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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

Sunday, November 1, 2009

How Goldman Sachs secretly bet on the housing crash

This four-part series story is a must-read that will infuriate you. This is why conspiracy theorists claim the whole housing crash/bailout was planned. Planned to steal YOUR money and put it in their pockets! It will be interesting to see what, if anything, becomes of this. We will be posting more of this as it is being released over several days (it's quite long and detailed). If people don't go to jail over this, well ......

How Goldman Sachs secretly bet on the housing crash

In the 1980s and '90s, Goldman Sachs Group ran a staid residential mortgage operation that simply bought and sold loans. But in 2001, the elite investment bank leaped aggressively into the burgeoning subprime securities market that was becoming a fountain of money for its rivals.

That year, Goldman Sachs sold $8.7 billion in subprime bonds, a third of its business. In 2006 and 2007, it peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages.

Today, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are dealing with huge losses.

A five-month investigation by McClatchy Washington Bureau correspondent Greg Gordon shows how Goldman Sachs sold these securities to unsuspecting buyers, used offshore tax havens to market them to financial institutions worldwide and benefited from key federal bailout decisions, at least two of which involved then-Treasury Secretary Henry Paulson, a former Goldman chief executive officer whose staff at Treasury included several other Goldman alumni.


Read the full story. Click here


Anonymous said...

Former Wall Street Player Reveals the Inside World Behind Shady Bailouts to Bankers

The top guy on Geithner's speed dial today is Goldman Sachs CEO Lloyd Blankfein. There's no scenario under which Geithner would ever say that what he did during the bailout and crisis period was wrong. Bill Clinton still doesn't see how repealing Glass-Steagall was at all involved in this crisis. Summers of course, was treasury secretary that day, a decade ago, when the Glass-Steagall Act was repealed, in fact, he introduced the ceremony.

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