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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

Friday, October 16, 2009

Goldman Sachs Is Robbing Us Blind by Dylan Ratigan

Dylan Ratigan is an anchor for MSNBC. He is one of the few main stream news persons who is not affraid to tell it like it is even though MSNBC is owned by GE a participant in government bailouts.

Recently there were 3 articles published that I feel is important to view mainly because of his position and beliefs that very much mirror our own here at

Often times voices such as ours here at GoldmanSachs666 are not recognized primarily for lack of credibility. After all, we are just average American citizens that see what is happening to our country, society and culture. Few in the media are willing to or courageous enough to speak out. Some media, I believe, are just conduits for the government and only report what they are given to report.

The reports from Dylan Ratigan are an important step in the fight to preserve Democracy and Capitalism - the foundations of success of this country. The erosion of Democracy and the abuse of Capitalism are realities and it is up to us, the people, to not fear the government and those who have wrestled control of the government away from the people.

Goldman Sachs Is Robbing Us Blind by Dylan Ratigan as published in The Busness INsider - Clusterstock

In a world where real competition, modern technology and lack of special government standing means most American businesses have no choice but to adapt and innovate -- Wall Streets wimps only apparent skill is rigging the game.

Wall Street and in particular Goldman Sachs has rigged the game, changed laws, avoided regulation and systematically embarked on a mission of transferring wealth from the people to themselves. Be assured however, that GS is not the only player that has "rigged the game" an continues to do so. Again, I believe that The Federal Reserve and its true owners - kept secret from us - have a large part to play in this.

To make money, the banks exploit two loopholes. The first -- overcharge customers by depriving them of the type of competitive pricing only possible on an exchange like the New York Stock Exchange or Chicago Mercantile Exchange.

And the second, exploit the lack of transparency to hide the fact that you are keeping little or no money to pay claims while selling insurance and collecting fees on every house and pension payment in America.

The key to success here is that when there is a default or claim against that so-called credit insurance -- the banks keep all the past payment -- and the taxpayer under threat of collapse pays off the claims while getting nothing in return.

This quite simply, is a brilliant way to steal our money. (emphasis added)

Yes, brilliant in deed. Yet the theft is broader then Mr. Ratigan's description above. The securitization of loans, sliced and diced and packaged for sale to investors world wide preceded the need for the credit derivatives - phony insurance Ratiigan speaks of. We have been made aware of mortgages being securitized but know that credit card credit lines, auto finance and leases as well as commercial real estate have all been securitized. To have successfully securitized these loans they somehow were able to get the rating agencies to rate them AAA - very low risk - which drove investors world wide to the doors of Wall Street. The ratings were phony!

But even more enticing to the securitizers and their investor customers was the fact that there was seemingly insurance to cover the bets in the event the investments in the security issues soured. But how do you do this with no money at all to back the insurance? Ratigan says,
...exploit the lack of transparency to hide the fact that you are keeping little or no money to pay claims while selling insurance and collecting fees on every house and pension payment in America.
Exploit the lack of transparency, an other way of saying they can do what ever they want to do and actually hide what they do from regulators already in place to oversee this type of activity. And to hide what they do, they need the help of the regulators to turn a blind eye.
Now this method of "business" is only possible if the government continues to allow these crooked insurance contracts to be written in secret, allows them to hold little or no money in reserve for payment and allows them to sell enough coverage on enough vital national assets that if there is a default -- the taxpayer has no choice but to pay.
I disagree with the last comment - "the taxpayer has no choice but to pay". Yes, we do have a choice and no we were not given a choice. When a U.S. Treasury Secretary is joined a the hip to the company he once ran and is also joined at the hip to the President of the powerfull Federal Reservy Bank of New York - now our current Treasury Secretary - who are welded together to The Federal Reserve - that power base is stronger then our government. It has been said by many during the Greenspan years as Chairman of The Federal Reserve, that he was the most powerful individual in the country. More powerful then the President of the United States- whoever it may have been during his reign.

The government's job is to restore the rules of investment, not indulge those who want to unfairly sustain their wealth and power at our nation's expense. (emphasis added)

Read the entire here


Jr Deputy Accountant said...

awesome synopsis, Larry :)

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