My Late Night Visits from the Ghosts of Financial Outrages Past, Present, and Future
by Arianna Huffington
Posted April 20, 2009
http://www.huffingtonpost.com/arianna-huffington/my-late-night-visits-from_b_189275.html
...In its report on the first quarter of 2009, Goldman CLAIMED A PROFIT of $1.8 billion. How did the banking giant do it? By MAGICALLY MAKING DECEMBER DISAPPEAR. In September, as the financial crisis worsened and pressure from the Fed mounted, Goldman SWITCHED from being an investment bank to a traditional bank holding company. As part of that, it had to change its fiscal year -- it used to end in November, now it ends at the close of the calendar year. THAT MEANT GOLDMAN's LATEST REPORT DIDN'T INCLUDE DECEMBER -- A MONTH IN WHICH THE BANK __LOST__ MORE THAN #1 BILLION. As reported by Floyd Norris, this billion-dollar tidbit WAS NOT MENTIONED in the text of the company's press release about its "profitable" first quarter -- it was BURIED deep inside the tables that accompanied the release.
The PRESS COVERAGE of the stunning turnaround was NOT much more edifying. For example, it was NOT noted until the _12th PARAGRAPH__ of the first New York Times story on Goldman's "profits" (on the jump page) that the bank had "also reported a loss of $1 billion in the month of December." A pretty relevant piece of information -- if you made it that far. The headline on the story read "Goldman Posts Profit and Plans Share Sale." No questioning, no shading. Just the facts -- as Goldman wanted them presented.
And the bank had good reason for promoting such a sunny (albeit completely manufactured) take. When you're readying to do a share sale, it helps to have the share price up, which is easier to pull off when you're able to hide $1 billion in losses.
Our thanks to Arianna - THE NEW YORK GODDAMNED LYING TIMES, CAUGHT IN THE ACT, of PIMPING fellow New York "establishment" institution GOLDMAN-SACHS FALSE and ILLUSORY PROFITS, WITH THE INTENTION of DEFRAUDING POTENTIAL investors. In the old days, they would hang those caught stealing horses. Today, the NEW YORK TIMES' & GOLDMAN SACHS's BLATANTLY FRAUDULENT "reporting" and "financial accounting," makes even confirmed death-penalty opponents consider the positive side of summary justice.
And PULITZER PRIZE COMMITTEE?
CONGRATULATIONS on turning your award into a WHITEWASH RUBBER-STAMP for ATROCIOUS, CONSUMER- & TAXPAYER DEFRAUDING "reporting".
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