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The Latest Scandal: Goldman, Fed Employees Busted For Illegally Sharing Confidential Information

Tyler Durden's picture




 

On the morning of Friday, September 26, in addition to the shocking news of Bill Gross' departure from Pimco, the world was just as shocked, or not as the case was for many, that a former NY Fed staffer, Carmen Segarra, who had been previously fired for suggesting that Goldman Sachs has an undue influence on the NY Fed and gets a preferential treatment (certainly as a result of NY Fed's president Bill Dudley being working previously at Goldman Sachs), had released nearly 50 hours of tapes confirming her allegations: that the NY Fed was nothing but a branch of the bank that controls every central bank. The full details were presented in "How Goldman Controls The New York Fed: 47.5 Hours Of "The Secret Goldman Sachs Tapes" Explain."

Ironically it was on that very day that another recent Goldman hire from the NY Fed - a classic case of, as the NY Times puts it, the "revolving door, the symbolic portal that connects financial regulators to Wall Street" - a 29-year-old former New York Fed regulator named Rohit Bansal, got into hot water after something "shocking" was revealed: he had an inside source at the NY Fed who was providing him with illegal, confidential information on a regular basis.

Here is William Dudley, formerly of Goldman Sachs and president
of the New York Fed, saying "I don’t think anyone should question
our motives." It may have been an order.

As Bloomberg notes, following the re-escalation of the Segarra scandal, Bansal was promptly fired. Of course, had Carmen not revealed to the world just how extensive Goldman's domination of the NY Fed is, as Bansal's action demonstrated, he would still be fed confidential information from the New York Fed itself.

The banker, who had joined the company in July from the New York Fed, was dismissed a week after the discovery in late September along with another employee who failed to escalate the issue, according to an internal memo obtained by Bloomberg News that didn’t identify the pair. Jake Siewert, a bank spokesman, confirmed the contents of the memo, which was prompted by a report in the New York Times yesterday.

 

“We have zero tolerance for improper handling of confidential information,” New York-based Goldman Sachs said in the memo. “We are reviewing our policies regarding any hiring from governmental institutions to ensure that they are appropriately effective and robust.”

Wrong: what Goldman has zero tolerance for is having its bankers getting caught, or its manipulative action exposed to the general public, as took place on September 26. Once that happens, one or two bankers are shown the door, while the law-breaking culture continues unabated.

According to the NY Times, which broke the story, this is what happened:

From his desk in Lower Manhattan, a banker at Goldman Sachs thumbed through confidential documents — courtesy of a source inside the United States government.

 

The banker came to Goldman through the so-called revolving door, the symbolic portal that connects financial regulators to Wall Street. He joined in July after spending seven years as a regulator at the Federal Reserve Bank of New York, the government’s front line in overseeing the financial industry. He received the confidential information, lawyers briefed on the matter suspect, from a former colleague who was still working at the New York Fed.

As a reminder, the NY Fed is also the world's biggest hegde fund, as it is the place where, at Liberty 33, the Fed's market moving operations are executed. It is also where the legendary PPT is located. Continuing:

The previously unreported leak, recounted in interviews with the lawyers briefed on the matter who spoke anonymously because the episode is not public, illustrates the blurred lines between Wall Street and the government — and the potential conflicts of interest that can result. When Goldman hired the former New York Fed regulator, who is 29, it assigned him to advise the same type of banks that he once policed. And the banker obtained confidential information, along with several publicly available facts, in the course of assignments from his bosses at Goldman, the lawyers said.

What exactly data was one current NY Fed staffer leaking to a former NY Fed staffer, currently working at Goldman?

The information provided Goldman a window into the New York Fed’s private insights, the lawyers said, including details about at least one of Goldman’s clients, a midsize bank regulated by the Fed. Although it is unclear how Goldman bankers used the information, if at all, the confidential details could have helped them advise the client.

Because if you are not a part of the club, Goldman will chew you up and spit you out, courtesy of confidential NY Fed information.

Naturally, "the emergence of the leak comes as questions mount about a perceived coziness between the New York Fed and Wall Street banks — Goldman in particular. Revelations from a former New York Fed employee, Carmen Segarra, recently stoked that debate. Ms. Segarra released taped conversations suggesting that her supervisors went soft on Goldman, specifically over a deal that one regulator called “legal, but shady.”"

What questions? Goldman controls the NY Fed, period, the end. For the NYT the conclusion is a little more roundabout: "The leak strikes at the heart of questions about the ability of the New York Fed — the public’s eyes and ears on Wall Street — to maintain its independence from the banks it regulates. It also comes as a popular image of Goldman as a bank that puts profit above all has begun to fade."

Which is precisely what Goldman wanted: keeping a low profile while changing absolutely nothing about its corrupt culture, a culture which is enabled by its very regulators who are captured courtesy of former Goldman employees being placed at strategic top posts. It really isn't rocket science.

And the biggest irony is that Bansal's illegal abuse of confidential NY Fed data only was noticed for the first time... when Carmen Segarra's allegations hit the public for the second time on September 26 as noted above:

At the request of his bosses, Mr. Bansal gathered information about how regulators might view various issues facing Goldman’s banking clients, the lawyers briefed on the matter said. Much of what Mr. Bansal learned, the lawyers said, was fair game.

 

But in an email to his supervisor, Joseph Jiampietro, Mr. Bansal shared some potentially confidential supervisory information about a Goldman banking client. Mr. Jiampietro — a managing director at Goldman who was once a senior adviser to Sheila Bair, the former F.D.I.C. head — has since told colleagues he had no idea the information was subject to regulatory restrictions.

 

“Mr. Jiampietro never knowingly or improperly reviewed or misused” confidential supervisory information, his lawyer, Adam Ford, said in a statement. “He should not have been terminated. Any compliance failings regarding Mr. Bansal had nothing to do with Mr. Jiampietro.”

 

It was not until the morning of Sept. 26 that Goldman executives objected to some of Mr. Bansal’s information, the lawyers briefed on the matter said. During a conference call with Mr. Jiampietro and two higher-ranking Goldman executives, Mr. Bansal circulated an email with a spreadsheet attached. The email apparently set off alarms within Goldman. Within hours, the bank opened an internal investigation and alerted the New York Fed.

