Washburn's World

My take on the world. My wife often refers to this as the WWW (Weird World of Washburn)

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Location: Germantown, Wisconsin, United States

I am a simple country boy transplanted from the Piehl Township in northern Wisconsin to the Milwaukee metropolitan area who came down "sout" in 1980 for college and have stayed in the area since.
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Thursday, April 16, 2009

Banksters at "Work"

Goldman-Sachs Posted a 1.8 billion profit for the first quarter of 2009. The funny thing about that is that Goldman-Sachs had $1.3 billion in write-downs for December, 2008. How do you lose 1.3 billion in a single month (December, 2008) and still make 1.8 billion over three months (December, January, February)?

Simple, you ignore the losses from December and report on the 3 months (January, February, and March 2009) for which you had profits. Here is the report from the New York Times and a similar report from The DOW Jones Report.

How this legal scam works is simple. The 2008 Fiscal Year 2008 for Goldman-Sachs Fiscal ran from December 2007 to November 2008. Goldman-Sachs changed its fiscal years to now coincide with the calendar year. Because of the change the fiscal year 2009 for Goldman-Sachs will runs from January 2009 through December 2009. Notice December 2008 is in neither fiscal year. This makes December 2008 a "stub month" and is not reported within either fiscal year. Most likely the results for December 2008 will appear in a footnote of the consolidated finacial reports.

In simpler terms:
  1. Move all your losses to a single month; December 2008
  2. Change the definition of your fiscal year to so no fiscal year includes the month with all the losses.
  3. Vacuum up billions of bailout money through the bankster money conduit known as AIG via (arguably fraudulent) credit default swap (CDS) contracts.
  4. Report that you "beat your numbers in a spectacular way" and offer to sell more than $5 billion of stock to the unsuspecting public.
While the stubbing of December is legal, the Emperor of the Treasury can do ANYTHING he wants to Goldman-Sachs because of the Orwellianly named, Emergency Economic Recovery and Stabilization Act. And any action taken by the Emperor of the Treasury is beyond legal review by any court but the US Supreme Court. See section 119.

Good thing the US Treasury department is full of ex-Goldman-Sachs Boyz (eGSB'z). So rest assured, there will be no heavy handed investigation of Goldman-Sachs cooking their books, ripping off US taxpayer via the Government laundering money through AIG, and no firing of executives at Goldman-Sachs by Obama, the Blessed.

H/T to George Washington's Blog


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