-Caveat Lector- from: http://msnhomepages.talkcity.com/ReportersAlley/thecatbirdseat/GoldmanSachs.ht m ---- The Catbird Chronicles: Goldman Sachs 1929 - Goldman Sachs is named by a U.S. government-appointed investigation as one of the banks which, by looting, market rigging and outrageous manipulation helped precipitate the Wall Street crash of 1929, which directly led to the Great Depression of the 1930s. 1933 - Franklin Roosevelt is sworn in as U.S. President. The Fletcher-Pecora hearings are set up to ferret out the causes of the stock-market crash and the Great Depression. These hearings disclose elements of the Goldman Sachs misadventures and shed light on the danger of a single institution mingling the activities of commercial banks with those of an investment/brokerage company and that of the insurance industry. 1933 - The Banking Act of 1933, more popularly known as the Glass-Steagall Act , is introduced. The Act stipulated that no single institution or bank holding company could engage in both commercial banking and brokerage/investment banking. No commercial banks could own an investment/brokerage company or engage in insurance. 1979 - Goldman Sachs is found guilty of fraud in the Penn Central Railroad failure. 1985 - Sumitomo acquires the Tokyo-based Heiwa Sogo Bank, leading to their ascent to the number one position in Japan's banking industry -- assisted by the then-Finance Minister Takeshita Noboru and the Yamaguchi Gumi, Japan's most powerful Yakuza syndicate. 1985 - Ichiwa-kai -- a Yakuza faction -- slaughters Yamaguchi Gumi leader, Masahisa Takenaka, creating a bloody gang war. 1986 - Robert Freeman makes his infamous "insider trading" deals relating to Beatrice Foods -- trading for Goldman Sachs as well as his own personal accounts, leaving both in deep do-do. 1986 - Sumitomo acquires 12.5% of Goldman Sachs for $500 million. 1986 - The notorious Arkansas Development Finance Authority (ADFA) borrows $5 million from the Chicago branch of Japan's Sanwa Bank as a part of a $60 million deal to purchase stock in Coral Reinsurance, a Barbados subsidiary of American International Group (AIG). The deal is brokered by Goldman Sachs, whose head at the time was Robert Rubin. An AIG affiliate had also managed over $1 billion worth of ADFA bonds. 1989 - Robert Freeman pleads guilty to one count of insider trading and is later sentenced to one year in prison (with 8 months suspended), and fined $1.1 million. 1990 - Steve Friedman and Robert Rubin are named senior partners and co-chairmen of the management committee of Goldman Sachs. 1992 - Bishop Estate trustees invest $250 million of the trust's money in Goldman Sachs. 1993 - Robert Rubin, worth an estimated $100 million at the time, resigns Goldman Sachs to join the Clinton administration. Rubin makes a phone call to Bishop Estate and the estate "insures" Rubin's stake in Goldman Sachs for $100,000 a year -- a "sweetheart deal" for Rubin according to some sources. Kenneth Brody, a Goldman Sachs general partner until 1991, is appointed by Clinton to be chairman of the Export-Import Bank. 1994 - Bishop Estate invests another $250 million of the trust's money in Goldman Sachs. 1994 - The peso crisis in Mexico comes to a head. Robert Rubin had spearheaded Goldman's move into Mexico, and the firm had steered billions of dollars to that emerging market. Rubin's one-year recusal from dealing in matters affecting Goldman Sachs had ended. By helping Mexico make good on its commitment to bondholders, the $20 billion portion of the bailout was viewed by some as a publicly-financed insurance policy for Rubin and Goldman Sachs, along with other large investment houses and banks that were highly exposed in Mexico. 1996 - One time king of copper trading, Yasuo Hamanaka, is arrested on charges of forgery relating to the loss of $2.6 billion by Sumitomo Corp. in a decade of fraudulent copper trading. 