 

Goldman determined that the spreadsheet contained confidential bank supervisory information. Federal and state rules classify certain records, including those generated during bank exams, as confidential. Unless the Federal Reserve provides special approval, it can be a federal crime to share them outside the Fed.

Of course, had the Segarra story not resurfaced, Bansal would still be at Goldman.

As for the leaker at the NY Fed, we know this: "Some of Mr. Bansal’s information, the lawyers said, may have come from Jason Gross, who worked at the New York Fed at the time."

This guy: a bank examiner, and formerly a controller at Deutsche Bank, a person interested in "pro-bono consulting." We already know Bansal is one of Gross' connections. Who are the other 10, and how soon until all his connections "unfriend" him?

 

It appears Gross is no longer at the NY Fed either: "Andrea Priest, a spokeswoman for the New York Fed, didn’t immediately respond to an e-mail seeking comment on the dismissed Goldman Sachs workers after normal business hours. The regulator also fired an employee it suspected of sharing information with the banker, the New York Times reported. In a statement to the paper, the New York Fed said it has “zero tolerance” for personnel who don’t safeguard confidential information."

What happens next? Tomorrow, Senator Sherrod Brown, an Ohio Democrat, has scheduled a hearing before his banking subcommittee on “regulatory capture” following Segarra’s claims.

There will be much posturing, and lots of angry words, because clearly Mr. Brown did not get enough financial support from the "Business Services" industry. After all he too would prefer millions more in bribes, pardon, lobby spending from Goldman  et al.

Will anything change? Of course not. After all it is Goldman that runs the United States of America. Expect this latest scandal to be swept under the rug within days.

 

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Thu, 11/20/2014 - 10:01 | 5469243 ekm1
ekm1's picture

Annihilation of bank lobby is under way and going faster now.

This information is not supposed to make to the media.

 

Theft works only for as long as people don't know about it. Once theft is exposed, it's over

 

 

They are cooked. Pentagon is slowly and steady taking over.

Thu, 11/20/2014 - 10:09 | 5469268 SamAdams
SamAdams's picture

It is not GS that runs America, it is the CL A preferred shares and board of directors of the 12 Federal Banks that run America for a select few. It explicitly says this in the Federal Reserve Charter.

If a child in a checkout line wants a toy or candy, they ask their parent for money.  That is the relationship your government has with the Federal Reserve.

If your money system is based on a scam, it will breed nothing but corruption.  Clearly, the name "Federal Reserve" is intended to deceive and to today deceit is maintained by the media and education system.  Did you know McGraw Hill is headquartered at Rockefeller Center?

Thu, 11/20/2014 - 10:10 | 5469310 GetZeeGold
GetZeeGold's picture

 

 

 

Probably didn't even realize he had to follow the law.

 

I say let him go.

Thu, 11/20/2014 - 10:10 | 5469324 Latina Lover
Latina Lover's picture

No one will go to jail.  This is just PR.

Thu, 11/20/2014 - 10:24 | 5469393 GetZeeGold
GetZeeGold's picture

 

 

Probably just have to pay a fine.....no worries.....those guys have got lots of cash.

Thu, 11/20/2014 - 10:30 | 5469403 Sudden Debt
Sudden Debt's picture

yes...

goldman pays a fine to the fed

and the fed pays a fine to goldman

and they'll promise never to get caught again...

 

 

but the best punishment would be to repay everybody who lost money on stock where Goldman was involved in.

let's ask the people like they do in Switzerland where they have domo... doré... demo... crazy... democreate... DEMOCRACY!

Thu, 11/20/2014 - 10:59 | 5469529 TruthInSunshine
TruthInSunshine's picture

FUCK THIS SHIT!

Where is Eric PlaceHolder? WTF!!!!!!!

WHY AREN'T BANKERS & 'REGULATORS' AT THE NEW YORK FED GOING TO FUCKING JAIL!!???

UNFUCK THIS SHIT NOW!!!!

Thu, 11/20/2014 - 11:04 | 5469598 boattrash
boattrash's picture

"Where is Eric PlaceHolder? WTF!!!!!!!"

I think Holder is busy in some St. Louis suberb right now, something about a Gran Jury....

Thu, 11/20/2014 - 11:11 | 5469613 DaveyJones
DaveyJones's picture

https://www.youtube.com/watch?v=SjbPi00k_ME

still a great fucking flim

and what I wouldn't give that what I was watching was fiction too

and all the actors were dead

Thu, 11/20/2014 - 11:12 | 5469640 Bangalore Equit...
Thu, 11/20/2014 - 11:17 | 5469658 GetZeeGold
GetZeeGold's picture

 

 

 

goldman pays a fine to the fed

 

Isn't that kinda like paying a fine to yourself?

Thu, 11/20/2014 - 12:21 | 5469919 tarsubil
tarsubil's picture

The current term in use is fapping.

Thu, 11/20/2014 - 12:32 | 5469964 Handful of Dust
Handful of Dust's picture

Shameful. But it's for the benefit of the children and future generations, I'm sure.

Thu, 11/20/2014 - 13:11 | 5470111 max2205
max2205's picture

Sin City.......

Thu, 11/20/2014 - 12:38 | 5469984 GrowerJohn
GrowerJohn's picture

It's a great time to start a garden!

Thu, 11/20/2014 - 13:29 | 5470199 cornedmutton
cornedmutton's picture

With Winter approaching?

Thu, 11/20/2014 - 11:10 | 5469614 J S Bach
J S Bach's picture

"The Latest Scandal: Goldman, Fed Employees Busted For Illegally Sharing Confidential Information"

 

ZH... in the future, please post articles about topics that we don't already know.  Goldman, JP Morgan, et al... are but kissing cousins to the Fed and its fellow usurer central banks.  So, their criminal interconnectivity is obvious.  It will persist until we smash it entirely and replace it with an honest, debt-free money system.

Thu, 11/20/2014 - 11:22 | 5469693 PacOps
PacOps's picture

Moar Breaking News:  

Banking culture breeds dishonesty, scientific study finds

 

Nov 19 (Reuters) - A banking culture that implicitly puts financial gain above all else fuels greed and dishonesty and makes bankers more likely to cheat, according to the findings of a scientific study.

