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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, September 8, 2009

Goldman Sachs- the Real Death Panels

Presented without comment....

On Saturday the New York Times dropped the strangest bombshell. It was the leading article on the front page. Wall Street is back into the bundling business and this time they believe they've got it right. They're buying up billions of dollars worth of the insurance policies of the sick and elderly, gambling as the New York Times article notes serenely, that "the earlier the policyholder dies, the bigger the return -- though if people live longer than expected, investors could get poor returns or even lose money."

Wow! I mean wow! I mean, I know I may be naïve in asking this, but what the hell are these guys thinking? No, scratch that -- what are they feeling? Is there no place they won't go? I mean I truly want to move beyond the concept of killing the bastards, but really -- it's enough to make you...

But wait. I don't want to get a heart attack over this and prove them right. I need to take the kind of breath one learns from yoga.

Let's note that Goldman Sachs is at the center of this, having "developed a tradable index of life settlements, enabling investors to bet on whether people will live longer than expected or die sooner than planned. The index is similar to tradable stock market indices that allow investors to bet on the overall direction of the market without buying stocks."

Goldman Sachs -- they're everywhere.....


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