Posts filed under “Legal”

Goldman Sachs Sues Blogger “Goldmansachs666.com”

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

SEC: Credit-Rating Agencies Require More Oversight

Ever notice the guys who crash planes into the sides of mountains don’t get to do the review of what went wrong? Same thing with other gian calamities: The Captain of the Exxon Valdez didn’t do the crash review; The Challenger Shuttle engineers weren’t the ones who determined it was the O rings, etc. A…Read More

Category: Bailouts, Credit, Legal

Voluntary Foreclosure Abatements Ending

So much for voluntary foreclosure abatement: “Some mortgage companies had stopped foreclosing on borrowers as they waited for details of the Obama administration’s housing-rescue plan, announced in February, which provides incentives for mortgage companies and investors to reduce borrowers’ payments to affordable levels. Others had temporarily halted foreclosures while they put their own programs in…Read More

Category: Credit, Legal, Real Estate

Taxpayer Funded GS Profits

Note: By coincidence, this post was written in International Waters a few miles off the coast of Grand Turks and Caicos. If Goldman Sachs wants to sue anyone over this, send your process server to the wreck of the B-29 bomber, off the north coast, approximately 80 feet below sea level . . . ~~~…Read More

Category: Bailouts, Legal, Markets, Taxes and Policy

Goldman Sachs: No Criticism By Bloggers Allowed

WTF?!? 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…Read More

Category: Corporate Management, Legal, Weblogs

Geithner Addresses Mortgage Fraud

Live! From Washington D.C.: Treasury Secretary Timothy Geithner Opens Up News Conference

4:42
Bloomberg News

Category: Credit, Legal, Real Estate, Video

SEC Examining Oversight of Credit Rating Agencies

Looks like an interesting panel — anyone near D.C. on April 15 should consider going . . .

10:10 a.m. — Panel One: Current NRSRO Perspectives: What Went Wrong and What Corrective Steps Is the Industry Taking?

  • Daniel Curry, DBRS
  • Sean Egan, Egan-Jones Ratings
  • Stephen Joynt, Fitch Ratings
  • Raymond McDaniel, Moody’s Investor Service
  • Deven Sharma, Standard & Poor’s

11:30 a.m. — Panel Two: Competition Issues: What are Current Barriers to Entering the Credit Rating Agency Industry?

  • Ethan Berman, RiskMetrics Group
  • James H. Gellert, RapidRatings
  • George Miller, American Securitization Forum
  • Frank Partnoy, University of San Diego
  • Alex Pollock, American Enterprise Institute
  • Damon Silvers, AFL-CIO
  • Lawrence J. White, New York University

12:30 p.m. — Lunch Break

1:15 p.m. — Panel Three: Users’ Perspectives

  • Deborah A. Cunningham, Securities Industry and Financial Markets Association
  • Alan J. Fohrer, Southern California Edison
  • Christopher Gootkind, Wellington Management
  • James Kaitz, Association of Financial Professionals
  • Kurt N. Schacht, CFA Institute
  • Bruce Stern, Association of Financial Guaranty Insurers
  • Paul Schott Stevens, Investment Company Institute

2:45 p.m. — Panel Four: Approaches to Improve Credit Rating Agency Oversight

  • Richard Baker, Managed Funds Association
  • Jörgen Holmquist, European Commission
  • Mayree C. Clark, Aetos Capital
  • Joseph A. Grundfest, Stanford Law School
  • Glenn Reynolds, CreditSights
  • Stephen Thieke, Group of Thirty

The roundtable is expected to end at approximately 4:15 p.m. with concluding remarks by Erik R. Sirri, Director of the SEC’s Division of Trading & Markets.

In the fall of 2006, Congress passed the Credit Rating Agency Reform Act, providing the SEC for the first time with authority to supervise credit rating agencies. Using this authority that became effective in June 2007, the Commission has adopted two major rulemakings, has conducted an extensive 10-month examination of three major credit rating agencies, and has several pending proposals to further the Act’s purpose of promoting accountability, transparency, and competition in the rating industry.

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Category: Bailouts, Credit, Legal, Regulation

The Cult of Finance

I mentioned the “cult of equities” earlier this morning; An article in the Atlantic on the Cult of Finance is making the rounds:  The Quiet Coup. I found it very similar to Bailout Nation. If this sort of stuff floats your boat, then you will love the book — it gets much more granular than…Read More

Category: Credit, Derivatives, Legal, Markets, Politics, Regulation

Paul Krugman is Wrong About Securitization

Since the credit crisis began, I have frequently found myself in agreement with Paul Krugman. Not everything, but for the most part, especially on many major points, we are sympatico: He has been correct about Moral Hazard, about the folly of these many bailouts, about the advantages of nationalizing the banks. And, I suspect he…Read More

Category: Bailouts, Credit, Derivatives, Federal Reserve, Legal, Regulation

Hybrid of Risky Mortgages and a Ponzi Scheme

Dilbert, 2 days in a row: >

Category: Bailouts, Credit, Humor, Legal