  

Researchers in Switzerland studied bank workers and other professionals in experiments in which they won more money if they cheated, and found that bankers were more dishonest when they were made particularly aware of their professional role.

http://www.reuters.com/article/2014/11/19/science-banking-honesty-idUSL6...

 

Thu, 11/20/2014 - 10:51 | 5469537 world_debt_slave
world_debt_slave's picture

those not in the scam and/or whistleblowers are apt to go to jail

Thu, 11/20/2014 - 10:12 | 5469330 outamyeffinway
outamyeffinway's picture

When does this bitch start burning?

Thu, 11/20/2014 - 10:16 | 5469349 Beam Me Up Scotty
Beam Me Up Scotty's picture

A 29 year old bank regulator??  At age 29 he knows enough about the banking system to regulate it?  When did he start at the NY Fed, when he was in diapers? 

Thu, 11/20/2014 - 10:17 | 5469368 NoDebt
NoDebt's picture

When he was 28.

Thu, 11/20/2014 - 10:19 | 5469372 SamAdams
SamAdams's picture

Fall guy - PR/CYA as someone mentioned

Thu, 11/20/2014 - 10:38 | 5469456 Cheduba
Cheduba's picture

I'm so glad he "cares" about economic empowerment - too bad it is his own that he cares about.

Thu, 11/20/2014 - 10:37 | 5469458 Government need...
Government needs you to pay taxes's picture

In my experience, the youngsters with ambition make the best fall guys.

Thu, 11/20/2014 - 11:13 | 5469635 NoDebt
NoDebt's picture

Damned right.  Good observation.

Thu, 11/20/2014 - 12:00 | 5469856 Kassandra
Kassandra's picture

I was thinking exactly the same thing. A bank regulator at 29???
Who the hell does he know in high places?

Thu, 11/20/2014 - 12:06 | 5469883 NeedtoSecede
NeedtoSecede's picture

Just another job Merikans won't do.  Nothing an open border and a couple EOs won't solve...

Shit, other than that illegal border crossing part, I think I would trust any border-breaker more than these inbred, Ivy League, scum bags

Thu, 11/20/2014 - 12:39 | 5469989 KnuckleDragger-X
KnuckleDragger-X's picture

In this case the term regulator is the equivalent of "cabin boy" in its original sense....

Thu, 11/20/2014 - 12:41 | 5469993 KnuckleDragger-X
KnuckleDragger-X's picture

Dupette

Thu, 11/20/2014 - 12:00 | 5469851 Antifaschistische
Antifaschistische's picture

William Dudley, formerly of Goldman Sachs and president of the New York Fed, saying "I don’t think anyone should question our motives."         (that's sort of funny....I don't think we were questing his motives either....we have never questioned the motives of the Central Banking / Wall Street Faschist Oligarchs!   Their motives are the same as all other uber-faschists.   Maximize the power and wealth of their own collection of friends and family at the expense of the 99%.   The motive is always the same, here, everywhere, and throughout history.   There is no question.   There is a POINT.  TPTB should be stopped, and should not be afforded their power and privileges.   if that ever happened, the wealth underground railroad to big bankers would cease.)

Thu, 11/20/2014 - 11:16 | 5469659 blindfaith
blindfaith's picture

this scandel is just what FOX news should be on top of.  Afterall this is all happening under the current administrations nose, with the assistance or lack of help from current and or past 'employees'.

It beats healthcare because it is the fundamential health of the whole nation and every part thereof.

 

Never mind, nothing to see here America.

Thu, 11/20/2014 - 12:26 | 5469929 roadhazard
roadhazard's picture

Faux Nooze is only there to Obama. Otherwise it's all good.

Thu, 11/20/2014 - 13:56 | 5470272 TruthHunter
TruthHunter's picture

 

 "If a child in a checkout line wants a toy or candy, they ask their

parent for money" and the parent steals it or counterfeits it. 

"That is the relationship your government has with the Federal Reserve."

 

FIIFY

Thu, 11/20/2014 - 10:03 | 5469277 LawsofPhysics
LawsofPhysics's picture

Wake us when all of the CEOs of the primary dealers and people like Summers, Rubin, Paulson, Corzine, etc. are being executed.

Your optimism is appreciated just the same.

Thu, 11/20/2014 - 10:07 | 5469295 ekm1
ekm1's picture

I am hoping for a surrender without bloodshed, but what happened yesterday may crash my hopes

Thu, 11/20/2014 - 10:09 | 5469317 LawsofPhysics
LawsofPhysics's picture

"I am hoping for a surrender without bloodshed"   --  Why?  I hate to break it to you, but nothing will change unless there are real consequences.   Please, these fuckers are buying private islands with the stolen loot for christ's sake.

Thu, 11/20/2014 - 10:17 | 5469345 SamAdams
SamAdams's picture

Your short list is good start. As an observation, did anyone notice what these men have in common besides their love of corruption?

Thu, 11/20/2014 - 10:18 | 5469369 LawsofPhysics
LawsofPhysics's picture

Registered democrats?  Just a guess.

Thu, 11/20/2014 - 10:38 | 5469468 p00k1e
p00k1e's picture

Republicans only deal in palletized cash, huh. 

Thu, 11/20/2014 - 10:52 | 5469544 LawsofPhysics
LawsofPhysics's picture

Don't mistake my comment for the truth asshat.  The truth being that both parites are fully owned.

Thanks for self-identifying your "party loyalty" though, as useless as that is.

Thu, 11/20/2014 - 11:00 | 5469580 GetZeeGold
GetZeeGold's picture

 

 

When they find out both parties are on the same team.....they're gonna be so dejected.

 

You can wake up anytime.....or go back to sleep. Take the red pill.....or take the blue pill.

