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 Post subject: The real powers that be
PostPosted: Thu Oct 11, 2007 7:17 am 
High Flier
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In my readings of the financial articles in the past few months, one name keeps popping up.

There is a class of banks called investment banks. They are Merrill Lynch, Bear Stearns,
Goldman Sachs, Morgan Stanley, JP Morgan Chase, and a few more. Goldman Sachs is the New York Yankees of the bunch. It is the most profitable of all the investment banks. Their employees are the smartest, the best-paid, and the most arrogant.

Goldman Sachs will never underperform. Their ex-employees permeate the halls of
Government throughout the G7. Rise to the regional top at Goldman, retire with your
golden parachutes and pensions, we'll find a place for you in the government, look
out for us, we'll look out for you, and you'll make even more. Henry Paulson left
Goldman Sachs to become US Treasury secretary. The Fed consults with Goldman,
Goldman consults with the government, the government consults with the Fed. Goldman
advises the richest private familes in the world.

And yet, it is not a conscious conspiracy, but it is a conspiracy of the minds, a gathering
of like-minded people who worship money, who have the same goals, outlooks, and
world view.

Human affairs being cyclical, Goldman has not always been at the center of power, nor
will they always be. But right now, they are TBTB.

Mike



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 Post subject: The real powers that be
PostPosted: Thu Oct 11, 2007 7:39 am 
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oldmanmike wrote:
And yet, it is not a conscious conspiracy, but it is a conspiracy of the minds, a gathering
of like-minded people who worship money, who have the same goals, outlooks, and
world view.

Human affairs being cyclical, Goldman has not always been at the center of power, nor
will they always be. But right now, they are TBTB.

Mike


Interesting, Mike.

But I would challenge your conclusion that this is not a "conscious conspiracy". We all make choices and those choices are generally consciously made.

I'm wondering if you meant they have not articulated and/or documented their little cabal to reflect how, in fact, they function? By that I mean there is no group charter saying "we're going to screw everyone else and control the world's economy". Rather, they are simply living their conscious choices as individuals regardless of the consequences.

*sigh*

I know what I mean.



:cheers:



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 Post subject: The real powers that be
PostPosted: Thu Oct 11, 2007 9:50 am 
High Flier
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No, I don't have any direct links to a deep dark conspiracy. That's not
the way it is. I read the opinions of other people who know more than
I, then form my own. It's just bits and blurbs and pieces here and there
and finally, the light dawns. On a clear day you can see forever.

Read the Wikipedia entry for Goldman Sachs and see how they got there.

Mike



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 Post subject: The real powers that be
PostPosted: Thu Oct 11, 2007 10:53 am 
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Goldman Sachs
From Wikipedia, the free encyclopedia
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The Goldman Sachs Group
Goldman Sachs logo
Type Public (NYSE: GS)
Founded 1869
Headquarters New York, NY
Key people Lloyd Blankfein, Chairman & CEO
Gary Cohn, President & COO
Jon Winkelried, President and COO
Suzanne M. Nora Johnson, Vice Chairman
David A. Viniar, CFO
Edward C. Forst, CAO
Gregory K. Palm, General Counsel
Esta E. Stecher, General Counsel
Kevin W. Kennedy, Head of Human Capital Management
Alan M. Cohen, Global Head of Compliance
Industry Finance and Insurance
Products Investment Banking
Revenue US $37.67 Billion (2006)
Net income US $9.54 Billion (2006)
Employees 30,335 (2006)
Slogan Our clients' interests always come first.
Website www.gs.com

The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street.[1] Goldman Sachs has offices in leading financial centers such as New York City, London, Chicago, Los Angeles, San Francisco, Frankfurt, Zürich, Paris, São Paulo, Bangalore, Mumbai, Hong Kong, Beijing, Mexico City, Singapore, Salt Lake City, Sydney, Dubai, Milan, Melbourne, Tokyo, Taipei, Moscow, Toronto, and Monaco.

