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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

Saturday, March 20, 2010

Goldman Sachs Links and News - March 20 , 2010

Bernanke Asked by Congress About Friedman's Goldman Sachs Stake ...
Goldman Sachs: Need... More... Evil! | BNET Financial Services ...
By Alain Sherter   
Feature Story:
Today's feature story is from BNet and written by Alain Sherter Goldman Sachs: Need...More...Evil.

This is not a headline grabbing or major exposure story of GS, yet it is just an interesting read and begs the question, "does GS really care about its image?"

The story is about GS hiring an ex-CEO of WalMart to its Board of Drek"ters".  Is he a good guy or a bad guy?  Who knows and as Alain says, who cares.  But what I glean from this is that the bigger you are in this corporate world we have created, the less concerned you are about your image, your own corporate culture or society in general.  You care about one thing and one thing only, MO MONEY, and you will do almost anything to get it.  

Whatever you think about WalMart is also irrelevant.  Remember when it prided itself in "Made in the USA"?  It also does not matter what you think of Goldman Sachs, remember when they made money quietly and only screwing some?

What matters is that when you become Too Big you lose all touch with reality and good moral business attitude.  When you become Too Big, you think you can walk on water and walk through walls.  Too Big is an addictive drug that turns companies into a Jekyll and Hyde.  

Too Big is not good period.  Our Federal Government is Too Big.  Now they think they can rule as dictators serving not the people but those other Too Big entities by feeding them and inhibiting good ole competition that once Capitalism was based on.  Bigger is not better.  A lesson that was learned in the 60's and 70's when mergers and acquisitions were the rage.  All those companies eventually began to downsize realizing that owning all they owned was simply not managable.  But then again, history does repeat itself, history should be our greatest teacher but for some reason - here in our country - we just don't pay any attention to any of that.  We just want immediate gratification, we want to get as much as we can and damn the consequences.

Read the BNet article in here 
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JR said...

I've just found your blog and I am gob-smacked! I did not realize that so many were upset (to put it mildly) over the role that GS has played in the present meltdown. What gets me is that everything they do is considered legal. GS's tentacles seem to go into every corner of the universe including Canada and CanWest. This bank which switches conviently from investing to savings bank at a whim is like an out-of-control virus.

What can the ordinary person do to halt the formation of the next bubble in which I'm sure GS will be at the forefront.

RobertM said...

Headline: Obama urges expansion of Fed powers.

There IS a better way. The problem with debt-backed monetary systems (what we have now) is that banks create money out of thin air every time they create a loan. Obama and the Fed are proposing to do away with the tiny amount of backing assets we have now and replace them with NOTHING!. Incredible! We need to end the unconstitutional control that bankers have over the creation of money or put another way- the quantity of money. That power belongs solely with Congress. We can have no control over the quantity or *some* control through the representatives we elect (scoundrels that they are, at present). Let's join together at the non-partisan and put an end to this destructive system....a system that will likely doom America. Don't believe me? Take a look at what may be the most important chart of your lifetime here-

Larry Rubinoff said...

Glad you found our site and yes there are many upset with GS. Even the AFL-CIO is staging rallies against them.

What can the ordinary person do. Go to They are saying everyone should move their money out of the Too Blg Too Fail banks and put it into local, regional banks and credit unions.

Take the power (money) away from these banks and they can do nothing. GS is not alone and was not alone in engineering this crisis. Add, JPMorgan, BofA, Wells Fargo, Citi, Merrill Lynch (now partof BofA), Bear Stearns (now part of JPMorgan/Chase), etc.

They were all complicit and committed fraud. Our government is to blame also for allowing what they knew was happening, so vote them all out and get some new blood in there and while your at it, help END THE FED.

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