Thu, 11/20/2014 - 12:20 | 5469918 IndyPat
IndyPat's picture

Because that red pill, the one that gives Tyler and the rest of us knowledge of good and evil, is so very fucking helpful. It's so fucking annoying. We come here, day after day, only to see these crimes laid bare and we gloat about how informed we all are and what "sheeple" the rest are, what with thier belief in a rigged two party system, ignorance of how the banks have captured fucking everything, how you can't swing a dead cat without hitting a duel citizen chipping away at the very foundation of this country 24x7x365.
What fucking good is it, my brothers and sisters?

So we are aware. Yet, Tyler titles and frames this article as a "scandal". Right. Like the neighbor caught corn holing the baby sitter. That...is a scandal.

Lookit...right here, from the post
"Unless the Federal Reserve provides special approval, it can be a federal crime to share them outside the Fed."
Or, it could be a scandal that some fucking Congressional Commitee will yack about, agree how terrible it is and promptly forget all about.

I don't think this is an awareness issue. If it is....how many "sheeple" must be made wise in order to achieve a critical mass sufficient to cause actual asses to rot in cells and cause actual heads to become separate from bodies of the guilty?

Don't anwser. It's rhetorical. I'm just at peak disgust. I love the Tyler's for shedding light on these things. I just wish there were more concrete and real solutions. I got nothing.

Thu, 11/20/2014 - 12:51 | 5470027 Bay of Pigs
Bay of Pigs's picture

Peak disgust? You have lots of company brother...

Thu, 11/20/2014 - 13:28 | 5470194 IndyPat
IndyPat's picture

Thanks. It's just that the company doesn't quite sooth the misery anymore. I've over flowed the levee.
I want to talk about revenge and retribution in epic and horric terms and scale.

I want to plan.

Thu, 11/20/2014 - 18:53 | 5471444 emersonreturn
emersonreturn's picture

indy pat, there has been a lot of posts about what or how to begin.  stop---stop indulging the system seems a prevelant suggestion.  i wonder if perhaps it's possible to organize a large enough dissatisfied tax payers to actually on mass refuse to pay?  or how about organizing enough frustrated people to actually stand in front of polling stations, monitoring how many actually go in, or break the picket line, but the majority refuse to vote, and when the election is rigged as they invariably are...the monitors and those standing quietly outside will know the numbers are completely screwy.  i don't know, i do know there have been some very constructive suggestions posted.  maybe, as frustrated as we all are, it may be time to begin the inevitable and final boston tea party.

Thu, 11/20/2014 - 10:32 | 5469442 usednabused
usednabused's picture

They all had big fucking snouts as all pigs do, am I right?

Thu, 11/20/2014 - 13:44 | 5470281 IndyPat
IndyPat's picture

The funny beanie thing...come on? Just say it.

Thu, 11/20/2014 - 10:10 | 5469325 insanelysane
insanelysane's picture

"Unless the Federal Reserve provides special approval, it can be a federal crime to share them outside the Fed."

I'm sure there is a blanket special approval policy at the FED that any and all information is to be shared with Goldman as soon as possible.  All good.  Not one day in jail.

Thu, 11/20/2014 - 10:29 | 5469422 NotApplicable
NotApplicable's picture

Your hopes are based upon the fallacy that the banksters don't already own the MIC, which is laughable given that they are the source of the money flow that makes all of this gangsterism possible.

Besides, the instant the banking system fails, so does everything else that is dependent upon it.

What you portray as the death of the financial interests is really just their machinations that undermine any and all competition to their rule. IOW, they are collapsing the obviously unsustainable system in order to transfer ownership of all tangible assets to their books. "They" ultimately being the central banks.

If money was anything but an IOU, then you might have a point. But given there are no hard limits to their balance sheet expansion, there's absolutely nothing that can stand in their way. Once again, the issue is everyone's dependence upon this scam.

Thu, 11/20/2014 - 10:41 | 5469487 ekm1
ekm1's picture

Bankers never did own the military and never will.

it is the military that hires bankers, not vice versa

Thu, 11/20/2014 - 11:17 | 5469664 GetZeeGold
GetZeeGold's picture

 

 

What's the difference?

Thu, 11/20/2014 - 11:19 | 5469672 ekm1
ekm1's picture

that is a different story.

Military are more honorable people.

Thu, 11/20/2014 - 11:28 | 5469732 exi1ed0ne
exi1ed0ne's picture

I was in the Army for 8 years, and while I served with some outstanding individuals, I ALSO served with a lot more dirty asshats who were pros at working the system for their own benefit.

Thu, 11/20/2014 - 11:46 | 5469805 Bangalore Equit...
Bangalore Equity Trader's picture

Listen Zero's.

I'll let you in on a secret. When I was in the military I was assigned to a joint task force doing a forward offensive in Falluja. The team was out rounding up Iraqi's who were deserting from Saddam's Army. One of my teammates found a map hidden on an officer, containing the secret location of Kuwaiti gold stolen by Sadam. That night we put togeter a team and decided to liberate the gold and bring it home with us.

The rest is history!

Thu, 11/20/2014 - 12:05 | 5469872 GetZeeGold
GetZeeGold's picture

 

 

Naw.....I think you just saw a movie about that on HBO.....could have been Showtime.

Thu, 11/20/2014 - 12:32 | 5469958 Bangalore Equit...
Bangalore Equity Trader's picture

Listen.

My team was involved in many different forward offensives assigned directly by General Dalbir Singh.

http://indianarmy.nic.in

"To be born free is and accident.
To live free is a privilege.
To die free is a responsibility!"

Thu, 11/20/2014 - 12:03 | 5469866 Miffed Microbio...
Miffed Microbiologist's picture

Somehow I think your statement can be applied to any formal organization of humans throughout history. I've never seen a case where individuals managed to keep the rot out. Perhaps we just can't be so continuously diligent, aware and perceptive this requires.

Miffed

Thu, 11/20/2014 - 12:11 | 5469898 exi1ed0ne
exi1ed0ne's picture

Totally agree.  Any formation of humans is just a microcosm of society at large. 

Thu, 11/20/2014 - 11:43 | 5469794 Incubus
Incubus's picture

dogs are pretty loyal, too.

As long as he thinks he's protecting the right person, he'll put his life on the line.

Problem is, bankers are always operating a few levels up from the military.

 

They've got heart, but they're playing a game devised by .01%ers.  They're still pieces on the board.

