It has long been suggested that Goldman Sachs is a breeding ground for future Treasury Secretaries, Fed Chairmen and influential Economic Advisors to Presidential Administrations (just take the current and previous Treasury Secretaries, Geithner and Paulson, for starters).
Moreover, the collusion between private sector Goldman-related financial allies and government cronies or appointees like Summers, Rubin and Liddy is ripe for a complete expose.
As I mentioned in the “blahgue” there is so much inbreeding between financial market CEO’s and government appointed financial “leaders” that the complete takeover of government by private sector finance reads like an Orwellian novel, which needs to be published very soon!
In the second chapter will be the eerie coincidences regarding how competitive banks were diluted with government mandated mergers, strengthening the favored banks, as they were bailed out in broad daylight, as with TARP, and behind closed doors, as through AIG.
This post focuses on prodigal son Goldman (at the risk of plagiarism, but necessary – due to the good info and links in the originator’s post):
Goldman Harasses Mike Morgan
Blogger Mike Morgan of MorganFlorida and owner of website GoldmanSachs666 is being threatened by Goldman Sachs. Please consider Goldman Sachs hires law firm to shut down blogger’s site.
Goldman Sachs is attempting to shut down a dissident blogger who is extremely critical of the investment bank, its board members and its practices.
The bank has instructed Wall Street law firm Chadbourne & Parke to pursue blogger Mike Morgan, warning him in a recent cease-and-desist letter that he may face legal action if he does not close down his website.
Florida-based Mr Morgan began a blog entitled “Facts about Goldman Sachs” – the web address for which is goldmansachs666.com – just a few weeks ago.
In that time Mr Morgan, a registered investment adviser, has added a number of posts to the site, including one entitled “Does Goldman Sachs run the world?”. However, many of the posts relate to other Wall Street firms and issues.
According to Chadbourne & Parke’s letter, dated April 8, the bank is rattled because the site “violates several of Goldman Sachs’ intellectual property rights” and also “implies a relationship” with the bank itself.
Foolish Tactics By Goldman Sachs
I am not a lawyer but I suggest Goldman is about to make fools out of themselves. To allege the site “implies a relationship” with Goldman Sachs is complete nonsense. The opening statement on Morgan’s website is “This website has NOT been approved by Goldman Sachs, nor does this website have any affiliation with Goldman Sachs.”
If I was the judge handling this case, I would throw out the lawsuit, chastise Goldman’s lawyers for wasting court time, order Goldman to reimburse Mike Morgan, and fine Goldman for good measure to make sure they do not do this again to anyone else.
If nothing else, Goldman’s tactics are going irritate others into digging into what Goldman is doing and publicizing it. In fact, Goldman’s ridiculous harassment of Mike Morgan, is what inspired this post.
I hope Karl Denninger at The Market Ticker, Yves at Naked Capitalism, and Barry Ritholtz at the Big Picture Blog all chime in on both aspects of this post:
1) The potential for improprieties at the Broker Dealers and Bank Holding Companies.
2) The ridiculousness of Goldman’s lawsuit against Mike Morgan and various (equally ridiculous) lawsuits against Aaron Krowne at Mortgage Lender Implode-O-Meter. Please see Scrappy Mortgage Blogger Fights Bad Court Ruling as well as New Hampshire Court Tramples on Constitution for details.
Citigroup, Goldman, etc, all maintain their trading units are adequately separated from their research units and those units do not talk to each other. Really? Even if it is true, who can believe it? The only way to permanently get rid of allegations of improprieties is to break up the corporations so that it is physically impossible for such improprieties to occur. Goldman Sachs and others need to be broken up.
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.