Lloyd Blankfein

Fact Or Fiction: Goldman Sachs Is Blowing Up A Nursing Home (And No One Can Stop Them)

While none other than Meredith Whitney warned this morning (mere weeks after her most-bullish-on-banks-ever call) that big US banks' revenue model is unsustainable, we discover that the NYSE Amex Options exchange has decided to DK all of Goldman's "erroneous" trades from Tuesday morning's debacle. As The WSJ reports, this is quite a boon to the venerable Goldman Sachs who faced hundreds of million in losses had the trades stood. The fact that no one can ever touch the bank-that-shall-not-be-named should come as no surprise (unsustainable business model or not) and as the following 'story' suggests, perhaps they truly are 'untouchable'.

Pivotfarm's picture

As the trial of Fabulous Fab gets under way in Manhattan, there is someone that will be hearing the clinking of champagne glasses as they celebrate the doubling in profits of the rogue ( well, we love a scapegoat in the story, even though we all know it can’t be true) trader’s former employer, Goldman Sachs.

Fact Or Fiction: Financial Sector Thinks It’s About Ready To Ruin World Again

Claiming that enough time had surely passed since they last caused a global economic meltdown, top executives from the U.S. financial sector told reporters Monday that they are just about ready to completely destroy the world again. Representatives from all major banking and investment institutions cited recent increases in consumer spending, rebounding home prices, and a stabilizing unemployment rate as confirmation that the time had once again come to inflict another round of catastrophic financial losses on individuals and businesses worldwide.  “It’s been about five or six years since we last crippled every major market on the planet, so it seems like the time is right for us to get back out there and start ruining the lives of billions of people again,” said Goldman Sachs CEO Lloyd Blankfein. “We gave it some time and let everyone get a little comfortable, and now we’re looking to get back on the old horse, shatter some consumer confidence, and flat-out kill any optimism for a stable global economy for years to come.”

Frontrunning: June 13

  • Global shares pummeled, dollar slumps as rout gathers pace (Reuters)
  • Hong Kong to Handle NSA Leaker Extradition Based on Law (BBG)
  • Lululemon chairman sold $50 million in stock before CEO's surprise departure (Reuters)
  • Companies scramble for consumer data (FT)
  • Traders Pay for an Early Peek at Key Data (WSJ)
  • When innovation dies: Apple looking at bigger iPhone screens, multiple colors (Reuters)
  • Washington pushed EU to dilute data protection (FT)
  • Japan-U.S. drill to retake remote island kicks off (Japan Times)
  • EM economies in danger of overheating, World Bank says (FT)
  • Don't forget the Indian crisis: Chidambaram seeks to quell concerns over rupee (FT)

Frontrunning: May 15

  • Once a beacon, Obama under fire over civil liberties (Reuters)
  • Eurozone in longest recession since birth of currency bloc (FT)
  • EU Oil Manipulation Probe Shines Light on Platts Pricing Window (BBG)
  • BMWs Cheaper Than Hyundais in Korea as Tariffs Crumble (BBG)
  • Stock Boom Isn't a Bubble, Says BOJ's Kuroda (WSJ)
  • Struggling France strives to shake off economic gloom (FT)
  • JPMorgan investors take heat off Dimon (FT)
  • Private-Equity Firms Build Instead of Buy (WSJ)
  • Bloomberg Saga Highlights Clash Between Two Worlds (WSJ)
  • Bank documents portray Cyprus as Russia's favorite haven (Reuters)
  • HSBC Signals 14,000 Jobs Cuts in $3 Billion Savings Plan (BBG)
  • Argentines Hold More Than $50 Billion in U.S. Currency (BBG)

JPMorgan Accounts For 99.3% Of The COMEX Gold Sales In The Last Three Months

When just one firm accounts for 99.3% of the physical gold sales at the COMEX in the last three months it’s not what most of us on this side of the rainbow would consider “broad-based” selling.  Of course discovering this kind of relevant information requires an internet connection, 2nd grade math and reading skills, and the desire to do a teeny-weeny bit of reporting.  Sadly they’ve wandered so far down the rabbit hole that the concept of “physical demand” (i.e. people actually wanting to take possession of the stuff) is puzzling to them because the vast majority of the world’s so-called “gold-trading” takes place in the realm of make believe (which is their natural habitat).  It’s all fun and games until somebody loses their metal and “somebody” has lost one hell of a lot of metal in the last 90 days... J P Morgan has fumbled ownership of 1,966,000 Troy ounces of gold since February 1.  That’s 74% more gold than the US mint delivered through the US mint’s American Eagle program in all of 2012.  I mention this because there’s little doubt in my mind that the US government is one of JPM’s gold “customers.”  So (if I am correct) the same US government who just let the Morgue dump its gold on the COMEX floor will once again be suspending gold sales to peasants.

smartknowledgeu's picture

Let's get down to the facts of the recent banker gold & silver paper price smash and the lies about the banker gold & silver paper price smash being propagated by the mass media and banking shills like Paul Krugman so everyone can understand why this smash will blow up in the face of the very bankers that executed it at some point down the road. Retail individuals AND global institutions all around the world are finally beginning to understand that physical ownership of gold and silver is how to counter banker fraud & intervention into the gold and silver markets and this realization is going to produce massive blowback.

Frontrunning: April 11

  • Obama to report to his bosses today: Obama Meets With Blankfein, Dimon and Moynihan Today (BBG)
  • 2007 is here all over again: Seeking Relief, Banks Shift Risk to Murkier Corners (NYT)
  • Kuroda Calls BOJ Inflation Target 'Flexible' (WSJ)
  • Lagarde warns over three-speed world (FT)
  • N. Korea’s Retro Propaganda Calls U.S. Boiled Pumpkin (BBG)
  • Luxembourg To Ease Bank Secrecy Rule, Share Data In 2015 (BBG)
  • Bank of Korea Keeps Policy Steady (WSJ)
  • BOE Stimulus Dilemma Persists as Inflation Seen Higher (BBG)
  • EU Sounds Alarm on Spain (WSJ)
  • Qatar gives Egypt $3bn aid package (FT)
  • RBNZ Says Deposit Insurance May Increase Risk of Bank Failure (BBG)
  • Plosser Calls for Reducing QE Pace Citing Gains in Labor Market (BBG)
  • Obama budget aims to kick start deficit-reduction talks (Reuters)
Tim Knight from Slope of Hope's picture

Crime and Punishment

Excuse me for asking, but what in the name of Jesus H. Christ is wrong with us? Oh, I forgot. If you're rich, you can do anything you want. If you're poor, you have the be the apotheosis of rectitude. And talk about swift justice! This incident took place not even two weeks ago! And yet Blankfein, a man who torture is too good for, smirks and leers his way to mega-riches.