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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, January 15, 2010

Dylan Ratigan (MSNBC) On FCIC Hearings and Comments on Goldman Sachs - Update 2

Mr. Ratigan, again, says it like it is. Elliot Spitzer - one of his guests on this broadcast - complitented Ratigan on his overview of the "man made hurricane" created by those being questioned including our pal, Lloyd Blankfein, CEO of Goldman Sachs.

This is a Ratigan piece that aired on July 24, 2009, which puts the actions of the banks into perspective. It is worth the view to understand what happened and compare it to the testimony given at the FCIC hearings.

Let's sum it up. There was massive fraud and criminal activity for self enrichment led by the very people that testified at the FCIC hearings. Leading the cartel and earning the most amount of money over the past three years was Lloyd Blankfein.

There are reports that the FBI is investigating over 2800 people for mortgage fraud but no mention of the greatest conspiracy to defraud "the world" by these group of banksters. It is obvious and apparent that what they did was criminal and many in and out of our government were complicit in all of this. However, nothing seems to be done and no actions are taken. These banksters are allowed to continue "business as usual" paying themselves even more hundreds of millions while the nation and the people they care not about are continuing to spiral downward.

I believe that this "circus" of hearings and investigations is no more then window dressing to appease the American people. While I have always believed that one is "innocent" until proven guilty there has been enough "guilt" evidenced and proven beyond a shadow of a doubt (see Zamanta related articles below). We are living in the "proof" of this guilt on a daily basis.

The question is then again raised - as has been raised many times over the past couple of years - just how much control do these banksters have on our government, our society and on each of us individually?

Are these men in control and are there others - internationally - that we do not see or hear about involved in this massive fraud and ponzi shceme? Could it be that these banksters we continue to interrogate are no more then lieutenants in a very large international criminal organization whose purpose it is to control the world? The "New World Order" Bush 1 talked about seems to be coming into reality.

We must Wake UP before it is too late. We have the power but we must also have the will. Unemployment figures continue to be staggering, homelessness increasing and foreclosures anticipated to rise even more then before.

Hearings like this weeks by the FCIC without actionable results are meaningless. They have until December of this year to come out with their findings. I fear that will be too little too late.

There was an old saying I learned many years ago, "If it is to be, it is up to me".
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Anonymous said...

Why isn't anyone screaming about this?

The SEC, working hand in glove with AIG, agreed to keep bailout terms sealed, including information on the pass thru to counter parties such as Goldman Sachs at 100 cents on the dollar. This SEC granted “confidential treatment” was agreed to last May, and a “secrecy order” (WTF is that?) will stay in place until November 2018.

Anonymous said...


Elizabeth Warren: Behind the TARP Bailout

Anonymous said...

This is HR 4173, “‘The Wall Street Reform and Consumer Protection Act of 2009.

On Section 1701 (ADDITIONAL IMPROVEMENTS FOR FINANCIAL CRISIS MANAGEMENT.) starts on page 436 and on subsection C (FINANCIAL CRISIS MANAGEMENT) talks about unusual and exigent circumstances. Page 437 says “Upon making any determination under this paragraph, with the consent of the Secretary of the Treasury, the Financial Stability Oversight Council shall promptly submit a notice of such determination to the Congress. The amounts made on available under this subsection shall not exceed $4,000,000,000,000.”

Basically this bill allows future $4 Trillion back stop to WallStreet casino.

Anonymous said...

What a club....its like the House of Medici..............

Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?

At the heart of the new system of power, says Janine Wedel, is "a decline in loyalty to institutions" and "the proliferation of players who swoop in and out of organizations with which they are affiliated." There is no more vivid example of this phenomenon than Harvard University, which for centuries was held together by institutional loyalty. Today, that loyalty has eroded, and those at the top act much more flexibly. Yet they still enjoy almost unlimited power. Like all forms of mismanagement, Harvard's woes call for transparency and accountability. The story resonates to Washington, where Harvard's power elite is deeply entangled.

Harvard lost $11 billion from its endowment last year, plus another $2 billion by gambling with operating cash and $1 billion in bad bets on interest rate fluctuations. Harvard had been borrowing vast sums to leverage its assets and to expand its physical plant; its president, Lawrence Summers, had described as "extraordinary investments" what ordinary people would call crushing debt. The only way to balance the looming deficits was through huge investment returns. The speculating worked for a while, but when the bubble burst, Harvard was left almost insolvent.

The Corporation is stunningly secretive. The members are listed on a Harvard web page--but with no contact information. Their meetings and agendas are unannounced, their decisions unreported. The Fellows, scattered across the country, are isolated from the institution they govern. Even the university's statutes--the closest thing to a constitution limiting the Corporation's discretionary power--are almost impossible to locate. The colonial-era board structure is failing the modern university.

In September, 2000, the government sued Harvard, Shleifer, and others, claiming that Shleifer was lining his own pockets and those of his wife, hedge fund manager Nancy Zimmerman--formerly a vice president at Goldman Sachs under Rubin.

Anonymous said...

Interesting post from seems we all know the score...looks like we're all being played for stupid.

And the Rubin network couldn’t even trust Hillary to operate solo as Secretary of State. They had to put in one of their very own, Hormats, to oversee the U.S. State Department. Hormat’s appointment was critical for Goldman et al., advancing and protecting its worldwide enterprise. Goldman controls the treasury and all aspects of finance of the U.S. economy -- 306,000,000 Americans and their national and foreign policies are keyed to the interests of a small foreign power.

Back on July 23, 2009, Eric Janszen of iTulip wrote: “The influence of America’s top financial firm, Goldman Sachs, widened its influence over the White House when on Friday the (NY) Times reported, Goldman Executive Named as Obama Adviser.” And he quotes the Times:

“President Obama said Friday (July 17) he would nominate Robert Hormats, a vice chairman of Goldman Sachs International, to a top economic position at the State Department. Mr. Hormats, 66, will be under secretary of state for economic, energy and agricultural affairs. He was deputy trade representative from 1979 through 1981 and held other posts at the State Department throughout his career. Hillary Rodham Clinton, the secretary of state, said in a speech on Wednesday that she hoped to make economic policy and trade a larger part of United States diplomacy.” (emphasis added)

At the same time, said Janszen, and also according again to the New York Times, on July 22, 2009, “American financial oligarch Jamie Dimon, the head of J P Morgan Chase, held a meeting of his board in the nation’s capital for the first time. White House chief of staff, Rahm Emanuel, attended.” And I quote Janszen: “Banker’s board meetings in Washington with White House staff in attendance? Will our legislature dispense with the formality of drafting FIRE Economy friendly legislation and simply allow the banks’ law firms to draft legislation for them?

"How could this happen in the United States of America?”

Anonymous said...

goldman you listening?

Ron Paul Powerful Speech - A Call for Revolution?

Slavery sold as liberty. Socialism to save capitalism. A psychotic nation. Exuberant taxation. Epidemic of cronyism. 700 military basis all over the world. Tortures of 21st century. We have forgatten what made America great. Revolutionary changes are needed and forseen. Is Ron Paul the ONLY honest man in American's politics??

Anonymous said...

Doesn't look like everyone is buying the goldman & brethren bonus argument

What to Do About Bankers’ Bonuses

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