 

 

Thu, 11/20/2014 - 10:46 | 5469514 TeamDepends
TeamDepends's picture

Amen! Start breaking the chains which bind you to the Beast, people. You may have days, you may have months, but you certainly don't have years to prepare.

Thu, 11/20/2014 - 11:57 | 5469842 Bangalore Equit...
Bangalore Equity Trader's picture

Listen.

I might buy some diapers. Maybe. Let me take a few weeks to think it over.

Thu, 11/20/2014 - 13:16 | 5470137 _disengage_
_disengage_'s picture

Honest question: where does the off books (Afga/heroin) income from drug running fit in?

edit: this reply is to the wrong post...

Thu, 11/20/2014 - 10:16 | 5469362 eddiebe
eddiebe's picture

What an optimist you are! In my opinion the elite hasn't even started to fight. They haven't had to.

Thu, 11/20/2014 - 10:23 | 5469386 ekm1
ekm1's picture

Have you noticed what Putin is doing?

Elite is losing world asssets to Putin, Jinping, Khamenei

Thu, 11/20/2014 - 10:31 | 5469437 NotApplicable
NotApplicable's picture

Which are nothing more than the next set of world leaders doing the elite's bidding. The elites are losing nothing here, but rather, are consolidating assets under the next system.

Thu, 11/20/2014 - 10:41 | 5469479 ekm1
ekm1's picture

Have you noticed Putin killing and expropriating billionaires?

Putin doesn't give an exrement about world elite. Same for Jinping and Khamenei.

Saudis simply spit on world elite.

Thu, 11/20/2014 - 11:05 | 5469599 Hamm Jamm
Hamm Jamm's picture

putin, Jinping are the NWO...    follow the gold

those at the top will alway keep the gold, it doesn't matter what FAKE leaders or FAKE country they hide their institutions in ...    PutinJinpingKhameni are all hollow leaders

Thu, 11/20/2014 - 10:37 | 5469459 Bangin7GramRocks
Bangin7GramRocks's picture

Goldman sacrificed a few chumps to make this little problem go away quickly. That and a few well placed donations(bribes). Move along people. Nothing to see here.

Thu, 11/20/2014 - 10:58 | 5469568 percyklein
percyklein's picture

"Theft works only for as long as people don't know about it. Once theft is exposed, it's over."

You are dreaming. You've got to be kidding. Exposed or not it is the way we work now and, as part of the money airhose, it will continue.

 

Thu, 11/20/2014 - 11:37 | 5469758 ekm1
ekm1's picture

World is no longer participating. You can't steal if the other know you are about to steal from them.

Thu, 11/20/2014 - 11:48 | 5469812 robertsgt40
robertsgt40's picture

"...New York Fed — the public’s eyes and ears on Wall Street ..." Like Helen Keller?

Thu, 11/20/2014 - 13:15 | 5470135 Larry Dallas
Larry Dallas's picture

Once theft is exposed, its over?

Really? what is a nation of apathetic, ignorant, reality-addicted sheeple going to do Elk1? Hmm?

Vote to legalize marijuana?

Or go to the streets with pitchforks?

Thu, 11/20/2014 - 10:00 | 5469257 Dr. Engali
Dr. Engali's picture

Nooooo?????? You're fucking kidding me! I never would have thunk it.

Thu, 11/20/2014 - 10:07 | 5469303 insanelysane
insanelysane's picture

Although not surprised, I am disappointed in Kevin.

Thu, 11/20/2014 - 10:01 | 5469261 pods
pods's picture

If by scandal you mean SOP I am with you.

pods

Thu, 11/20/2014 - 10:00 | 5469263 mayhem_korner
mayhem_korner's picture

 

 

Wait a minute.  If they share the information, it no longer is confidential, right?  I don't see any crime here.  Move along.

Thu, 11/20/2014 - 10:11 | 5469327 LawsofPhysics
LawsofPhysics's picture

Yeah, "conflict of interest" has been removed from the 'merican vocabulary.

Thu, 11/20/2014 - 10:35 | 5469453 NotApplicable
NotApplicable's picture

Conflict? How could that happen when there's no true interest?

All there are are criminals masquerading around in suits. This one, for instance, built a grand soap-box to rail against the evil DocX for falsifying mortgage documents, all while white-washing the original crime of MERS which required the DocX cover-up operation.

http://www.bizjournals.com/stlouis/morning_call/2014/11/koster-puts-limi...

Thu, 11/20/2014 - 10:01 | 5469266 LawsofPhysics
LawsofPhysics's picture

All animals are created equal but some animals are "more equal" than others...

insider trading is illegal...   ...for you.

and still no guillotines,  truly amazing.

Thu, 11/20/2014 - 10:02 | 5469270 mayhem_korner
mayhem_korner's picture

 

 

Goldman = Superman 

Fed Employees = Clark Kent

Thu, 11/20/2014 - 10:03 | 5469278 blindman
blindman's picture

"It is not light that we need, but fire; it is not the gentle shower, but thunder. We need the storm, the whirlwind, and the earthquake."
Frederick Douglass

Read more at http://www.brainyquote.com/quotes/authors/f/frederick_douglass.html#Hzaa...
.
http://www.historyplace.com/speeches/douglass.htm
.
http://www.pbs.org/wgbh/aia/part4/4h2927.html
"....What, to the American slave, is your 4th of July? I answer; a day that reveals to him, more than all other days in the year, the gross injustice and cruelty to which he is the constant victim. To him, your celebration is a sham; your boasted liberty, an unholy license; your national greatness, swelling vanity; your sound of rejoicing are empty and heartless; your denunciation of tyrants brass fronted impudence; your shout of liberty and equality, hollow mockery; your prayers and hymns, your sermons and thanks-givings, with all your religious parade and solemnity, are to him, mere bombast, fraud, deception, impiety, and hypocrisy -- a thin veil to cover up crimes which would disgrace a nation of savages. There is not a nation on the earth guilty of practices more shocking and bloody than are the people of the United States, at this very hour." f.d.
.
http://www.pbs.org/wgbh/aia/part4/4h2927t.html
.
God speed the year of jubilee
The wide world o'er!
When from their galling chains set free,
Th' oppress'd shall vilely bend the knee,
And wear the yoke of tyranny
Like brutes no more.
That year will come, and freedom's reign,
To man his plundered rights again
Restore.