Goldman Sachs acts as a financial advisor to some of the most important companies, largest governments, and wealthiest families in the world. It is a primary dealer in the U.S. Treasury securities market. Goldman Sachs offers its clients mergers & acquisitions advisory, provides underwriting services, engages in proprietary trading, invests in private equity deals, and also manages the wealth of affluent individuals and families.
Contents
[hide]

* 1 History
* 2 Corporate affairs
o 2.1 Businesses
+ 2.1.1 Investment banking
+ 2.1.2 Trading
+ 2.1.3 Asset management and securities services
o 2.2 GS Capital Partners
+ 2.2.1 Major Assets (GS Group)
o 2.3 Predictions
o 2.4 Corporate citizenship
* 3 Other Notable Alumni
* 4 Criticism and controversy
* 5 See also
o 5.1 Main competitors
* 6 References
* 7 External links

[edit] History

Goldman Sachs was founded in 1869 by German Jewish immigrant Marcus Goldman.[2] The company made a name for itself pioneering the use of commercial paper for entrepreneurs and was invited to join the New York Stock Exchange in 1896. It was during this time that Goldman's son-in-law Samuel Sachs joined the firm which prompted the name change to Goldman Sachs.

In the early 20th Century, Goldman was a major player in establishing the Initial Public Offering market. It managed one of the largest IPO's to date, that of Sears, Roebuck and Company in 1906. It also became one of the first companies to heavily recruit those with MBA degrees from leading Business Schools, a practice that still continues today.

In 1929, it launched the Goldman Sachs Trading Corp., a closed-end mutual fund with characteristics similar to that of a Ponzi Scheme. The fund failed as a result of the Stock Market Crash of 1929, hurting the firm's reputation for several years afterward.[3]

In 1930, Sidney Weinberg assumed the role of Senior Partner and shifted Goldman's focus away from Trading and towards Investment Banking. It was Weinberg's actions that helped to restore some of Goldman's tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Company's IPO in 1956, which at the time was a major coup on Wall Street. Under Weinberg's reign the Firm also started an Investment Research division and a Municipal Bond department. It also was at this time that the firm became an early innovator in Risk Arbitrage.

Gus Levy joined the firm in the 1950s as a well known securities trader, which started a trend at Goldman where there would be two powers generally vie for supremacy, one from investment banking and one from securities trading. For most of the 1950s and 1960's, this would be Weinberg and Levy. Levy was a pioneer in block trading and the firm established this trend under his guidance. Due to Weinberg's heavy influence at the firm, it formed an Investment Banking Division in 1956 in an attempt to spread around influence and not focus it all on Weinberg.

In 1969, Levy took over as Senior Partner from Weinberg, and built Goldman's trading franchise once again. It is Levy who is credited with Goldman's famous philosophy of being "long term greedy," which implies that as long as money is made over the long term, trading losses in the short term are not to be worried about. That same year, Weinberg retired from the firm.

Another financial crisis for the firm occurred in 1970, when the Penn Central Railroad Company went bankrupt with over $80 million in commercial paper outstanding, most of it issued by Goldman Sachs. The bankruptcy was large, and the resulting lawsuits threatened the partnership capital and life of the firm. It was this bankruptcy that resulted in credit ratings being created for every issuer of commercial paper today by several credit rating services.[4]

During the 1970s, the firm also expanded in several ways. Under the direction of Senior Partner Stanley R. Miller, it opened its first international office in London in 1970, and created a Private Wealth division along with a Fixed Income division in 1972. It also pioneered the "White Knight" strategy in 1974 during its attempts to defend Electric Storage Battery against a hostile takeover bid from International Nickel and Goldman's rival Morgan Stanley.[5] This action would boost the firm's reputation as an investment advisor because it pledged to no longer participate in hostile takeovers.

John Weinberg (the son of Sidney Weinberg), and John C. Whitehead assumed roles of Co-Senior Partners in 1976, once again emphasizing the co-leadership at the firm. One of their most famous initiatives was the establishment of the 14 Business Principles[6] that are still used to this day.

In the 1980s, the firm made a major move by acquiring J. Aron & Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was a major player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. In 1985 it underwrote the public offering of the Real Estate Investment Trust that owned Rockefeller Center, then the largest REIT offering in history. In accordance with the beginning of the collapse of the Soviet Union, the firm also became largely involved in facilitating the global privatization movement by advising companies that were spinning off from their parent governments.

