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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, August 18, 2009

Goldman Sachs And Others Settle with Regulators

High Noon Approaching for Cuomo, Charles Schwab

N.Y. AG Cuomo is relentless.  Probably the only "freedom fighter" in public office we have today.  Bilking money from people for pure profit motives once upon a time in this country was illegal.  Maybe it soon will be again.

Sales tactics like those employed by our banking industry were once relegated to back room, smoked filled, blue suede shoe salesmen.  Today it is a profession out in the open with sharks dressed in Armani suits whose prestige is predicated on the number of people they can take advantage of.  In fact, there must be a college course somewhere for this as these Wall Street Banksters want you to have a college degree.  What ever happened to Basket Weaving 101?

In one exchange between a Schwab broker and client that was reviewed by the Journal, a customer says: “You know, I’m not trying to make a ton of money. I just want to play it safe.” The broker responds: “The hardest part of this auction is getting into it. That is the tough part. Getting out is easy as just selling.” But when the market collapsed, Schwab clients were stuck with $787.8 million in auction-rate securities.

From the WSJ Law Blog

Auction-rate securities are long-term debt instruments with attributes of short-term securities because they are resold with new interest rates in periodic auctions. The $330 billion market’s collapse, which came to a head when market makers stopped stepping in as buyers in early 2008, caused investors billions of dollars of losses.

Several large Wall Street firms that had underwriting operations, including Merrill Lynch & Co., Citigroup Inc., J.P. Morgan Chase & Co., UBS AG and Goldman Sachs Group Inc., have settled with regulators, agreeing to buy back more than $60 billion in auction-rate securities from customers.

Read Full here

This round table of  Black Knights would put fear into even King Arthur's legions.  In the words of our publisher...WAKE UP AMERICA!


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