God speed the day when human blood
Shall cease to flow!
In every clime be understood,
The claims of human brotherhood,
And each return for evil, good,
Not blow for blow;
That day will come all feuds to end,
And change into a faithful friend
Each foe.

God speed the hour, the glorious hour,
When none on earth
Shall exercise a lordly power,
Nor in a tyrant's presence cower;
But to all manhood's stature tower,
By equal birth!
That hour will come, to each, to all,
And from his Prison-house, to thrall
Go forth.

Until that year, day, hour, arrive,
With head, and heart, and hand I'll strive,
To break the rod, and rend the gyve,
The spoiler of his prey deprive --
So witness Heaven!
And never from my chosen post,
Whate'er the peril or the cost,
Be driven.

Thu, 11/20/2014 - 13:10 | 5470105 IndyPat
IndyPat's picture

Needed that. Thx.

Thu, 11/20/2014 - 10:05 | 5469279 limacon
limacon's picture

Their confidential information is worthless .

You are about 3 times richer than you think .

 

See

 

https://www.academia.edu/9405720/The_Economics_of_Disrespect_Update_I

 

or

 

http://andreswhy.blogspot.com/2014/11/the-economics-of-disrespect-update...

Thu, 11/20/2014 - 10:06 | 5469282 NoDebt
NoDebt's picture

"Which is precisely what Goldman wanted: keeping a low profile while changing absolutely nothing about its corrupt culture, a culture which is enabled by its very regulators who are captured courtesy of former Goldman employees being placed at strategic top posts. It really isn't rocket science."

That pretty much nails it.  

NO WAY Goldman gives up those kinds of advantages willingly.  They will ALWAYS do it as long as the Fed exists.  Say, I just had an idea....

Thu, 11/20/2014 - 10:05 | 5469285 B2u
B2u's picture

Nothing to see here...move along...

 

https://www.youtube.com/watch?v=5NNOrp_83RU

Thu, 11/20/2014 - 10:08 | 5469305 Salah
Salah's picture

Iceland sentences 3rd bank CEO to jail for 2008 debacle

http://dealbook.nytimes.com//2014/11/19/ex-chief-of-iceland-bank-sentenc...

Thu, 11/20/2014 - 10:44 | 5469497 GetZeeGold
GetZeeGold's picture

 

 

Yeah well.....we've got a long way to go before we start walking like Icelanders.

Thu, 11/20/2014 - 12:55 | 5470047 Bay of Pigs
Bay of Pigs's picture

Come on, he got a year with nine months suspended. A slap on the wrists.

Thu, 11/20/2014 - 10:08 | 5469307 Seasmoke
Seasmoke's picture

Hank Paulson and Jon Corzine say Free Lloyd Blankfein 

Thu, 11/20/2014 - 12:37 | 5469976 e_goldstein
e_goldstein's picture

Jamie Dimon says it too, but it's hard to understand coming out of the hole in his throat.

Thu, 11/20/2014 - 10:08 | 5469309 Madcow
Madcow's picture

What good is "more regulation" when the most basic laws agaisnt fraud and market manipulation are not being enforced in the first place?

Sadly, the "regulators" are in on the scam.  I'm afraid they're now dependednt upon fines - like some governments are depednent upon cigarette taxes.

I am slowly coming to the conclusion that this financial sytsem is a tear-down.  There's more rot than wood and the termites have taken over completely.  CTRL+ALT+DEL

Thu, 11/20/2014 - 10:32 | 5469440 Moski
Moski's picture

This is ZH. Moar regulation is always the answer here.  

 

It's really an over-arching super-regulatory body we need to regulate the regulators.  The super-regulators will be the moral priestly class we've always known exists among us.  

Finally, we'll be able to smooth out competition until it's nearly imperceptible.

 

 

 

 

Thu, 11/20/2014 - 13:20 | 5470160 IndyPat
IndyPat's picture

Garbage.
Never heard that call here once.

No regulators. No judges. No committees. No executive. No congress. No courts. No prosecutors.

The evidence of the worst kind of corruption stacks exactly as high as the phoney and illegitamate debt and it is all self evident with zero need to argue or deliberate.

There are only two groups needed. Executioners and Wardens...at about 100:1 ratio respectively, I'd guess...based on cooperation of the guilty.

Thu, 11/20/2014 - 10:09 | 5469314 Catullus
Catullus's picture

I can still remember in 2008 asking the question "But Goldman Sachs is not a depository bank, why are they getting bailed out? EVERY SINGLE ONE of their customers knows they could lose every dime they put with them. They are an investment bank."

Thu, 11/20/2014 - 10:34 | 5469449 Government need...
Government needs you to pay taxes's picture

A TBTF investment bank.  Cuz deybee doin' God's work, bitches!

Thu, 11/20/2014 - 10:19 | 5469315 Cacete de Ouro
Cacete de Ouro's picture

In London, Goldman Sachs seems paranoid about having a big sign or even a small name plate on its buildings. At it's HQ in 133 Fleet Street, Peterborough Court, there is nothing on the front of the building that says 'Goldman Sachs'.

Same for the other adjacent buildings, International River Court/Brook House, 120 Fleet Street.

It's as if they don't want to be found.

The real reason is they don't want the buildings smashed up during various protests that do happen in and around the City, and the Goldman buildings would be the first that an angry demo mob would undoubtably try to smash up and occupy.

So this lack of signage seems to do the trick when an angry mob descends on the City and marches around, even near Goldman HQ.

Thu, 11/20/2014 - 10:38 | 5469469 Government need...
Government needs you to pay taxes's picture

The thief has burned off his fingerprints.

Thu, 11/20/2014 - 10:55 | 5469556 Dragon HAwk
Dragon HAwk's picture

Nothing a can of Spray paint can't remedy the night before the Riot..

   GOLDMAN SACKS HERE  ! IT IS....

Thu, 11/20/2014 - 11:58 | 5469848 foytik
foytik's picture

What was that address again?

