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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, March 18, 2010

Goldman Sachs Links and News - March 18 , 2010 - With Larry's Corner

Goldman Sachs Probably Loves The Dodd Bill
By John Carney
Goldman Sachs Sued for Not Divulging Internal Madoff Ban to Client ...
By - Newswire
Bill won't let Goldman Sachs escape Fed
Wall Street Paints a Target on Main Street's Back
Huffington Post (blog)
Michael Lewis Slams Bonuses, Fuld, Hails Regulation: Interview

Larry's CornerToday's Feature Link
 Wall Street Paints a Target on Main Street's Back
Carla Seaquist

As if looting Main Street of its savings, pensions, and that precious thing called trust weren't enough, now Wall Street paints a target on our backs.

But before I can ask myself again the question that never gets answered -- How can Wall Streeters who do these things live with themselves? -- a more urgent question intrudes:

Don't these traders -- these American traders -- also stand to trigger retaliation on the United States....? 

If the stated motivation of those perpetrating September 11 was to strike at the heart of money Capitalism -- New York City -- as well as the symbolic seat of the superpower's power, Washington, D.C., this new proof of Capitalism's unquenchable lust for money only multiplies that motivation and even justifies it. Given the universally acknowledged truth that Wall Street started the financial crisis now upending the globe, America needs to demonstrate a sincere commitment to reform its financial institutions, especially if it presumes to lead in reforming the international system.
This is a very well done piece and Ms. Seaquist makes some very good points.  I especially like the one in the paragraph above.  While 9/11 was a horrific moment in our lives in this country and one we will not soon forget - if ever - her mention of it got me thinking.

If in fact, one purpose of the attack on 9/11 was to "strike at the heart of money Capitalism" it did not succeed.  Her comment that this "new lust for money only multiplies the motivation and even justifies it" is a little harsh.  What  this "lust for money Capitalism" does say to me is that Wall Street accomplished what the terrorists did not accomplish.  

Wall Street and the biggest banker - Goldman Sachs - did bring the worlds' economy, including the U.S. to their knees.  Nations and their people around the globe have felt the devastating effects of their actions.  

Wall Street undermined and betrayed the people of the U.S. and globally in what possibly should be considered an act of terrorism.  If terrorism is meant to put fear into people, their actions certainly accomplished that.  If a terrorist action is meant to gain an advantage - Wall Street certainly did that.  If an act of terrorism is meant to demand and receive a ransom - Wall Street certainly did that.

Terrorism is meant to inflict terror - it does not necessarily have to be violent and bloody.  To see if this economic crisis inflicted terror and fear just look around and ask the growing number of homeless and hungry right here at home.  Just ask those unemployed who live in daily fear of not knowing how they will pay the bills, buy food and provide shelter.  Millions now live in fear as a result of the actions of Wall Street.  

Maybe GITMO should be used as the new "retreat" for Wall Street after it is emptied of the terrorists currently residing there.  Senator Kaufman is calling for justice as he believes crimes have been committed and indeed crimes against people have been committed.  
But actions like Goldman Sachs' make it appear that, rather than reforming, Wall Street is doubling down on its usual double-dealing and, moreover, that Washington is helpless to stop it, or is unwilling to and thus complicit. 
Very well said, Ms. Seaquist.

Read the full article in the Huffington here
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