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"...Sometimes God Smiles on Us..." /Goldman Lawyer accidently releases damning papers--Matt Taibbi

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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-16-12 08:21 AM
Original message
"...Sometimes God Smiles on Us..." /Goldman Lawyer accidently releases damning papers--Matt Taibbi
Edited on Wed May-16-12 08:53 AM by KoKo
("Overstock.com sued Goldman for trying to drive it's company into the ground. Their lawsuit was dismissed and the owner was villified all over the web as a conspiracy nut and a creep. Matt Taibbi's article links to the released documents where Goldman goes after Overstock by threatening witnesses, lobbying heavily (paying money and threatening) and gloats about their success. The Vampire Squid is like "The MOB" if you read pages 14-16 of the documents linked to from Taibbi's article...it's chilling what Goldman does.)

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Published on Wednesday, May 16, 2012 by Rolling Stone
Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in 'Naked Short Selling'
by Matt Taibbi

It doesnt happen often, but sometimes God smiles on us. Last week, he smiled on investigative reporters everywhere, when the lawyers for Goldman, Sachs slipped on one whopper of a legal banana peel, inadvertently delivering some of the banks darker secrets into the hands of the public.

The lawyers for Goldman and Bank of America/Merrill Lynch have been involved in a legal battle for some time primarily with the retail giant Overstock.com, but also with Rolling Stone, the Economist, Bloomberg, and the New York Times. The banks have been fighting us to keep sealed certain documents that surfaced in the discovery process of an ultimately unsuccessful lawsuit filed by Overstock against the banks.

Last week, in response to an Overstock.com motion to unseal certain documents, the banks lawyers, apparently accidentally, filed an unredacted version of Overstocks motion as an exhibit in their declaration of opposition to that motion. In doing so, they inadvertently entered into the public record a sort of greatest-hits selection of the very material theyve been fighting for years to keep sealed.


I contacted Morgan Lewis, the firm that represents Goldman in this matter, earlier today, but they havent commented as of yet. I wonder if the poor lawyer who FUBARred this thing has already had his organs harvested; his panic is almost palpable in the air. It is both terrible and hilarious to contemplate. The bank has spent a fortune in legal fees trying to keep this material out of the public eye, and here one of their own lawyers goes and dumps it out on the street.

The lawsuit between Overstock and the banks concerned a phenomenon called naked short-selling, a kind of high-finance counterfeiting that, especially prior to the introduction of new regulations in 2008, short-sellers could use to artificially depress the value of the stocks theyve bet against. The subject of naked short-selling is a) highly technical, and b) very controversial on Wall Street, with many pundits in the financial press for years treating the phenomenon as the stuff of myths and conspiracy theories.

Now, however, through the magic of this unredacted document, the public will be able to see for itself what the banks attitudes are not just toward the mythical practice of naked short selling (hint: they volubly confess to the activity, in writing), but toward regulations and laws in general.

http://www.rollingstone.com/politics/blogs/taibblog/acc...
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-16-12 11:32 AM
Response to Original message
1. Have I mentioned that we're so screwed?
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mrdmk Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-18-12 10:23 AM
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2. A big Kick
Goldman Sachs needs to be disbanded. Their attitude is one of, "I got mine, screw everyone else!"
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sabrina 1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 01:11 AM
Response to Reply #2
3. Not to mention outright fraud and corruption. I read
the linked PDF and it's mind-boggling what these people are guilty of, and even more so, that some of it has been on the record for quite some time. As one witness in said 'they are like the mob'. Very interesting to read what was leaked, and even more fun is that their attorney has been demanding that the material he accidentally leaked, be removed from the record. Well too late now. Now we have to wait and see if the DOJ will get involved. If they do not, with this evidence now public, it will be proof positive that these criminals are untouchable, no matter what they do.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 06:57 AM
Response to Original message
4. I have gotten many good buys shopping on Overstock.com, especially on
bedding (mattress covers, down comforter, cotton sheet sets)

If GS pulverizes the big O, I will miss it.
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DainBramaged Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 07:02 AM
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5. We are powerless
:cry:
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Leopolds Ghost Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 11:07 AM
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6. What do you think the consequences of this release of papers will be? n/t
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