Thu, 11/20/2014 - 10:10 | 5469316 thunderchief
thunderchief's picture

I know most on this site dispise GM and JPM, as I do, but you have to admit...

It would be good sport to work for these fellas, lie cheat and steal, call it gods work, and get off scott free with a truck load of cash..

Come on all you "rebels" you know you would go for it.

Thu, 11/20/2014 - 11:40 | 5469782 Squiddly Diddly
Squiddly Diddly's picture

"Come on all you "rebels" you know you would go for it."

"29-year-old former New York Fed regulator named Rohit Bansal, got into hot water after something "shocking" was revealed: he had an inside source at the NY Fed who was providing him with illegal, confidential information on a regular basis. "

"Here is William Dudley, formerly of Goldman Sachs and president
of the New York Fed, saying "I don’t think anyone should question
our motives." It may have been an order."

These guys are ethical eunuchs and moral lepers, will you follow them to hell like a Nazi just following orders? Looks like you've drunk their Kool Aid, spit it out.

Thu, 11/20/2014 - 12:24 | 5469926 Seek_Truth
Seek_Truth's picture

"Come on all you "rebels" you know you would go for it."

Not me.

"What good is it for someone to gain the whole world, yet forfeit their soul?" - Mark 8:36 


Thu, 11/20/2014 - 10:13 | 5469333 Police Commissi...
Police Commissioner Jacobs's picture

Wonder why they decided to fire him instead of slashing his throat in his bathtub? Where is the bar on that sort of that thing?

 

Thu, 11/20/2014 - 10:15 | 5469357 Catullus
Catullus's picture

The bar is working for either the IMF or World Bank at some point in your career.

Thu, 11/20/2014 - 10:14 | 5469344 yogibear
yogibear's picture

Isn't the Federal Reserve and the US taxpayer Goldman's unlimited money supply?

This just confirms it.

Thu, 11/20/2014 - 10:22 | 5469380 Infinite QE
Infinite QE's picture

This whole charade will not end until the fear is so deep within the rank-n-file of these corrupt scumbag companies that they are afraid to go to work out of fear of being lynched or stoned to death.

Thu, 11/20/2014 - 10:21 | 5469384 dizzyfingers
dizzyfingers's picture

..."he had an inside source at the NY Fed who was providing him with illegal, confidential information on a regular basis."

Birds of a feather (i.e. THE SAME MORAL CHARACTER) want to flock together.

Sociopaths seek power and control.

Does anyone think this a new phenomenon?

http://www.randomhouse.com/book/160185/before-its-too-late-by-stanton-samenow

It's too late if societies just let them get away with their crimes.

Thu, 11/20/2014 - 10:22 | 5469388 Jonathan Equine...
Jonathan Equine Phallus's picture

More inside information is divulged on any given Saturday in a single Westchester or Greenwich synagogue parking lot than Bansal would have received in 20 years.

The Tribe controls the Fed, Treasury, Commerce, and much of Wall Street. If you dont think there is coordinated inside information sharing, you're confusing your Pavlovian conditioning with common sense.

Thu, 11/20/2014 - 10:25 | 5469399 LawsofPhysics
LawsofPhysics's picture

Purges withing the tribe have happened before and will again.

Same as it ever was. 

Thu, 11/20/2014 - 10:29 | 5469417 GetZeeGold
GetZeeGold's picture

 

 

The purging is a better system......no expensive lengthy court crap......you just die.

 

Simple.....fast.....cheap.....easy!

Thu, 11/20/2014 - 10:23 | 5469390 Shizzmoney
Shizzmoney's picture

This comes after a day Janet Yellen said the Fed doesn't need a audit because "it's not corrupt".  http://t.co/X9hPom79gx

It would be high comedy if it wasn't so scary how stupid/aloof/corrupt these people are.

 

Thu, 11/20/2014 - 10:34 | 5469446 Government need...
Government needs you to pay taxes's picture

You know what would confirm the corruption?  A Presidential 'not a smidgeon' statement.

Thu, 11/20/2014 - 10:22 | 5469392 Fix-ItSilly
Fix-ItSilly's picture

Does Gross get prosecuted for a criminal violation when Loretta Lynch takes on the TBTF criminal conspiracy?

Thu, 11/20/2014 - 10:27 | 5469404 q99x2
q99x2's picture

Arrest Loyd Blankfein. Why won't Putin do something? Help.

Thu, 11/20/2014 - 10:29 | 5469413 NoWayJose
NoWayJose's picture

When the Ebola Czar is done defeating Ebola, maybe he would be willing to become the "Squid Czar" and rid us of another menace.

Thu, 11/20/2014 - 10:27 | 5469420 p00k1e
p00k1e's picture

Ah, let them go.  It's not as if they shook-up a shopkeeper or anything serious.

Thu, 11/20/2014 - 10:30 | 5469429 esum
esum's picture

its not what you know its who you know.... or in the case of politicians ... who you blow... 

Thu, 11/20/2014 - 10:31 | 5469431 gamera9
gamera9's picture

Perfect time of the year for Blankfein and Dimon to bet 1$ that they can destroy a young banker and can uplift a down and out negro.

Thu, 11/20/2014 - 10:42 | 5469489 Dr. Engali
Dr. Engali's picture

That story took place in 2008, and now he sits in the white house contemplating surrounding himself with a moat. 

Thu, 11/20/2014 - 10:33 | 5469443 Government need...
Government needs you to pay taxes's picture

What will it take before a scalp-collection mob assembles down @ 200 West Street?

Do they need to rape your wives?  Your children?  

Thu, 11/20/2014 - 10:45 | 5469503 GetZeeGold
GetZeeGold's picture

 

 

It might even take more that that.

Thu, 11/20/2014 - 11:00 | 5469583 Hamm Jamm
Hamm Jamm's picture

Never under estimate how USELESS people have become...  they will not stand up ! and expect everything to be done for them...   the biggest example is the complete corruption of Obama ( the most poisonous president in american history ) and the complacency of the people ..

 

Don't wait too long to stand up !   or the cost will be heavy

Thu, 11/20/2014 - 10:40 | 5469473 undercover brother
undercover brother's picture

You're all deluded if you think anything will come of this revelation.  they will talk about it for a few news cycles, wave their arms in the air like their appalled, then it will disappear like every other scandal involving banks and a complicit fed and politicians.   

