Revealed: Goldman Sachs Sold Fake Stocks To Short Company

[That One Guy]

This is interesting. An attorney for the giant, bailed-out investment bank Goldman Sachs accidentally filed unredacted documents into court record last week regarding a suit brought against them by the internet retailer overstock.com.

The documents reveal, basically, that GS "sold" stock it didn't actually own, nor was able to otherwise legitimately acquire, to investors interested in short-selling overstock.com. They did this to deliberately drive down the value of that company's stock so they could profit from their own short position on it.

This, apparently, is a long-alleged, but hitherto unproven, practice known as "naked short selling."

So, here we have Goldman committing fraud in order to profit from a detrimental attack against a company that is a contributor to the real economy.

Some highlights: In one email, a Goldman exec frets that 107% of all overstock.com shares available for trade are short; an obvious impossibility unless someone was pulling shares out of their a**. Another exec, referring to regulation, exclaims "f*ck the compliance area!" Still another advises a junior to stick to the lies they've already been telling regulators for the sake of consistency.

This is where our tax dollars are going, to prop up parasitic sociopaths working tirelessly to destroy our economy while profiting from it.

http://www.rollingstone.com/politics...lling-20120515

[LineDoggie]

I blame Obama.....

[remo williams]

This is not really a revelation, at least not to those in the financial field. The financials have been doing this for quite some time now. In some events, aside from the actions of the "Plunge Protection Team," aka The Working Group of Financial Markets, it's kept the market from hitting the skids early. However it does as much down the road damage as it mitigates.

[That One Guy]

This is not really a revelation, at least not to those in the financial field. The financials have been doing this for quite some time now. In some events, aside from the actions of the "Plunge Protection Team," aka The Working Group of Financial Markets, it's kept the market from hitting the skids early. However it does as much down the road damage as it mitigates.

It's the first I've heard of this specific type of fraud. And, apparently, there's never been documented proof of it until now.

[remo williams]

It's the first I've heard of this specific type of fraud. And, apparently, there's never been documented proof of it until now.

It's been done in stocks as well as in metals such as Gold and Silver markets. This is just the first time it's been reported in anything "main stream." I've been hearing about short selling for at least 3-4 yrs now. Yeah it's fraud to you and I, but to the financials etc, it's part of the "free market" process of doing business.

[tea drinker]

It's the first I've heard of this specific type of fraud. And, apparently, there's never been documented proof of it until now.

There's no point trying to regulate them or look for proof, the Gov is backing them all the way, and if they are fined or end up bankrupt because of a legal case who do you think will bail them out? Too corrupt and connected to fail