Today, I added a new blog to the blog roll for the first time in months.

I urge you to do the same.

Why? Because they were sued by GS for criticizing the firm:

“Goldman Sachs Group Inc. has been called many things over the years. Plenty of people have raged against its power and wealth. If you spend decades as the most successful investment bank, it goes with the territory. Calling it the devil may be going a bit far, though, even for the flinty-hearted employees of the New York-based bank.

Last month, a blog called Goldmansachs666.com was set up. Goldman Sachs has taken legal action against the site, alleging it infringes a trademark in the phrase “Goldman Sachs.” The owner of the site, investment adviser Mike Morgan of Jensen Beach, Florida, has promised to contest the litigation and pursue similar campaigns against other banks.

“They might think it is just a Mickey Mouse Web site, but we’re coming after them,” Morgan said in a telephone interview. “It would be really stupid for the banks to try and stop us. But banks do stupid things all the time.”

Let’s review your tax dollars at work: Godlman Sachs CEO Hank Paulson lobbied the SEC to allow the 5 largest iBanks to be exempt from net capital rules, and then leverage up 40 to 1. Which they did, especially with Mortgage-backed paper and derivatives. Then he becomes Treasury Secretary, and transfers from the taxpayers to these same iBanks — some directly, and some thru AIG — trillions of dollars.

Now, the taxpayer subsidized disaster creator is thin skinned about criticism. Note that the trademark claim is bullshit — its well settled law, via WalmartSucks.com. This 2000 case was originally found in favor of Wal-Mart by World Intellectual Property Organization but later reversed. Walmartsucks.com is no longer operating, but a new site, Walmartsucks.org appears to be run by author Kenneth J. Harvey. As another example of the legality of the “–sucks.com” sites, see also, disney-sucks.com.

No one seems to ever learn: If you want to close a critical site down, you ignore — you don’t sue them.

Thus, we add Goldmansachs666.com to the blog roll. If you have a blog, I STRONGLY suggest you do the same.

>

Previously:
How to Puff Up Earnings, Goldman Sachs Style (April 14th, 2009)

http://www.ritholtz.com/blog/2009/04/how-to-puff-up-earnings-goldman-sachs-style/

Goldman Sachs: No Criticism By Bloggers Allowed (April 13th, 2009)

http://www.ritholtz.com/blog/2009/04/goldman-sachs-no-criticism-by-bloggers-allowed/

Taxpayer Funded GS Profits (April 13th, 2009)

http://www.ritholtz.com/blog/2009/04/taxpayer-funded-gs-profits/

Source:
Goldman Sachs Love Blog Is Now for Sale to Anyone
Matthew Lynn
Bloomberg, April 20 2009

http://www.bloomberg.com/apps/news?pid=20601039&sid=a0..XFoot_uo&

Category: Bailouts, Legal, Weblogs

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

46 Responses to “Goldman Sachs Sues Blogger “Goldmansachs666.com””

  1. Scott F says:

    To review — the mess was caused in part by GS, they benefited from taxpayer monies and now are suing critics.

    Unbelievable.

  2. jc says:

    Can’t GS have Tim speak to the FCC Commish and have them shut down the offensive blog? I mean this is a team effort, right? Whats good for GS is good for US!

  3. jc says:

    US to take on higher risk equity position in banks to avoid seeking Congressional approval for more bank bailouts?! Dosn’t this seem bass ackwards?

    The banks are reporting record profits and we’re concealing details of the stress tests we already know they passed and looking for backdoor ways to pump more equity into them – but everything is fine, really, move along folks…

    http://www.nytimes.com/2009/04/20/business/20bailout.html?th&emc=th

  4. call me ahab says:

    @ jc

    its nationalization baby- sheeeit- cause they ain’t goin’ to get no mo money from congress- then you would have a revolt

  5. VennData says:

    I think the guy’s simply calling the S&P500 bottom with the ’666′ reference, right?

