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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Tuesday, April 14, 2009

Breakup Goldman Sachs - Too Big To Fail Means Too Much Power

Editor's Note: Mish Shedlock put out a piece titled Time To Breakup Goldman Sachs and I agree. I also agree it is time to breakup Citigroup and probably JP Morgan.

Here is the opening paragraph from Mish . . .

It's time to breakup Goldman Sachs, Citigroup, and for that matter any bank or holding company deemed too big to fail. It's not just the "too big to fail" hazard that is troubling, it's also the power these corporations have and the potential to abuse that power that is also troubling.

Read the full article - Time To Breakup Goldman Sachs


Anonymous said...

This is a dis-info site put up by GS.

We all know that GS is at the center. The first article is a pathetic Newsweek piece, stating the obvious, gov sachs runs america.

We all knew GS is at the center. To put up a site like this, is GS coming forward to make an attempt to distarct us from the larger conspiracy. The conspiracy that GS crashed the market in 2008 with precision and intention. They SHorted subprime 07, raised margin requirements at the exchanges, killed Lehman, and had Moodys cut AIG's rating. Lastly' Their man Jim Crammer says SELL after 11 days of crashing markets. AIG and Citi were both fall guys from the beginning. I am still wondering if Goldmans people inflitrated Freddie and Fannie Mae or INDY MAC.. Anyone?

Frank Hope said...

JP Morgan Chase home of the "Morgan mafia" started the derivatives business and is the biggest player by far. It holds something like $90 trillion in derivatives which is about half of the total amount held by US banks. This is according to the Office of the Comptroller of the Currency which is a branch of the US Treasury Dept. For comparison the US GDP in 2008 was about $14 trillion and the world GDP for the same year was around $78 trillion.

It's been rumored that the main reason the Fed became involved in the sale of Bear Stearns was to save JP Morgan Chase from failing in a collosal fashion. My guess is that a large part of the bailout has been an attempt to hide the fact from the public that JPMC is a very sick institution.

The question is: Who's going to breakup the banks? It sure isn't going to be Tim Geithner. I had this to say about his appointment as Treas-Sec in an article titled "The US Civil War in reverse - fight the new slavery!".

"He was chosen for his proven allegiance to the International Bankers. He has been working for their cause as President of the New York Fed for years. He never challenged them or spilled the beans on their dubious investment schemes. He participated in planning the Paulson bailout, particularly with regards to the shady dealings involving AIG. He's part of the clan. His hands are dirty. If they go down, he knows that he'll go down with them. In a word, Geithner has been 'initiated'."

So the first step has to be to bring in a new Treas-Sec who is not affiliated with the Wall St. banksters that created this "crisis" in the first place.

P.S. Congratulations on the success of your website. I wrote an article linking back to your site on my blog titled "Goldmansachs666: What the devil is Goldman Sachs up to?" and asked my readers to volunteer on your site.

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