SEC Is Charging Goldman Sachs With Fraud

Wow, never thought I’d see the day that the SEC would charge the great vampire squid with fraud. Will it be successful? I don’t know, Goldman Sachs is pretty powerful and I wonder how much the US wants them guilty. It will probably be plea-bargained out. What a shame. Goldman Sachs stock is already down 12% 13.2%. This happened in about two hours started happening at 10:36AM EST. The stock is already slightly back up. Total loss is at 13.11%

A lot of banks and financial institutions are down 5% due to this. I wish the US would actually charge the people as well as the company with federal crimes.

The NYT has a further in depth article about this situation. For the moment, I am tracking GS’ stock. It’s back up and losses are at 11.86%. The more negative publicity GS gets, the more it’s stock will plummet. Do you think that they will short their own stock?

Gizmondo’s Blow Up

A strange and interesting story in Wired about fraud and crime, including the crash of a Ferrari Enzo which led investigators to unravel a web of deceit.

The Michigan IPod Repairman Scam

An iPod repairman from Michigan made over $571K by defrauding Apple. He acquired 9,000 iPod Shuffles by entering serial numbers into Apple’s website, getting the iPods and reselling them fro $50. Actually, the government has been trying to seize his $571K, seven Apple computers, two vehicles, and a motorcycle. These are the things that he purchased thanks to the funds he got.

Man Arrested For Trying To Cash 360 Billion Check

A man was arrested when he tried to cash a check for 360 billion dollars in Dallas.