  6. Transor Z says:

    Don’t get too excited. Tom Borelli, Morgan’s new “Director of Communications” is a Townhall.com columnist and global warming denyer. A “tea party” guy. So this whole thing might be more of that phony grassroots movement. Might be good to learn a little more about the agenda here before jumping on this bandwagon.

  7. some_guy_in_a_cube says:

    666. Isn’t that Bove’s 12-month price target for GS?

  8. call me ahab says:

    Transor Z

    who really cares- there is more common ground on the bank’s destruction of the economy and use of t/p funds to stay afloat (with such hubris and disregard for the concerns of working men and women) then about any issue I can think of- personally- I wouldn’t care if it was Chris Matthews or Bill O’Reilly- as long as the story was zeroing in on the bank’s single handed destruction of the world economy and their egregious follow up with bailouts with no amount of contrition on their part- in my mind there should be lawsuits and criminal charges.

  9. Blash says:

    Be careful Barry. I think the fusion IQ might have a bad month…
    Just saying

  10. Transor Z says:

    @ahab: Borelli has been gunning for GS for years — but not for the reasons you’d expect. Google him. Just saying, enemy of my enemy is sometimes a complete assclown. Or worse…

  11. Transor,

    you’re better than that, make with the cites..

    past that, as others have commented, elsewhere, isn’t GS adding fuel to the fire, here? why not ignore the site in question?

  12. peachin says:

    I believe Goldman Sachs has a difficult time dealing with a “level playing field.” They spent an enormous amount of time building and “edge” enabling them to break the law, encourage congress to look the other way, etc. Sometimes even “giants” don’t recognize an attack on their Achilles Heel. Forgetabout Bonuses – the focus will be on – Lobbying habits of the the 8 largest financial houses, putting a “Fox in the Hen House (Paulson and the first 700 billion) and trading activities. Sooner or later the Kubla Kahn effect will work its way in the House of Goldman Sachs.

  13. snapshot says:

    http://zerohedge.blogspot.com/2009/04/stress-test-results-leaked.html

    What do you make of this post?

    “Stress test results leaked?”

  14. Transor Z says:

    @MEH: texting and driving. :)

    Provided a link the other night on a GS thread. Soon as I get to the office.

  15. CPJ13 says:

    @ snapshot

    Haven’t we known that for a while? The numbers look about right. I wouldn’t be surprised at all if this was legitimate.

  16. snapshot says:

    CPJ13 – As I read back now – updated to say “appears to be for entertainment value.”
    Even though it is known – I doubt it will ever be “said.”

  17. Transor,

    see: http://voicethis.com/ new app for yon’ (sp)iPhone..

    manual texting!~ tres` gauche, mon freire (:
    ~~

    jc,

    to your point re: FCC, what til’ “the fairness doctrine” gets reinvigorated, or Internet2 is rolled out, Retail–sanitized for your protection..
    http://www.internet2.edu/membership/index.cfm

  18. snapshot says:

    http://realestateandhousing2.blogspot.com/

    To be fair, Mike Morgan does have an investing blog and is known for shorting this market. Just saying. The rally has really messed with his plan.

  19. Transor Z says:

    Here is the backtrack to my post in the Foreclosure thread from the other night — I misremembered posting in a GS thread:

    http://www.ritholtz.com/blog/2009/04/foreclosures-hit-record-high-in-q1/#comment-162713

  20. Transor Z says:

    2005 news release describing Borelli going after Goldman and Hank Paulson for adopting an eco-friendly policy: http://www.prweb.com/releases/2005/11/prweb316861.htm

    Borelli is talking his book here b/c his fund has significant energy holdings. This is what I was alluding to earlier when I said Borelli has been gunning for GS for years but not for the reasons you’d expect.