1996 - Bishop Estate lends $1 million to Charles M. Harmon, Jr., an investment banker and former general partner at Goldman Sachs. Together with Larry L. Landry, chief investment officer of the MacArthur Foundation, and Brad Heppner, a consultant at Bain & Co. and former director of private investments at the MacArthur Foundation, they form The Crossroads Group to purchase Bigler Investment Management, a Connecticut firm that manages fund-of-fund accounts. Bigler's clients included: Connecticut State Treasury; Massachusetts' Pension Reserves Investment Management Board; Rhode Island Employees' Retirement System; City & Co. of San Francisco Retirement System; and the pension funds of E.I. duPont de Nemours & Co. 1997 - Goldman Sachs brings to market Lucent Technologies, the $3 billion spin-off from AT&T, the largest IPO to date. 1997 - August. Hawaii's Attorney General, Margery Bronster, begins investigation of allegations of fraud and corruption at Bishop Estate. 1998 - April. According to Spotlight, Sanford Weill, the chairman of Travellers Group, the largest US financial services conglomerate, phoned Treasury Secretary Robert Rubin to ask for an urgent meeting. "Why? Do you want to buy the government?" Rubin quipped. "No," said Weill, "Just the law." What Weill wanted was not a new law, but "reform" of an old one: Glass-Steagall. 1998 - Two of Japan's leading banks, Sumitomo Bank and Bank of Tokyo-Mitsubishi (BTM) are implicated in bribery scandals involving officials at Japan's powerful Ministry of Finance. 1999 - Goldman Sachs goes public. No mention is made in the IPO documents prepared by PricewaterhouseCoopers of the scandals that are plaguing Bishop Estate and Sumitomo Bank. 1999 - Rubin drafts "reform" legislation effectively cancelling Glass-Steagall and pushes it through the US Congress. This allows Travellers Group and Citibank to unite into the world's largest financial services conglomerate 1999 - Rubin resigns as Treasury Secretary, and joins Citigroup a few months later. 1999 - Bishop Estate trustees Richard Wong and Henry Peters are indicted for fraud. Trustee Lokelani Lindsey is sued by fellow trustees Oswald Stender and Gerard Jervis, who demand her removal for mismanagement. Gerard Jervis is caught having sex with a female subordinate in the men's restroom of the Hawaii Prince Hotel. The female employee commits suicide the next day. Jervis attempts suicide the next week. The court removes Lindsey as trustee. All trustees are temporarily removed from office after the IRS gives an ultimatum that Bishop Estate will lose its tax-exempt status unless the trustees are removed. All five trustees permanently resign. 1999 - Ashanti Goldfields, a Goldman Sachs client, goes insolvent - allegedly due to fraudulent manipulations of the gold market. 2000 - Lawsuits continue against Bishop Estate, now renamed Kamehameha Schools. Former trustee, Oswald Stender, brings a lawsuit against the State of Hawaii for failure to act earlier to curtail corruption at the estate. 2000 - March. Goldman Sachs takes public World Online International NV, a Dutch Internet access provider. Goldman did not disclose that the internet firm's chairwoman had sold much of her stock before the IPO. The shares have fallen 65% from their sale price. Litigation is likely. 2000 - April. Goldman Sachs may be disqualified from arranging Nippon Telegraph & Telephone Corp.'s planned $13 billion share sale because of the soured IPO of World Online International NV. Japan's Ministry of Finance said it may bar Goldman, the No. 1 underwriter of Asian equities during the first quarter, from managing the sale of 1 million shares held by the Japanese government in NTT, in what is set to be one of the world's largest stock offerings. 2000 - December. The SEC announces that it is investigating possible wrongdoing involving Initial Public Offerings (IPO's). Goldman Sachs is named as one of the financial firms being investigated. * * * IS SOME OF THE GOLD IN GOLDMAN SACHS NAZI GOLD? The #1 institutional investor in Goldman Sachs is France's giant AXA FINANCIAL . After more than a half-century, it was recently disclosed that a sizable amount of AXA's great wealth may have come from NAZI Holocaust victims. * * * NOW - IF YOU STILL HAVE ANY STOMACH LEFT - TAKE A LOOK BELOW AT JUST SOME OF THE GIANT VAMPIRE BATS THAT NEST WITH GOLDMAN SACHS! ~ ~ ~ ----- Aloha, He'Ping, Om, Shalom, Salaam. Em Hotep, Peace Be, All My Relations. 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