In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today. In the same year, the firm also underwrote the IPO of Microsoft, advised General Electric on its acquisition of RCA and joined the London and Tokyo stock exchanges. 1986 also was the year when Goldman became the first United States bank to rank in the top 10 of Mergers and Acquisitions in the United Kingdom. During the 1980s the firm became the first bank to distribute its investment research electronically and created the first public offering of original issue deep-discount bond.

Robert Rubin and Stephen Friedman assumed the Co-Senior Partnership in 1990 and pledged to focus on globalization of the firm and strengthening the Merger & Acquisition and Trading business lines. During their reign, the firm introduced paperless trading to the New York Stock exchange and lead-managed the first-ever global debt offering by a U.S. corporation. It also launched the Goldman Sachs Commodity Index (GSCI) and opened a Beijing office in 1994. It was this same year that Jon Corzine assumed leadership of the firm following the departure of Rubin and Friedman. The firm joined David Rockefeller and partners in a 50-50 join ownership of Rockefeller Center during 1994, but later sold the shares to Tishman Speyer in 2000. In 1996, Goldman was lead underwriter of the Yahoo! IPO and in 1998 it was global coordinator of the NTT DoCoMo IPO. In 1999, Henry Paulson took over as Senior Partner.

One of the largest events in the firm's history was its own IPO in 1999. The decision to go public was a tough one that the partners debated for decades. In the end, Goldman decided to offer only a small portion of the company to the public, with some 48% still held by the partnership pool.[7] 22% of the company is held by non-partner employees, and 18% is held by retired Goldman partners and two longtime investors, Sumitomo Bank Ltd. and Hawaii's Kamehameha Activities Assn (the investing arm of Kamehameha Schools). This leaves approximately 12% of the company as being held by the public. Henry Paulson became Chairman and Chief Executive Officer of the firm. Hull Trading Company, one of the world’s premier market-making firms, was acquired by Goldman in 1999 for $531 million.

More recently, the firm has been busy both in Investment Banking and in Trading activities. It purchased Spear, Leeds, & Kellogg, one of the largest specialist firms on the New York Stock Exchange, for $6.3 billion in September 2000. It also advised on a landmark debt offering for the Government of China and the first electronic offering for the World Bank. It merged with JBWere, the Australian investment bank and opened a full-service broker-dealer in Brazil. It expanded its investments in companies to include Burger King, McJunkin Corporation, and in January 2007, Alliance Atlantis alongside CanWest Global Communications to own sole broadcast rights to the CSI franchise. In May 2006, Henry Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd Blankfein was promoted to Chairman and Chief Executive Officer.

On July 6th, 2007, several US newspapers received anonymous threat-letters targeting Goldman Sachs and its employees.



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 Post subject: The real powers that be
PostPosted: Fri Oct 12, 2007 12:18 pm 
High Flier
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This article reinforces my opinion about Goldman Sachs' role
in the government.

John Crudele has been the NY Post's main man for twenty years.
He is death on government stats, especially the CPI and jobs
report.


Mike

Did Paulson tip Wall Street after meeting Bernanke?
Submitted by cpowell on Thu, 2007-10-11 14:56. Section: Daily Dispatches

By John Crudele
New York Post
Thursday, October 11, 2007

http://www.nypost.com/seven/10112007/bu ... he_sec.htm

Did Federal Reserve Chairman Ben Bernanke give away any secrets to Treasury Secretary Hank Paulson when the two had an hour-long lunch on Aug. 16?

And did Paulson share what he and Bernanke discussed with anyone in the hours immediately after that lunch?

Those are two key questions that the Securities & Exchange Commission needs to address if the integrity of the financial markets is to be protected.

Those points are particularly pertinent because Paulson has confessed that he "talks regularly to market participants," the kind of folks who could profit handsomely from the slightest hint as to what the chairman of the Fed is thinking.

The lunch in question took place between noon and 1 p.m. on Thursday, Aug. 16, according to documents received from Bernanke by Wharton School lecturer Ken Thomas.

That's the day stock prices were sharply lower because banks and mortgage companies were starting to give the bad news about the amount of subprime loan defaults on their books.

