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Goldman CEO on Bitcoin: “A Vehicle to Perpetrate Fraud”

19 points by mgalka 9y ago

deleted 9y ago
[deleted]
harryVic 9y ago
Goldman Ceo should be the last person to call something fraud
- drraid0 9y ago
  They don't like competition.
- c0nducktr 9y ago
  Well if someone knows fraud, it would probably be the Goldman CEO lol
- swarnie_ 9y ago
  Nothing like hearing from an expert.
deleted 9y ago
[deleted]
jordanb 9y ago
So I'm guessing that Goldman is all in on Bitcoin then?
- IncRnd 9y ago
  It's arguably more likely that a few traders there are planning on pumping Bitcoin until it goes on the exchanges soon. Then, they'll take a short future position and remove their support.
  - Just1689 9y ago
    This is a popular theory in many of the cryptocurrency Discord servers
partycoder 9y ago
Former Microsoft CEO on Linux: "Linux is cancer" Microsoft CEO on Linux: "Microsoft loves Linux" Just give him time. Then, Goldman Sachs should not be pontificating about fraud. Remember 2008?
- VectorLock 9y ago
  It'll stop being fraud once they figure out how to make a shitload of money off it.
- RachelF 9y ago
  Goldman is probably secretly buying bitcoin while trying to keep the price down so they don't have to pay too much for it.
  - sterlind 9y ago
    very likely. a company like Goldman can make more money manipulating the BTC market, versus simply buying coin as an investment, which would spike the exchange rate up and reveal them. Goldman already has a cryptocurrency patent portfolio and top-notch lobbyists in Washington. I wonder what they're using both for.
thrill 9y ago
Yeah, let's not talk about that $10 billion fraudulent bailout.
username223 9y ago
> ... captivates everyone from mom-and-pop investors to high-frequency traders and Wall Street banks. If this isn't a recipe for financial disaster, I don't know what is. When dumb money, fast money, and smart money are all feeding off the same carcass, things will get ugly.
- xiphias 9y ago
  They will. But the big question is if it will get ugly for Bitcoin holders or fiat holders
reefoctopus 9y ago
You could say the same thing about Goldman Sachs.
TaylorGood 9y ago
Fiat currency is no different.
someguydave 9y ago
He's attempting to jawbone down the price so that Goldman can buy.
thewhitetulip 9y ago
When we do it then it is fine, if others do it then OMG competitors!! /s
gt_ 9y ago
01:45 - “In fact, the Bloomberg system is a blockchain”
vadimberman 9y ago
Sounds like an endorsement.
thisisit 9y ago
People do know CEO or employee's opinions doesn't really represent company's views, right? Because here's what happened: "Goldman Says the Bitcoin Haters Just Don’t Get It" https://www.bloomberg.com/news/articles/2017-11-29/goldman-s-currie-says-bitcoin-is-a-commodity-much-like-gold https://www.bloomberg.com/news/articles/2017-11-29/goldman-s...
- lucozade 9y ago
  When the CEO is making a public statement, as the CEO, then they most definitely are representing the view of the company. An employee may or may not be depending on their role and the circumstances. For example, if they are the company's press officer then they will be representing the company's view. Your link is regarding the view of an analyst who works at Goldman's. Because of the nature of their role, they can and do make statements that are not company policy nor strategy. As such, of the two, Blankfein's statements will better reflect the official position of Goldman.
justboxing 9y ago
"A Vehicle to Perpetrate Fraud"... says the guy whose organization has perpetrated wide-spread fraud at the Board level, and gotten away with most of it with just a congressional hearing and a fine. "There was little ambiguity about the criminality of Rajaratnam’s intentions. In one tape played at trial, he called a contact and said, “I heard yesterday from somebody who’s on the board of Goldman Sachs that they are going to lose two dollars per share.” Rajaratnam quickly traded his shares, avoiding major losses, thanks to this inside information. Convicted in 2011, he was sentenced to eleven years in prison, and given a ten-million-dollar fine, along with an order to forfeit more than fifty-three million in gains. (Gupta, who was also a board member at Goldman, was later convicted of insider trading as well.)" Source: 2016 : The Man Who Terrifies Wall Street: https://www.newyorker.com/magazine/2016/05/09/the-man-who-terrifies-wall-street https://www.newyorker.com/magazine/2016/05/09/the-man-who-te...
thatgerhard 9y ago
If my scummy business model was threatened like this I would probably also call the replacement “A Vehicle to Perpetrate Fraud”
- lucozade 9y ago
  How is Bitcoin replacing Goldman? They're an investment bank. If anything, it'll be net positive for Goldman if Bitcoin settles down as a sensible investment vehicle as they can then make fees flogging it.
CodeWriter23 9y ago
I don’t see the word “Fraud” in the entire article.

