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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

Wednesday, December 23, 2009

Goldman Sachs Links and News - December 22-23, 2009

Goldman Sachs Capital PartnersImage via Wikipedia
Holiday Cards from "Goldman Sachs" Circulating on Wall Street
New York PostCEO Of Goldman Sachs-Owned Molycorp Is Psyched About Treasury's ...
By Joe Weisentha
The Goldman Sachs Coffee Conspiracy [Conspiracy] -
Teamsters Request SEC Review YRC Credit-Default Swaps
Former Goldman Sachs junk bond dealer earns $2.5bn in bet on US banks
Study: Politically-Connected Banks Were More Likely To Get Bailed Out
Huffington Post (blog)
Community lenders hit the funding jackpot Adams: Goldman's Actions Cross Into ...
By Robert Wenzel
Nearly Nobody's News: Goldman Sachs Imploded The Housing Market
By Nearly Nobody
Treasury Cover-Up of Goldman's Role in AIG Crisis?
Huffington Post (blog

Editor's Comments:

As the holiday season comes upon us many in this country will be wondering what the new year will bring for them.  The countless homeless, about to be homeless, underemployed and unemployed will be thinking about life before the crisis brought on - by self admission - by Goldman Sachs.  At the same time, the employees of Goldman Sachs will be busy feasting, shopping and sharing, counting all the money they just made in bonuses on the backs of the American people.

Holidays - no matter what religion or beliefs you have - are typically a time to sit back, enjoy family and friends and just have a good time.  Not this year or even the year before and probably not next year either.  A very sad commentary on the state of the state of America. 

As the new year approaches, I see it as a new beginning.  An opportunity for Americans everywhere to stand up, speak out and take back control of "our" country.  The message to our politicians, our administration and to our controlling "too big to fail" should be and is - we have had enough.  We are the people of this nation.  We are your bosses.  You all work for us.  We want justice and we want our freedom back.  We want jobs and we want homes.  We want food to feed ourselves and our children.  We want our American way of life back.  Not with the excesses that were allowed us by our government and financial institutions in recent years but the way of life we enjoyed prior.  Sure, it did not work for all, even then, but that should have been our mission - to help those less fortunate then the majority.  Instead, we walked many millions of people into a candy store and said, "you can have all you want...just take it".  We were constantly reminded of this by television commercials from JPMorgan/Chase in their "I want it all and I want it now" campaigns.

Instead of helping those "less fortunate" we increased the numbers of "less fortunate" and increased the incomes and lifestyles of those already on the top tier of income and lifestyle.

So as this holiday and New Year season is fast approaching, let us all resolve to take action and let our rulers know just how we feel.  You see, we still have one thing going for us here in America - we can still vote someone out of office.  We can let them know our intentions.  We're going to fire them and allow them their pensions and health benefits.  A gift far larger then any they have given us in quite some time.

With a resolution of taking action and correcting the many wrongs that exist, perhaps, resolution by itself, can help us take the time out during this holiday season to enjoy our family and friends without the stress that exists.  
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Anonymous said...

They really do not understand what they have destroyed.........

The Financial Times Man of the Year - Lloyd Blankfein

How fitting, to mark the high tide of the will to power of the Anglo-American banking cartels. No better symbol of hubris, of the overreach driven by a pathetic insensitivity and sociopathic greed, of the cult of ego and the darker impulses of the human heart, that creates nothing.

Honoring the man as the epitome of 2009, a man whose bank helped to precipitate one of the greatest financial crises of the century, and used it as a means of profit for their own ends, no matter what damage was caused in the process, what corruption was required to undermine the nation's well-being, therein sowing the seeds of your own eventual destruction.

And no better day for it, than on the eve of the commemoration of a renewal of a life, of genuine value, of the perennial movement of the human spirit from the images and the shadows, a turning away from stench of corruption and decay, into the light.

"For what shall it profit a man, if he shall gain the whole world, but lose himself?

The man of the year indeed. King of the ash heap of history.

Anonymous said...

How the Bankers Stole Christmas

Only unlike the Grinch, despite stealing from people every year, bankers never learn and never reform, they never return to the people the vast amounts of money they stole from them, and they are cold-hearted and arrogant enough to claim that they are doing “God’s work” (as stated by Goldman Sachs Chairman and CEO Lloyd Blankfein, when in reality, they do much more harm to society as a whole than good. And this makes the majority of bankers worse than the even the loathed Grinch himself.

Anonymous said...

y Gretchen Morgenson and Louise Story
The New York Times
Thursday, December 24, 2009

In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm.

Mr. Egol, a Princeton graduate, had risen to prominence inside the bank by creating mortgage-related securities, named Abacus, that were at first intended to protect Goldman from investment losses if the housing market collapsed. As the market soured, Goldman created even more of these securities, enabling it to pocket huge profits.

Goldman's own clients who bought them, however, were less fortunate.

Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments, according to former Goldman employees with direct knowledge of the deals who asked not to be identified because they have confidentiality agreements with the firm.

Goldman was not the only firm that peddled these complex securities -- known as synthetic collateralized debt obligations, or CDOs -- and then made financial bets against them, called selling short in Wall Street parlance. Others that created similar securities and then bet they would fail, according to Wall Street traders, include Deutsche Bank and Morgan Stanley, as well as smaller firms like Tricadia Inc., an investment company whose parent firm was overseen by Lewis A. Sachs, who this year became a special counselor to Treasury Secretary Timothy F. Geithner.

How these disastrously performing securities were devised is now the subject of scrutiny by investigators in Congress, at the Securities and Exchange Commission, and at the Financial Industry Regulatory Authority, Wall Street's self-regulatory organization, according to people briefed on the investigations. Those involved with the inquiries declined to comment…

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