But in the final hour of trading on Wall Street stocks suddenly reversed course, turning what had been a 344-point rout in the Dow Jones industrial index into just a 16-point loss.

The stock market rally took place within two hours of Bernanke and Paulson breaking bread.

The only explanation at the time for the final-hour rally was a rumor that the Federal Reserve was going to "hold a press conference." The next day newspapers said the stock move was puzzling.

The Fed never holds press conferences and there weren't any on Aug. 16.

But Bernanke and his colleagues at the Fed did enact a surprise reduction in the so-called discount rate the next morning, on Friday, Aug. 17, sending stock prices sharply higher.

According to Bernanke's phone records, he held two conference calls -- one between 7:30 a.m. and 8:30 a.m. and the other between 10:30 a.m. and 11 a.m. -- on Aug. 17.

That would have been right before and right after the discount rate cut -- one meeting before the stock market opened and the other after the first hour of trading.

Bernanke's records don't say who was on the calls.

But at 11 a.m. Bernanke participated in a conference call with the "PWG," which stands for the President's Working Group on Financial Markets. Fed Governor Kevin Warsh and Patrick Parkinson also took part in that conference call.

Parkinson is a deputy director of research at the Fed and is an expert on hedge funds.

Paulson is the head of the PWG, which is also called the Plunge Protection Team.

It was formed by order of President Reagan in the late 1980s and has been extremely active since Paulson took over as Treasury Secretary.

In fact, Paulson wastes no opportunity to make people aware that the PWG is on the job.

On Aug. 21, in an interview on CNBC, Paulson said, "We've reenergized the President's Working Group on Financial Markets."

The lunch on Aug. 16 was part of an unusual full-court press on the Fed chairman by Wall Street players that began early that month.

Thomas said "Bernanke didn't get it on Aug. 7 when the Fed met and maintained rates at the same level. The next day, at 5 p.m., when Bob Rubin called from Citicorp, he started to get it."

Rubin is a former Treasury secretary and once headed Goldman Sachs. Paulson was also chairman of Goldman before moving to Washington. In that same lengthy Aug. 21 interview Paulson also disclosed -- unprompted -- his relationship with Wall Street.

"I think it's my job to talk regularly to market participants, but also talk regularly to key regulators and make sure that we are seeing the same issues, the same problems and working toward the same solutions," he said.


So did Paulson share the issues and problems he discussed with Bernanke at the lunch meeting with "market participants" so they'd be on the same page?

That isn't, by the way, the "job" of the Treasury secretary.

In fact, keeping Wall Street insiders abreast of what regulators and, especially, the Federal Reserve are thinking is about the furthest thing from Treasury's role.

But if I had snitched about something confidential and I thought that a defense would be necessary, I'd also go with the tried and true excuse -- it's my job.

We are in the process of trying to get Paulson's phone records for the afternoon of Aug. 16.

So far the Treasury has refused to disclose anything about any of the meetings The President's Working Group is supposed to be having.

Who knows? Maybe Bernanke's willingness to turn over a list of his phone calls will put pressure on his lunch mate.

Or maybe investigators will step in and clear up what could be nothing more than one big coincidence.



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 Post subject: The real powers that be
PostPosted: Fri Oct 12, 2007 12:39 pm 
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Shawnna wrote:
oldmanmike wrote:
And yet, it is not a conscious conspiracy, but it is a conspiracy of the minds, a gathering
of like-minded people who worship money, who have the same goals, outlooks, and
world view.

Human affairs being cyclical, Goldman has not always been at the center of power, nor
will they always be. But right now, they are TBTB.

Mike


Interesting, Mike.

But I would challenge your conclusion that this is not a "conscious conspiracy". We all make choices and those choices are generally consciously made.

I'm wondering if you meant they have not articulated and/or documented their little cabal to reflect how, in fact, they function? By that I mean there is no group charter saying "we're going to screw everyone else and control the world's economy". Rather, they are simply living their conscious choices as individuals regardless of the consequences.

*sigh*

I know what I mean.



:cheers:


I am agreeing with both statements here assuming you are both saying what i see. :sigh: I know what I see. Pointing it out is difficult just because no it is not a conspiracy in the sense that sat down and planed it all out. And the fact that it is not always the same people.