  21. Marcus Aurelius says:

    The idea that this suit would be filed has been buzzing in the wires for a while. From what I understand (not having seen the complaint), there’s not much damage done by the blog (truth is not defamatory, there is a disclaimer up front to avoid confusion, etc.). If GS wins this thing, we will have additional confirmation that we can no longer count on our laws or our courts (the frequently overlooked branch of our fascist governmental system). The blog owner should counter-sue for tortious interference with a legitimate business activity.

  22. jc says:

    Every lie has elements of truth to it, by tailoring the stress test results for public consumption Timmy is inviting waves of leaked news reports and widespread (and warranted) disbelief. Turner radio had one supportable fact however, lank lending is down even after the TARP gifts were distributed

  23. jc says:

    Is Dimon, Jim sabotaging Tiny Tim by announcing Chase will neither a buyer, nor a seller be, of Tim’s toxic stew?

  24. leftback says:

    As you are all aware, Leftback owns the rights on 666.79… GS prop trading taking profits today, I see.

    Lovely weather today in NYC. For Bears. Was today’s sell-off telegraphed or what? Madonna could have married the Pope today and bailed out the global financial system – the market would still have sold off.

    Interesting how gold now trades as an alternative currency for those who want to escape the euro but don’t trust the Yen or the US$. That’s my interpretation anyway. Have fun.

  25. Transor,

    not to get totally off-track, but what’s your point w/ the whole ‘Climate Change’-eyewash?

    lb,

    nice to see some *Rationality return to the Market, no?

    w/this: http://finance.yahoo.com/q/op?s=MO I think fading the May18puts makes sense..
    +one can lay off the May17calls for ~3% into expiry, a mere 25 days away..

  26. Mannwich says:

    Ah yes, I see BAC’s fake profit announcements not doing much to goose the markets. Reality is a bitch, is it not?

  27. MRegan says:

    I never cease to be amazed at the willingness of so many individuals to participate and risk money (theirs or others) in a market (writ large) that is being jiggered worse than a jukebox in a Tennessee honky-tonk so it’ll play “Crazy” over and over again.

    Oh crazy,
    For thinkin that my love could hold you,
    I’m crazy for tryin
    And crazy for cryin,
    And I’m crazy for lovin you

    Looks like Martin Armstrong was right.

  28. proberge says:

    You all need to see this.

    It all makes perfect sense.

    America: from Freedom to Fascism.
    http://video.google.com/videoplay?docid=-1656880303867390173

  29. cjcpa says:

    Do we expect some official/gov announcement to turn this market around?

    The tape appears too negative to go unchallenged.

  30. leftback says:

    I believe that it is still possible for the market to go down without large-scale government intervention. If this keeps going for a few days, we might have a mini-crash. It was always on the cards after options expiration and the purging of shorts last week. I would guess we might take a look at SPX 805-815 or so, the 50DMA area before we get a decent bounce.

    Must suck to have gone long last week… where’s Blankfein, I mean franklin?

  31. Mannwich says:

    What manipulatin/bailout item is next on the checklist? Quick, get me the effing checklist, dammit!!!

  32. Mannwich says:

    I hope jdamon33 sold his WFC and took profits. If not, taken ‘em now. They’re insolvent.

  33. cjcpa says:

    we bought the faz on the way down at 10. we thought about it again around 8.50 but were too unhappy with wet shorts.

    I have figured out that confidence is a major player here. What separates the pros from the spectators is conviction — sometimes, I believe referred to here as ‘massively short’. Not just gettin in a litte. (a toe)
    put putting a large amount of capital behind the trade. Such that when it works, it works significantly.

    Making a dollar per share on 100 shares does not make much of a difference.

    When I say “we”
    I’m not sure if I’m phrasing like leftback or like gollum.

    We swears.
    on the precious.

    agree with bear weather comment as well….
    blah.

  34. Transor Z says:

    @Mark:

    “Eyewash” is a good term for Borelli’s schtick. He is a conservative idealogue/commentator who is one of the dimmer lights in the FoxNews/Tea Party constellation (also found some YouTube appearances). Hiring someone with an established public persona linked to a particular viewpoint as a “Director of Communications” to me implies an endorsement of that viewpoint. We’re not talking about some experienced corporate PR flak doing pro bono work for Morgan.

