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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

Thursday, January 14, 2010

Goldman Sachs CEO To Testify At FCIC Hearings

Today, the Financial Crisis Inquiry Commission, which Congress established last year to investigate the causes of the financial crisis, is scheduled to question the heads of four big banks — Lloyd Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John Mack of Morgan Stanley and Brian Moynihan of Bank of America. The Op-Ed editors asked eight financial experts to pose questions they would like to hear the bankers answer. (From the New York Times Op-Ed, "Questions for the Big Bankers".)

The Financial Crisis Inquiry Commission (FCIC) will begin their questioning with apologetic Lloyd Blankfein who also functions as one of Gods disciples.  It will be interesting to hear what he has to say.  Also interesting will be to see how much teeth this FCIC has when it is all said and done.

View the questions and their authors in the New York here
We will follow this story and report on it as information becomes available.  Stay tuned.

Below are related articles on the hearings.

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Anonymous said...

Maybe Jon Stewart should have questioned the bankers..he seems to have a better handle on the situation than our esteemed leaders...

Jon Stewart on Wall Street Bonuses

RobertM said...

In case you missed the hearings, here's a pic of Lord Blankfein and his pals lying through their teeth.

RobertM said...

From Before It's News:
The Great Bank Robbery Conspiracy Paulson Bernanke Geithner Goldman Sachs Bankers Steal Your Money Bank Hearings Video Summary

New York, NY- How did the United States Government and Wall Street defraud the taxpayer of trillions of dollars under the guise of a financial and banking crisis? What are the ultimate goals of the US Government and how did the financial crisis set the stage for an upcoming repeat stock market crash and deflation followed by a stock market bubble and ultimately strong inflation?

A simple brief summary of the financial and banking crisis explained for the lay person:

1. US Government encourages an unprecedented build up of private sector debt by promoting asset price bubbles in residential and commercial real estate thru artificially low interest rates and reduced Capital Requirements. US Government underwrites loans by Fannie Mae and Freddie Mac.

2. Banking Industry creates complicated security bond investments (CDO) to spread the risk of default on the loans to multiple parties. Essentially the US Government, thru the Wall Street Banks, provided the credit for the loans and then packaged the loans into Bonds to be sold to other institutions sold worldwide such as Hedge Funds, Pension Plans, Governments, and other large Financial Institutions.

3. Banks then created Insurance to protect against a drop in value of these bonds called Credit Default Swaps (CDS). These unregulated Insurance Policies were bought by varies institutions that held the bonds to protect them in case the bonds dropped in value.

4. SEC ignores risks building in system.

5. Ben Bernanke is named Federal Reserve Chairman in October 2005.

6. Hank Paulson resigns from Goldman Sachs and is named US Treasury Secretary in July 2006.

7. New York Fed President Tim Geithner works to lower the capital requirements for banks in 2007.

8. When the eventual drop in prices for residential and commercial real estate occurred the Banks were not exclusively holding the debt associated with the assets. The CDO’s were held by numerous banks, hedge funds, governments and pension funds throughout the financial system.

9. When these bond prices dropped and the holders of the Insurance Policies came to collect on the CDS contracts the losses were so large that the institutions that wrote the CDS insurance policies could not make good on the policy. A primary issuer of this insurance was AIG.

10. This made it possible for the United States Government, thru the Federal Reserve and United States Treasury Department, to step in and pay the parties who would otherwise have lost money. Those parties are major worldwide financial institutions such as Goldman Sachs, Merrill Lynch, UBS AG and Deutsche Bank AG. US taxpayers are now burdened by this debt.


RobertM said...

The reasons for this crisis will become clear in the years ahead and are listed below:

1. Concentrate power to the few by eliminating many Wall Street Firms. Merrill Lynch, Bear Stearns, Lehman Brothers fail. Goldman Sachs gains further control over finance and government.

2. Engineer a second stock market selloff in order to create a further sense of fear and insecurity for the general public with associated dependency on government.

3. This event will encourage the $3.6 Trillion in privately held 401k and IRA accounts to be shifted into government US Treasuries. In doing so the public will be double funding the US debt thru taxes as well as personal savings. This will serve to keep interest rates fairly low for a time.

4. The $3.6 Trillion will be funneled back to the financial elite on Wall Street, Goldman Sachs, JP Morgan and Morgan Stanley. A new bubble will emerge in commodities, alternative energy as well as carbon credits exchanges. Wall Street will profit.

Key players and beneficiaries in this banking scheme seem to be Ben Bernanke, Hank Paulson, Tim Geithner, Lloyd Blankfein, Robert Rubin, Chris Dodd.

Financial Crisis Inquiry Commission video update:
Click here

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