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 Post subject: The real powers that be
PostPosted: Thu Oct 18, 2007 6:01 pm 
High Flier
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Elaine Supkis (new to me) wrote this very long article on the role of Goldman
Sachs in the financial and governmental communities. It is a hard hitting, muck
raking, well documented article. She comes to some interesting conclusions
about GS's obvious (to her) master plan.

http://www.321gold.com/editorials/supki ... 01607.html



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 Post subject: The real powers that be
PostPosted: Thu Oct 18, 2007 6:45 pm 
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oldmanmike wrote:
Elaine Supkis (new to me) wrote this very long article on the role of Goldman
Sachs in the financial and governmental communities. It is a hard hitting, muck
raking, well documented article. She comes to some interesting conclusions
about GS's obvious (to her) master plan.

http://www.321gold.com/editorials/supki ... 01607.html



Thanks mike.

Hope all will read this. i was tempted to post it but very long.

i agree With her these people are criminals but when these criminals write the laws crime becomes legal.



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 Post subject: The real powers that be
PostPosted: Wed Nov 07, 2007 11:39 pm 
High Flier
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I ran across this little gem today. These people invented the CDO.
============================================

there's a lot more follow the link... http://www.investorvillage.com/smbd.asp ... 6628&pt....

Quote:

Goldman’s Quasi-Monopoly Earnings Report

Goldman Sachs (GS) – you know Goldman Sachs. They came out with an earnings report today. But first a little background.

Goldman gave us Robert Rubin, former Chairman of Goldman. He is the gentleman President Clinton called on to be Secretary Treasurer of the United States in 1995. During his tenure he orchestrated the bailout of Mexico, Asia, Long Term Capital Management, and Y2K. He is no stranger to moral hazard. His actions show that he actually embraced it. I think he was also responsible for Federal Reserve Chairman Greenspan to change his ways. After Greenspan uttered those famous words - “irrational exuberance” and knocked the equity markets for a loop in 1996, Greenspan became much more respectful of those that kept him in power. I thought that Greenspan meant what he said at the time with strong foundation, but his actions afterwards where of a different tune. Enough so that he bowed to the whims of both the Clinton and Bush administrations, taking irrational exuberance to bubble proportions.

Goldman also gave us John Thain. John is now CEO of the New York Stock Exchange. Mr. Thain helped to complete the reverse takeover of the NYSE by Archipelago in 2005. As you may have guessed – Archipelago’s largest owner - Goldman Sachs.

Well, who is the current Secretary Treasurer of the United States? It is Henry Paulson, former CEO and Chairman of Goldman Sachs. Mr. Paulson took the reins in early 2006. Yet another Goldman guy.

Everyday the Federal Reserve operates an open market operation to add and subtract liquidity from our financial system. This is where the big NYSE member banks go to get additional funds. I can’t think of another person that may be more important to a financial firm like Goldman Sachs on a daily basis. I am sure the Federal Reserve looked far and wide for someone to run this very important unit as it oversees domestic open market and foreign exchange trading operations as well as the provisions of account services to foreign central banks.

They picked Goldman Sachs former Chief Economist, William Dudley. An ‘economist’ for a trading operation? I know, it doesn’t sound right to me but maybe he takes direction well. William took this post in late 2006.

World Bank, you ask? Who runs the World Bank? The President of the World Bank is Robert Zoellick. Mr. Zoellick spent most of his career working for various governmental agencies. No Goldman connection here? Almost. He resigned in June 2006 to join Goldman. After a one year stint of indoctrination of how things work at Goldman, and who truly butters his bread, he was appointed World Bank President in June of 07’.

So, former Goldman people are in place as the United States Secretary Treasurer, the head of the NYSE, the head of the trading operations at the Federal Reserve (an economist at that), and President of the World Bank. Big deal? It gets better.

Just after the 1987 stock market crash the President of the US signed an executive order forming a committee of government and private individuals to monitor the financial markets. This group was named the ‘Working Group’. We traders have nicknamed this group the Plunge Protection Team – the PPT. Their mandate was to make sure all steps were taken to make sure nothing like that crash would happen again.

