few months ago.
He won't allow a review of a Connecticut Social Security number that is used on the Draft registration of one Barry Soetoro and originally issued to a woman born in 1890 and died in 1982.
Apparently this registration was found to be illegally backdated from 2007 (when ole Barry was lining himself up to run for President) to 1980. This uncovered by a Scotland yard investigator. Ole Barry is linked to several different SS #'s over the years but this one is used since 1980. It's a short document but an interesting read.
Anyone want to guess whether this will go anywhere?
http://www.scribd.com/doc/49342286/TAITZ-v-ASTRUE-1-COMPLAINT-against-MICHAEL-ASTRUE-dcd-04503303513-1-0
The Social Security Administration, in a rare fit of frugality, decided to recycle SSNs -- some sort of green agenda, years ahead of its time!
I maintain that if this President wants a prayer at re-election someone is going to have to go to jail. Those subpeonas are about to come flying out and under deposition and the race to cut deals beings you are also going to find out something else.
Not only did Goldman design these products to rid their inventory, not only was 50%+ of their risk betting against a market collapse you will find out that they were the ones starting the rumors of insolvency and short attacking all of their competitors in conjunction with using their CNBC captures to spread the fear. I would be nice to see their transactions in the months leading upto Lehman.
The same magic being used to bring the markets up was being used to trash stocks and futures across the board.
Problem is, any Wall St bigwig gets the subpoena and any of em can totaly take down clowngress, you know the DIRT they all have on each other??
I have to give Levin credit for attempting to do what others could not. Wall Street indictments would be nice campaign fodder for 2012. It only takes a few honest pols and prosecutors but once the knife falls these guys are going to turn on each other Valachi style.
I find it inconceivable that Levin, et al are acting at face value. There must be something more devious and self serving behind these actions.
What if a Goldman "takedown" is part of the plan? What if they arrest/sentence a few guys to do some easy time (hundreds of millions awaiting them upon their release to go along with the scam) with a wrist slap fine for the Corporation while making a big enough deal of it to drive the stock price into the toilet. Then the goldman sachs boys buy all the stock back for pennies on the dollar and takes it private again? They will be right back in business and have made a round trip on their stock worth billions.
I admire your though process.
Don't hold your breath on anyone going to jail, except maybe Matt Taibbi or Tyler. Fuck Obama, fuck Congress, and fuck the rest of the government.
Dickie Dick, Dickie Dick, what a prick! He goes, where the wind blows, or some Tampa whore!
Look for a special GS stock offering to high net worth clients from the GS Cayman Islands office. Why do I think this time is different? Kudos to Matt, I read him religiously.
Chances are if the feds fully prosecuted the banking cartel to the full extent of the law, it would uncover the nastiest can of worms ever as the banksters scramble for cover; one that no politician wants uncovered, especially those on the senate banking and finance committee. Watching that unfold will be fun indeed.
UB - Great points raised - my suspicion (& I am certain yours as well) is that the amount of collusion between Goldman Sachs & the Federal Government is probably extensive - If they prosecute Goldman Sachs I am certain the collateral damage to the Federal government would be very significant - time for the Vampire Squid & the crony government vipers to be prosecuted -
If Bove is cutting the squid it must be serious.
Taibbi will probably go down in history as the greatest journalist of the 21st century.
Absolutely Buzzsaw99 - Well said - Tiabbi deserves the Pulitizer & will probably be spoken of in a smiliar sentiment as Woodward & Bernstein enjoyed after their work on Nixon -
BRK-A below 20K! :bitchez:
Nice 'Bitchez' comment - If I were an Olympics judge - I would give that a 10!
Bring it, Holder! Bring the giant squid to justice, you spineless piece of shit.
It is odd that when someone widely disrespected on this site (Bove) comments about a company widely disrespected on this site (GS), that it is worthy of a post.
Presumably there just is no good content available, but there is a compelling need to "post something." Much like cable news -- too much air time for the real content available.
Feel free to come up with content at any time -- down the hall, second door to your left -- one muckrake each!
If Holder doesn't bring criminal charges against GS, I will launch a petition and a PAC to have him impeached. I've seen enough of this crap. Time for some criminal charges, indictments and justice, though lynching and hanging would be more appropriate.
Like Jules in Pulp Fiction, I'm trying real hard to be the shepherd.
http://www.youtube.com/watch?v=vMN5uQhF-Ro
I just found this to be absolutely hilarious, about Erin Burnett jumping to CNN.
"Substance and depth" with Erin Burnett? That's like saying I want a grilled cheese sandwich with no butter, cheese or bread.
Full article link:
http://mediadecoder.blogs.nytimes.com/2011/04/29/cnn-hires-erin-burnett-...
Hey, where is everyone? Buying silver?
Well, like I said it would, it broke through Turd's "double bottom" at 35 and has hit the top of my buying range, at 33 and change. I will begin scaling in here and keep buying more as the price gravitates toward 27-28. If it falls below 27, I'm going for a long, long walk, like three months, and seeing where she sits at that point. My basis is still around 17. I bought very little over $30 and even less over $40.
Eventually, though, we all know it's about ounces, not price, and I'm not selling until I see the whites of the Bernanke's eyes pop right out of his head, when it goes vertical to $130.
Note to the Turd: You are still the best, but I have my days. Sometimes, it's just about emotion and knowing what TPTB have planned.
Expect a small slap on the wrist and some fines instead of heads rolling or what was the word for that kind of thing... oh yeah: justice.
IT WILL ONLY BE AFTER A TRUE BLUE JEWYORKER IVY LEAGUE BANKER gets put in JAIL and assets taken...that the GS ILK will get the message....but seeing how the FINANCIAL side of the US GOVT. is owned by the same....
Well one already knows what JEWYORKCITY is all about.....
GOLDMAN , since the 1800's, agent of the ROTHCHILD's in England / Europe ........... a blight on our country. their time here is over, they've done the damage, get rid of them now, never to plunder again.
Companies do not create the crimes....people do....
Absolutely....
The companies are merely vehicles....however when the company missions infiltrate governments turning them fascist which is the case in the US....cutting out cancerous companies is a necessity.....
The fact is that the US needs to hit the reset button with regards to many aspects....but ripping off Americans for $trillions without a single person being held responsible speaks volumes about what is really happening....
As I said before.....
Welcome to JEWYORKCITY.....
The securities fraud statute of limitations (5 years from proven violation) is being run on this. Come on...what do you expect in the United Snakes?
Complicity is the crooks' best friend. Damn straight, if any of this were to be pursued by DOJ (what a euphemism), names at the top of US Puppetry government would be involved.
There is no "government" in the former, legal, republic sense of the word in the US. There is rule by large financial interests.
Matt Taibi is great. His investigative journalism is likely the closest we're going to get to outing the criminal slobs that have (are) destroying the world economy.
Seeing his writing in print reminds me that I am not the sole sane person in this corrupt looney bin of a country.
America pathetically clings to an image of democracy by citing our First Ammendment freedom of speech...but, say what you want - truth or lie - if no one is listening, so what?
"Government" no longer represents the people.
Print is more important. Thank you, Matt, Tyler.