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Fraud*
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

Occupy Wall Street News

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Tuesday, August 11, 2009

Goldman Sachs: A Massive Scandal

Editors note: William Black goes in depth on the biggest theft in world history in this 1.5 hour long interview. Absolutely amazing.

13 COMMENTS:

jerry said...

I think it was the central banker Paul Warburg who said it the best...
"The world lives in a fools paradise based upon fictitious wealth , rash promises and mad illusions". he said "We must beware of booms based upon false prosperity which has it roots in inflated credits and prices." {Chernow pg. 223}
That was 1920 however and this is 2009 and we haven't learned anything?

Anonymous said...

nope.

Adam said...

Such a shame that by making commentary like this, Black has automatically disqualified himself from ANY office where he could do some good. Not like they would consider him for Treasury Sec or SEC head anyway. Way too realistic for those gigs.

Anonymous said...

history teaches us that we never learn from history

Wayne Jett said...

Professor Black presents much relevant data and important real world experience, but I respectfully suggest he reaches erroneous conclusions in important respects. For example, he focuses upon corporate CEOs as primary wrong-doers in sub-prime loan crisis. I think even the evidence he presents points towards the inner circle of elitists centered on Wall Street as intentionally causing the crises, including the sub-prime crisis. What magnified that problem to much larger proportions were the derivative securities designed by Wall Street, such as credit default swaps, which enabled "side bets" on any loan. And every credit default swap was hedged by SEC-permitted naked short sales of corporate shares of the issuer of the debt. This almost assured default by the debt issuer. All this was designed to benefit the big players of Wall Street, as they make much more money in a crash than in gradual expansion.

Another example. Tim Geithner was promoted to president of the New York Fed, not because he "failed" in causing the Southeast Asian economies to collapse. He was promoted because he "succeeded" (in the eyes of Wall Street's players) in doing so. He was promoted to Treasury secretary because he again "succeeded" in the eyes of Wall Street players by failing to supervise the big Wall Street players.

All of this strongly evidences contrived designs to do great damage to public interests for private gains by the elitist designers. This has been the pattern of mercantilist assaults against common people - particularly the middle class which threatens the elites with real competition - and is onslaught we are presently experiencing.

By the way, the elitists I mention do not sit far from the elbows and shoulders of those at Goldman Sachs.

Anonymous said...

Careful on the Warburg comment. Warburg also supported the formation of the Fed. Read the book "The Creature from Jekyll Island" about the formation of the Fed as a cartel for the big banks to fight competition. Warburg, Morgan and other bankers were all involved. Like the other poster said, we don't learn from history.

The people of this country have to wake up. I like what Ralph Nader said (not exact), "Nothing will change until the people of this country know as much about the history, facts and strategy of this country as they do their favorite sports teams." We need more people to learn about our economic and regulatory system and care about it.

Mr. Black is amazing. He's thoughtful, analytical and decisive.

Robert said...

Goldman Sachs is so connected to the Federal Reserve and the US government that they just dominate. They are one of the machines that are enacting the economic shock doctrine.
It's scary that act like a psychopath!
Truth to Power:Psychopaths Rule Our World

Anonymous said...

Great video. Professor Black is one of the true heroes who is not afraid to speak the truth.

And I think going forward one of the only ways for the average person to protect him/her self in this type of environment is to invest in the one asset that has stood the test of time and that "Goldman" cannot manipulate, ie gold itself. The gold price should also benefit from all the govt stimulus and money printing that is being done by our politicians because Goldman has them in their back pocket.

Anonymous said...

Decimal Place Trading caused the recession of 2008
This recession was caused by the manipulation of stock prices on Wall Street through naked short-selling, flash trading, high-frequency trading, secret software, super-fast computers and what I feel was the main cause of this corruption: “Decimal Place Trading.” As I write this article today, much of this corruption is now slowly coming out through social media outlets such as Twitter and Facebook, along with bloggers on the internet, Yahoo bulletin boards, and the movie Stock Shock. The news media is also to blame for what has taken place in this country -- including the near-collapse of Wall Street and the banking industry.
There are many things to point fingers at or place the blame on, and I can think of a few off-hand that I would like to cover -- the first being Wall Street’s regulation changes. I am no expert -- I am not even a writer -- but decided to tell this story since the business news media was not telling it. These Wall Street regulation changes contributed to the aforementioned problems in many ways, with the first being the removal of fractions in stock pricing. On January 29, 2001, the New York Stock Exchange, or NYSE, went to four-decimal-place trading. On March 12, 2001, the National Association of Securities Dealers Automated Quotation, or NASDAQ, followed suit. This new rule had the best of intentions as we headed toward the computer and digital world, but over time it was manipulated and companies like Goldman Sachs figured out how to take advantage of the new system. I am not sure how it happened, whether it was lobbied for years or what -- but along came the biggest mistake of all with the elimination of the uptick rule in July of 2007. This rule had been implemented after the great depression, and had been in place since 1938. How could the Securities and Exchange Commission, or SEC, abolish a rule that had been in place for close to 70 years, and had worked? Put these two changes together, and you get a simple equation: greed plus corruption equals recession.
Reports have been released on the web that Goldman Sachs made over 100 million dollars per day in 46 out of 64 trading days in Fiscal Year 2009, second quarter (April, May and June). Let me say that again. They made over 100 million dollars per day, and are still doing it as I write this letter today. But the question remains, how did they do it? There has been no report of this by any of the news media. How can this be? This corruption is 100 times the gravity of the Bernie Madoff story, and yet there has been no coverage by CNBC or Bloomberg News. Why? Goldman Sachs, upon Wall Street transitioning to fractions and the abolishment of the uptick rule, designed secret software and used this software to gain an advantage on every potential investor. Basically, Goldman Sachs became a Las Vegas poker dealer in New York City on Wall Street, turning profits on investors every trade with their super-fast computers and software.
Richard Keane August 26th, 2009 Revised version

Anonymous said...

White house calls me http://bit.ly/3KH6Es Wall Street crime about to be exposed

Richard Keane, narrator Stock Shock

www.twitter.com/stockshockmovie

www.stockshockmovie.com

Thanks

Richard

Dr. K said...

Hello,





Here is a press release that came out today Sept 2nd, 2009. It also has a few photos on it and a 12 second video of me.



please check out the link http://www.24-7pressrelease.com/press-release/white-house-curious-about-movie-stock-shock-114735.php





Richard Keane, narrator Stock Shock

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