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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

Tuesday, March 2, 2010

Fed probing Goldman Sachs

This is hilarious. The Fed....probing if they weren't working together to screw taxpayers. This is like saying the mob is going to investigate money laundering.
Fed probing Goldman trades with Greece

WASHINGTON ( -- The Federal Reserve is looking into what role Goldman Sachs and other Wall Street firms may have played in Greece's debt problems, Fed Chairman Ben Bernanke said Thursday.

"We are looking into a number of questions related to Goldman Sachs and other companies and their derivatives arrangements with Greece," Bernanke said.

Bernanke's response was to a question posed by Senate Banking chief Christopher Dodd, D-Conn., who asked about U.S. financial banks and hedge funds that are making financial bets that the Greek government will default on its loans.

Goldman Sachs (GS, Fortune 500) and other banks have been in the news over reports they secretly helped raise $1 billion in credit for Greece, in a way that was off the balance sheet and helped hide Greece's big debt woes from European Union regulators.


Read the rest here


RobertM said...

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Larry Rubinoff said...

Yes, this announcement was laughable. As I said before, I will believe it when I see some definitive action taken or at the very least a full blown report of their findings.

Don't hold your breath. I am still waiting for the FBI report on the 17 banks they were instigating back in 2088. Not one workd or report or even names have been mentioned since the announcement.

As I said in my previous post...just propabanda and BS. Furthermore, what official powers does this privately owned company we call The Fed have?

Look out folks, the future is going to be very scary for all of us.

Anonymous said...

Something rotten does not begin to
describe our "untouchable" faux regulators and their cronies:

Geithner's Illegal Money-Laundering Scheme Exposed; Harry Markopolos Says “Don’t Trust Your Government”

Just about everyone has had something to say about this bailout -- mostly that it was an ugly but necessary step to stave off a domino effect that would have brought the world's financial system to its knees. But what we have not yet heard is just how Treasury Secretary Geithner, as then-head of the NY FED, got away with taking ownership of 77.9% of AIG's equity and voting rights in clear violation of the law.

The question we are left with is: Why? What motivated this illegal grab of AIG's equity and voting rights? Was it desperation in the face of the largest potential collapse in the history of modern finance? Was it unbridled power combined with supreme hubris? Or was it just criminal? The answer to this query resides in the as-yet-hidden files of the Federal Reserve Bank of New York, now subject to a subpoena issued by my office in the federal lawsuit Murray v. Geithner, pending in the Eastern District of Michigan.

Anonymous said...

This is indeed hilarious!

Keep up the good work on this blog, guys!


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