    If other people can vouch for Morgan’s bona fides here I could be persuaded otherwise but I’m too skeptical of PR games and hidden agendas to buy into the Morgan-as-Everyman thing just yet. I think GS’s conduct and excessive influence in gov’t sucks, as should be clear from other comments I’ve made. But Borelli is an “activist” fund manager with an ax to grind against GS for reasons entirely unrelated to the issues that have been raised by Barry and others on this blog.

    Just saying a little due diligence is in order before endorsing what’s going on here just because it appears to be GS bashing or “getting the truth out” about the Evil Empire.

  35. Jeff,

    the effing checklist has been Embargoed until 04:20 BST

    btw, have you seen proberge’s link-thru?

  36. Mannwich says:

    @Hoffer: I have not. What’s the deal with that?

  37. leftback says:

    @cjc: The Monday following expiration frequently sees significant reversals. Think about it. Someone had to make the number last week and bid up the market, and then a whole lot of puts expired on Friday. Add in the large number of shorts that were removed last week and there is a distinct lack of buyers today. Dead cat bounce coming (not enough buyers to follow through) then down to the 50DMA. :-)

  38. pmorrisonfl says:

    > If other people can vouch for Morgan’s bona fides here I could be persuaded otherwise but I’m too
    > skeptical of PR games and hidden agendas to buy into the Morgan-as-Everyman

    Not that my vouching should count for much, but I’ve dealt very briefly with Mr. Morgan, and have followed his writings for the last year and a half. I do think he’s an ‘everyman’. I think he’s honorable and he has noble intentions,strong convictions. I did lose some money following his trading advice, but I’d blame that more on how I followed it than on him or his advice (e.g. buying SRS at 109 in July, and selling it at 92 on Sept 16 last year – tuition in a college I’m not sure I should be attending ). If he has quirks and foibles, I haven’t yet met someone without.

  39. DL says:

    Marcus Aurelius @ 9:39

    Hard to imagine that there’s a jury anywhere which would side with GS.

  40. DL says:

    cjcpa @ 10:55

    So now it’s you with the “we”…?

    Be aware that Leftback is chairman, CEO and CIO of Schadenfreude asset management. As such, he has earned the right to use the first-person-plural.

  41. DL says:

    leftback @ 11:09

    If the financial index drops down to its 50 DMA, that’s a long way down from here. (Especially if you’re leveraged 3:1).

  42. mark mchugh says:

    I try to never miss a Goldman bashing party (sorry I’m late).

    Here’s a video of Congresswoman Maxine Waters slappin’ Geithner around specifically about Goldman (God, I love this woman).

    http://www.youtube.com/watch?v=OFvnL3npQgY

  43. rktbrkr says:

    Morgan better be careful…South Korea Frees Blogger Who Angered Government

    SEOUL, South Korea — A blogger who criticized and angered the South Korean government but commanded a huge following online was freed from jail on Monday, after a court acquitted him of charges of maliciously spreading false information on the Internet.

    The arrest of the blogger, Park Dae-sung, in January and his trial on charges of spreading false data in public with harmful intent, a crime punishable by as many as five years in prison, prompted debate over how much freedom of expression should be tolerated in cyberspace in this extensively wired country.

    Mr. Park, an unemployed 31-year-old who wrote about economic matters, gained an almost prophetlike status among many South Koreans after he correctly predicted the collapse of Lehman Brothers, the crash of the South Korean currency and the effects of the American subprime mortgage crisis on South Korea.

  44. [...] This business about suing bloggers for daring to criticise the bank - hoisting up the hoary old ‘trademark infringement’ argument to boot – just shows how out of touch the company is, especially given the situation they’re in currently. That they are ’swatting at flies’ when essentially they’re being ‘burned at the stake’ by the mob underlines this detachment. [...]