Thu, 11/20/2014 - 10:43 | 5469500 Dr. Engali
Dr. Engali's picture

I only see one deluded person on this board who believes anything will become of this.

Thu, 11/20/2014 - 11:25 | 5469719 Jethro
Jethro's picture

Things will only change when the banksters fear for their lives, each and every day.

Thu, 11/20/2014 - 10:42 | 5469481 fxpmtrader
fxpmtrader's picture

You get what you elect.

You deserve what you elect.

Both, the dems as well as the reps are corrupt. We all know it.

And still the sheeple continue to elect them.

So they deserve to get fleeced.

Either you get it and take action - or you get rightly fucked.

No other choice.

Thu, 11/20/2014 - 10:47 | 5469524 DaddyO
DaddyO's picture

Facism: a way of organizing a society in which a government ruled by a dictator controls the lives of the people and in which people are not allowed to disagree with the government

: very harsh control or authority

'nuff said...

DaddyO

Thu, 11/20/2014 - 11:02 | 5469591 ak_khanna
ak_khanna's picture

Th­e too big to fail bunch of banksters can get away with murder, fraud, coercian, harrasseme­­­­­­­nt of the general public and any other illegal activity under the sun because they have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespecti­­­­­­­­­­­­­­­­­­­­v­­e of the position in the government­­­­­­­­­­­­­­­­­­­­, everyone works for their benefit. 

The politician­­­­­­­­­­­­s around the world are nothing more than auction items which can be sold to the highest bidder. They will do whatever they can for the lobbyist paying them the maximum amount of money or votes, be it the unions, the banksters, the richest corporatio­­­­­­­­­­­­n­s or individual­­­­­­­­­­­­s­. They are in the power seat to extract maximum advantage for themselves in the small time frame they occupy the seat of power.

The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.

 http://www.marketoracle.co.uk/Article40231.html

Thu, 11/20/2014 - 11:07 | 5469606 Hamm Jamm
Hamm Jamm's picture

THE BANKERS own the show !    this is just FAKE drama 

its SCRIPTED and FAKE

 

concentrate all your hatred on the FED

Thu, 11/20/2014 - 11:19 | 5469679 GetZeeGold
GetZeeGold's picture

 

 

The Fed takes orders from the BIS.....so how's that going to work?

Thu, 11/20/2014 - 11:35 | 5469755 Hamm Jamm
Hamm Jamm's picture

is the BIS located in the States ??

Thu, 11/20/2014 - 12:07 | 5469881 GetZeeGold
GetZeeGold's picture

 

 

No.....OK.....I know what you're going to say.

 

It doesn't work like that.

Thu, 11/20/2014 - 12:34 | 5469967 Hamm Jamm
Hamm Jamm's picture

lol

an yes I know

tear it all down and burn it, no matter what country its in

Thu, 11/20/2014 - 12:16 | 5469905 Jameson18
Jameson18's picture

Its just like the Bill Cosby rape story is a cover story for this.

Jewish Hollywood Director Accused of Being Homosexual Child Molestor. 

The heat is on so throw somebody else under the bus.

Thu, 11/20/2014 - 11:08 | 5469608 Government need...
Government needs you to pay taxes's picture

Everyone needs to pray for a total, massive blow-up of the banking/government cartel.  The good news is they have us all on course for the iceberg, and they're throwing more coal into the boilers.

Thu, 11/20/2014 - 12:19 | 5469912 medium giraffe
medium giraffe's picture

Fear not, the President has artfully arranged the deck chairs.

Thu, 11/20/2014 - 12:35 | 5469973 Seek_Truth
Seek_Truth's picture

"Everyone needs to pray for a total, massive blow-up of the banking/government cartel."

It’s_happenning_as_foretold.

 

Thu, 11/20/2014 - 11:09 | 5469611 zipit
zipit's picture

Bullish for nail guns.

Thu, 11/20/2014 - 11:10 | 5469621 Dragon HAwk
Dragon HAwk's picture

If the Banks are All Powerfull..  Why hasn't  Zero Hedge Been Wiped Off The Map..

  ( not that i want to see that happen guys )

Thu, 11/20/2014 - 11:18 | 5469670 Hamm Jamm
Hamm Jamm's picture

simple !!    Now they know who hates their guts. !!    thanks to NSA

Thu, 11/20/2014 - 11:20 | 5469680 Seasmoke
Seasmoke's picture

Why would they want that. ZH keeps us inside, typing on a keyboard , day after day after day, instead of outside their doors with pitchforks, ropes and torches. Think of ZH as the finance EBT, as the EBT card replaces need for food lines. 

Thu, 11/20/2014 - 12:02 | 5469730 Dr. Engali
Dr. Engali's picture

You must understand how the matrix works. Every once in a while something comes along and disrupts the matrix. The matrix reacts by absorbing it in as part of the program. Now the Hedge helps the matrix keep track of us misfits and moniters what we are saying. It's an outlet for people like us to let off steam, much like Limbaugh for conservatives or MSNBC for libs.

Thu, 11/20/2014 - 12:31 | 5469950 Chuck Knoblauch
Chuck Knoblauch's picture

Without venting, the pipe would burst.

ZH is a control valve.

Thu, 11/20/2014 - 12:46 | 5470009 falconflight
falconflight's picture

They don't feel the need to at this point.  Not many are attuned and dissent of this nature isn't a threat without a reasonable ground threat from dissenters. :)

Thu, 11/20/2014 - 11:16 | 5469660 Bunga Bunga
Bunga Bunga's picture

Calm down, corruption is a completely normal symptom in central plannning.

Thu, 11/20/2014 - 11:24 | 5469709 rejected
rejected's picture

As our founders warned, factions will destroy us. Check out that list... and that's the short list!

And one wonders what the hell's wrong...

Thu, 11/20/2014 - 11:26 | 5469721 chinaboy
chinaboy's picture

The history of the Fed: from a bank regulator to monkey's uncle.

Do NOT follow this link or you will be banned from the site!