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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, December 11, 2009

More Of The Same...No Change In Sight. What Part does Goldman Sachs Play?

Obama preached "change" as many Presidential candidates have done for many years but this time American's really believed he (Obama) could do so.

Wrong!  It is not only more of the same, it will continue to be the same as long as the same people are in power in front of and behind the scenes.  You see, I currently believe that it matters not who we elect as President as that position is just a figurehead for those truly in charge.

If we want change we need to clean house - not just the White House but the House of Representatives and the Senate where you have long term members (dictators) who run the show.

You need also clean house in both the Democrat and Republican Parties as both seem to be growing closer together while attempting to show their differences.  As a friend of mine always says, "they are the same head on a two sided coin".

There are "new" housekeepers out there but their views and parties are suppressed by our two major parties and the ruling forces behind them.  This country needs a complete overhaul.  We need political reform - getting away from a just two party system - we need economic reform, health care true reform, regulatory reform (especially in our banking system), tax reform, education reform and social reform.   Have I left out any broken pieces?

My same friend (the two headed coin guy) also says that this country is headed to becoming a "third world" country.  I believe he is right but at the very least it is becoming a two class society - the very rich and the poor.

Edward Harrison of The Huffington Post reported today on a story - Matt Taibbi on Obama's Big Sellout.  He writes:
This article originally appeared on my site Credit Writedowns
Matt Taibbi is one of the few commentators in the mainstream media who is not worried about 'access' and has, therefore, been free to write much more critically about the economic crisis and reform efforts on Wall Street.
His first piece was a polemic against Goldman Sachs, which triggered a backlash against the venerated Wall Street firm due to its incestuous relationship with Washington.  Afterwards, he took on health care reform. Now, he is taking on the Obama Administration and its status quo bias. I have an excerpt below and a link to the full article. But, first, let me say a few words.
As you probably know, I have been quite disappointed with this Administration's lead
As you probably know, I have been quite disappointed with this Administration's leadership on financial reform. While I think they 'get it,' it is plain they lack either the courage or conviction to put forward a set of ideas that gets at the heart of what caused this crisis.
Read Harrison's full article which includes excerpts from Matt here

Read Matt Taibbi's article Obama's Big Sellout in Rolling here

The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway

...What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.
Then he got elected.
this article is being simultaneouslly published in:
Link to comments from this here

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Anonymous said...

Goldman Fueled AIG Gambles
Wall Street Titan's Role Shown in Journal Analysis; Firm Says Problems Hidden

Goldman Sachs Group Inc. played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American Insurance Group Inc.

Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms. A Wall Street Journal analysis of AIG's trades, which were on pools of mortgage debt, shows that Goldman was a key player in many of them, even the ones involving other banks.

The trades yielded Goldman less than $50 million in profits, which were mostly booked from 2004 to 2006, according to a person familiar with the matter. But they piled risks onto AIG's books, which later came to haunt the insurer and Goldman. The trades also gave Goldman a unique window into AIG's exposure to losses on securities linked to mortgages.

When the federal government bailed out the insurer, Goldman avoided losses on its trades with AIG covering a total of $22 billion in assets.

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