19 points by mgalka 9y ago

deleted 9y ago

[deleted]

harryVic 9y ago

Goldman Ceo should be the last person to call something fraud

drraid0 9y ago
They don't like competition.
c0nducktr 9y ago
Well if someone knows fraud, it would probably be the Goldman CEO lol
swarnie_ 9y ago
Nothing like hearing from an expert.

deleted 9y ago

[deleted]

jordanb 9y ago

So I'm guessing that Goldman is all in on Bitcoin then?

IncRnd 9y ago
It's arguably more likely that a few traders there are planning on pumping Bitcoin until it goes on the exchanges soon. Then, they'll take a short future position and remove their support.
- Just1689 9y ago
  This is a popular theory in many of the cryptocurrency Discord servers

partycoder 9y ago

Former Microsoft CEO on Linux: "Linux is cancer" Microsoft CEO on Linux: "Microsoft loves Linux" Just give him time. Then, Goldman Sachs should not be pontificating about fraud. Remember 2008?

VectorLock 9y ago
It'll stop being fraud once they figure out how to make a shitload of money off it.
RachelF 9y ago
Goldman is probably secretly buying bitcoin while trying to keep the price down so they don't have to pay too much for it.
- sterlind 9y ago
  very likely. a company like Goldman can make more money manipulating the BTC market, versus simply buying coin as an investment, which would spike the exchange rate up and reveal them. Goldman already has a cryptocurrency patent portfolio and top-notch lobbyists in Washington. I wonder what they're using both for.

thrill 9y ago

Yeah, let's not talk about that $10 billion fraudulent bailout.

username223 9y ago

> ... captivates everyone from mom-and-pop investors to high-frequency traders and Wall Street banks. If this isn't a recipe for financial disaster, I don't know what is. When dumb money, fast money, and smart money are all feeding off the same carcass, things will get ugly.

xiphias 9y ago
They will. But the big question is if it will get ugly for Bitcoin holders or fiat holders

reefoctopus 9y ago

You could say the same thing about Goldman Sachs.

TaylorGood 9y ago

Fiat currency is no different.

someguydave 9y ago

He's attempting to jawbone down the price so that Goldman can buy.

thewhitetulip 9y ago

When we do it then it is fine, if others do it then OMG competitors!! /s

gt_ 9y ago

01:45 - “In fact, the Bloomberg system is a blockchain”

vadimberman 9y ago

Sounds like an endorsement.

thisisit 9y ago

People do know CEO or employee's opinions doesn't really represent company's views, right? Because here's what happened: "Goldman Says the Bitcoin Haters Just Don’t Get It" https://www.bloomberg.com/news/articles/2017-11-29/goldman-s-currie-says-bitcoin-is-a-commodity-much-like-gold https://www.bloomberg.com/news/articles/2017-11-29/goldman-s...

lucozade 9y ago
When the CEO is making a public statement, as the CEO, then they most definitely are representing the view of the company. An employee may or may not be depending on their role and the circumstances. For example, if they are the company's press officer then they will be representing the company's view. Your link is regarding the view of an analyst who works at Goldman's. Because of the nature of their role, they can and do make statements that are not company policy nor strategy. As such, of the two, Blankfein's statements will better reflect the official position of Goldman.

justboxing 9y ago

"A Vehicle to Perpetrate Fraud"... says the guy whose organization has perpetrated wide-spread fraud at the Board level, and gotten away with most of it with just a congressional hearing and a fine. "There was little ambiguity about the criminality of Rajaratnam’s intentions. In one tape played at trial, he called a contact and said, “I heard yesterday from somebody who’s on the board of Goldman Sachs that they are going to lose two dollars per share.” Rajaratnam quickly traded his shares, avoiding major losses, thanks to this inside information. Convicted in 2011, he was sentenced to eleven years in prison, and given a ten-million-dollar fine, along with an order to forfeit more than fifty-three million in gains. (Gupta, who was also a board member at Goldman, was later convicted of insider trading as well.)" Source: 2016 : The Man Who Terrifies Wall Street: https://www.newyorker.com/magazine/2016/05/09/the-man-who-terrifies-wall-street https://www.newyorker.com/magazine/2016/05/09/the-man-who-te...

thatgerhard 9y ago

If my scummy business model was threatened like this I would probably also call the replacement “A Vehicle to Perpetrate Fraud”

lucozade 9y ago
How is Bitcoin replacing Goldman? They're an investment bank. If anything, it'll be net positive for Goldman if Bitcoin settles down as a sensible investment vehicle as they can then make fees flogging it.

CodeWriter23 9y ago

I don’t see the word “Fraud” in the entire article.