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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, July 14, 2009

Goldman to manipulate cap-and-trade ?

Editors note: Award winning author William Tate writes about the proposed cap-and-trade market, a 100% guaranteed money maker for Goldman (and others). Instead of simply imposing fines on companies that pollute, they want to create a "market" that by design has to rise in value (that is until *pop* goes the bubble).

Will Dems allow Goldman to manipulate a cap-and-trade market?

Goldman Sachs, the Wall Street leviathan that is heavily invested in the cap-and-trade carbon market scam, has admitted it has developed and used software that can manipulate such financial markets.

The revelation came during proceedings in a legal case with enough plot twists to make even John Grisham proud; it was made, not by Goldman, but by an assistant U.S. Attorney.


Goldman wouldn't manipulate markets, would they?

But what are we to make of Facciponti's comment that "there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways."

Which leads the inquiring mind to ask, How does Goldman know that its program has that capability?

Goldman, being the good corporate citizens they are, would never have used it that way.

Or would they?


Read the full story.


Anonymous said...

Cap and trade was created solely for GS.....manipulate it? That's like asking if the pope is still going to mass.


Jr Deputy Accountant said...

Imagine how great their earnings are going to be after *this* little farce.

Would really love to know when it ends....


We are rapidly approaching the theater of the absurd.

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