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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, February 12, 2010

PBS News Hour Reports on Goldman Sachs

This is a good report and again begs the question, where are our regulators and our justice system?  I have been asking this question since 2007 when the so called "meltdown" began.  Obvious violations of laws, SEC regulations and downright "illegal" activity by all the banks that led to massive taxypayer bailouts which acted only to enhance these banksters bottom lines both personal and corporate.

The evidence is everywhere but our law makers and regulators are no where.  Is this not a job for the U.S. Attorney General?  We have had two now since this mess began and neither one has even so much as made a comment about this.  This fact alone dictates a massive investigation by Congress.  Oh, we have had hearings but it seems that no one is really listening.  

It becomes more and more obvious to me that all three branches of our government are controlled and work not for the prople but for the larger corporate interests.  Is this Democracy?  Who out there is willing to champion the cause of justice for "the people"?  

We are ruled and governed by fear.  We have gone into two wars by virtue of fear.  We had midnight bailout deals justified by fear and fear appears to keep "the people" at bay.

Fear is the agent of control used by all oppressive regimes throughout history.  The United States and "The Republic For Which It Stands" appears to be fading into the oppression governed by fear.  We say here "Wake Up America" but perhaps we should be saying "WAKE UP AMERICANS".

Watch this piece, it is a little over 7 minutes

REPORT    AIR DATE: Feb. 11, 2010

Unraveling the Profit Puzzle at Goldman Sachs


As part of his continuing series of reports making sense of business and the economy, Paul Solman examines the inner workings of investment powerhouse Goldman Sachs and how it makes money.


"Goldman is a Hedge Fund masquerading as an investment bank" 

To read the transcript of this here


Anonymous said...

You know which one Goldman falls under...their laughing hard!

How to invest for a global-debt-bomb explosion
Prepare for an apocalyptic anarchy ending Wall Street's toxic capitalism

How America's two classes are preparing for a descent into anarchy
As America descends into anarchy your family's survival and your ability to retire will depend on which of America's two economic classes you belong to out of our total of roughly 300 million citizens:

"Average Joe & Jane" Americans: You're one of 299 million Main Street Americans. Average income is $50,000, only 10% of the average bonuses paid to Wall Street's Fat-Cat Bankers. Or you're already one of America's 20% underemployed ... maybe on food stamps ... maybe among the 47 million with no medical insurance ... your retirement assets are about $50,000, a year's survival. And you are "mad-as-hell" you're not working "inside" the "Happy Conspiracy."

"Happy Conspiracy" Insiders: You're one of the lucky million or so elite Insiders in the "Happy Conspiracy." You may work for a Fat-Cat Bank that American taxpayers bailed out last year so you pocketed a 2009 bonus gift of somewhere between $600,000 and $10 million. Maybe you're a Corporate American CEO. Maybe you're on the Forbes 400 list. Or you're a U.S. Senator.

Anonymous said...

Are we far behind?

The truth puts fraud out of business.

Solutions Bound?

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