In 1998 the financial world was shaken by the financial shenanigans of a hedge fund named Long Term Capital Management. ( ‘Long Term’ lol!) After which time the US President’s Working Group approached the major NYSE member banks and said, “hey guys, listen, we ain’t suppose to let things like this happen. You guys need to get your act together.”

These banks formed the Counterparty Risk Management Policy Group (CRMPG) The members are the top NYSE member banks, General Motors, a couple of hedge funds, and some well connected law firms and accounting firms. The group met and produced a document but was asked again in 2004 by the Working Group to come with more defined policy procedure. This effort resulted in the publication titled ‘Toward Greater Financial Stability: A Private Sector Perspective’.

Who was the leader of this group? Gerald Corrigan, Chairman of Goldman Sachs. Who was the transmittal letter addressed to at the opening of the report? Henry Paulson, then CEO and Chairman of Goldman Sachs, now US Secretary Treasurer. Who developed the policy? Well here is an excerpt from the transmittal letter; “I want to express to you my sincere gratitude for the time and effort devoted to this project by Craig Broderick who served as a Member of the Policy Group and the others from Goldman Sachs who participated in the project and are named in the Report.”
- there's a lot more at the link -


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 Post subject: The real powers that be
PostPosted: Wed Nov 07, 2007 11:55 pm 
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Too late at night to read this stuff

tomorrow



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I wonder, if people spent as much energy on being happy as they did on being right, would there be as much madness. cd
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 Post subject: The real powers that be
PostPosted: Thu Nov 08, 2007 12:00 am 
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oldmanmike wrote:
In my readings of the financial articles in the past few months, one name keeps popping up.

There is a class of banks called investment banks. They are Merrill Lynch, Bear Stearns,
Goldman Sachs, Morgan Stanley, JP Morgan Chase, and a few more. Goldman Sachs is the New York Yankees of the bunch. It is the most profitable of all the investment banks. Their employees are the smartest, the best-paid, and the most arrogant.

Goldman Sachs will never underperform. Their ex-employees permeate the halls of
Government throughout the G7. Rise to the regional top at Goldman, retire with your
golden parachutes and pensions, we'll find a place for you in the government, look
out for us, we'll look out for you, and you'll make even more. Henry Paulson left
Goldman Sachs to become US Treasury secretary. The Fed consults with Goldman,
Goldman consults with the government, the government consults with the Fed. Goldman
advises the richest private familes in the world.

And yet, it is not a conscious conspiracy, but it is a conspiracy of the minds, a gathering
of like-minded people who worship money, who have the same goals, outlooks, and
world view.

Human affairs being cyclical, Goldman has not always been at the center of power, nor
will they always be. But right now, they are TBTB.

Mike


Exactly why not Hillary and why Edwards/Paul



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 Post subject: The real powers that be
PostPosted: Tue Nov 27, 2007 10:31 pm 
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I always knew Goldman and their hedge operations were at the bottom
of the oil speculation. Now comes this article from PrudentBear CNNmoney.
A certain amount of the increase in the price of oil would have to be due to
the decrease in the value of the dollar, with the resulting inflation. But still,
$50 a barrel increase? They're ripping us off.
Goldman Sachs and nobody else.

(CNN has had some real good articles lately. The female AP business writer
kicks ass, also.)

But anyway, this is why people think oil prices will tank sooner or later, because
Goldman has undeclared shit off their books that they're going to have to mark,
and are going to have to raise cash to cover, meaning, dump their oil contracts.

link


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 Post subject: The real powers that be
PostPosted: Wed Nov 28, 2007 4:20 pm 
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Thanks for the article Mike.Goldman and Morgan go Waaaaaaaay back Mike.



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 Post subject: The real powers that be
PostPosted: Wed Nov 28, 2007 5:17 pm 
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:)


That's not their collective acronym any more as times have changed.


From here on out, TPTB will forever (oh it IS possible SOTD :) ) more be known as.......


...................TPTW..........................




That's........... The Powers That Were.............. :peace:




I'm just sayin.


But do continue with the history lesson. :)



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 Post subject: The real powers that be
PostPosted: Wed Nov 28, 2007 5:45 pm 
Babylon ain't got no fruits. :rotatingheart:


  
 
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