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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

Wednesday, March 24, 2010

The Goldman Sachs philosophy

The more things change, the more they stay the same. Below is the text of an article supposedly published in the United States Bankers' Magazine in 1892. Goldman, like all the other banks use the differences between Democrats and Republicans like two pit bulls in a dog fight. They are the ones gambling and laughing and making money in the stands but for the dogs, it's life or death.

Just as a magician uses misdirection to distract you from the reality of what he is doing, so too have the bankers, Wall Street and to a large degree Congress. Health care, abortion, gun rights are all used to keep us fighting against each other instead of paying attention to the real problems- mainly the failure of our debt-backed monetary system. As you read the article below (I have added comments in red that relate to today), you can see how the philosophy hasn't changed at all.

These people truly believe they are the "masters of the universe" and we are sheep destined to shorn of our wealth and used in any way they see fit. There is a better way- return the control of money back to the hands of the people.

Happily, there is a growing movement to do just that.

“We must go forward cautiously and consolidate each acquired position, because already the inferior social stratum of society (that's middle class to you and me) is giving unceasing signs of agitation.

“Therefore, prudence dictates to us a line of conduct that seems to give in to the will of the people, until the execution of our plans be well-enough established for us to be able to declare our intentions without having to fear any organized resistance. They got that, but now the exponential consequences of borrowing money with borrowed money threatens the entire system.

“Our confidence men shall have to closely watch the Farmers Alliance and the Knights of Work, and take steps immediately, either to control both associations in accordance with our interests, or to break them. (Tea parties, unions, anything where citizens unite threatens their control of government)

“Our men will have to attend the Convention that will be held in Omaha on the 4th of July, and be in charge of all activities. Otherwise, this Convention could muster such an antagonism to our plans that we would have to resort to force to overcome it. (Resort to force!! Sure sounds like a terroristic threat to me. I guess back then they didn't think they could get away with extortion like our bailouts.)

Now, at the present time, using violence would be premature. We are not yet ready to confront such an assault. Money must first of all seek maximum protection in schemes and in legislation. (Make sure the corporate whores of Congress do exactly as we want)

“Let us make use of the courts. Let us go forward as fast as possible at perceiving debts, at foreclosing (depriving of recourse to justice when a certain time limit has been transgressed) on debentures and mortgages. (Foreclosures, anyone?)

“When, through the law's intervention, the common people shall have lost their homes, they will be more easy to control and more easy to govern, and they shall not be able to resist the strong hand of the Government acting in accordance with the orders of the central power of imperial wealth, under the control of the leaders of finance. (They're working on that one as we speak)

“Our top leaders are perfectly aware of the truth. They are presently working at establishing an imperialism of the capital to rule the world. But while they are implementing this plan, they must keep the people busy with political antagonisms. (Yes, they are aware that if mark-to-market accounting was re-established all the big banks would be insolvent and if regulators actually went after all the financial fraud, most of these guys would be in jail .....but that's where the corporate shills in Congress get their campaign contributions)

“We'll therefore speed up the question of reform in the custom rates by the political organization called the Democratic Party; and we'll put the spotlight on the question of protection and of the reciprocity by the Republican Party. (i.e. let's pit the two sides against each other so we can screw the middle class and continue our obscene salaries)

“By dividing the electorate this way, we'll be able to have them spend their energies at struggling amongst themselves on questions that, for us, have no importance whatsoever, and on which we only touch upon as instructors of the common flock. (instructors of the common flock or as we say nowadays- Masters of the Universe)

“It is thus that, through discreet acts, we can maintain what was so generously projected and executed with such a remarkable success.” (and successful they have been, right up to the point where the math bit them on their ass and their gambling in derivatives bankrupted our country).


Anonymous said...

I'm pretty sure more and more people feel this way.....

Towards A 21st Century Peasant Rising

A French poet once wrote that the devil’s greatest trick was convincing the world he doesn’t exist. Funny that we can say the same thing about today’s American elite. Somehow, it is not polite, not PC to even acknowledge them as a class—much less to speak of them. We have a democracy, after all. We are all equal. Everyone has a vote. And if mere voting is not enough for you, you can shell out ten grand for a closed-door meeting with your fifteen-term career Congressman, like any other respectable person would do. Surely, there are no grounds for complaint.

Well, sorry but democracy means choice. In America, today, there is no real choice. The financial and corporate elites are funding both sides equally, and so they always come out ahead, no matter who is in charge. Otherwise, how is it that former Goldman Sachs Co-Chairman Robert Rubin was Clinton’s Treasury Secretary, and then former Goldman Sachs Chairman Henry Paulson was Bush’s Treasury Secretary? (And let’s not forget Goldman alumn Larry Gensler at Obama’s CFTC). Is this what you call a two party system?

Ever heard of debt-slavery? How about feudalism? In terms of social organization, we are regressing to the Middle Ages. But don’t worry—just as in feudal times, someone will come out ahead, even further than they are already. Of course, we cannot talk about who that someone is. That would be impolitic. We are all equal, right? Only kooks and conspiracy theorists complain about something called “the elite”, accusing this class of deliberately snatching an ever-larger share of the blanket and deliberately sticking it to everyone else in systematic, organized fashion via the political process—even as our elected officials throw us a few crumbs to secure the popular vote and keep the masses from depressing the bottom line via looting and rioting.

Kitty said...

Wow that's honest - you sure it was written by a banker? :)

RobertM said...

The Banker's Magazine of 1920 has an article claiming it never appeared in the magazine. I haven't been able to find a copy so I couldn't say for sure, either way. However, I think the fact that people of that time felt the same way about bankers and for the same reasons makes the point of the post relevant. The history of banking in the US is fascinating. They tried over and over again to corrupt the system until they finally won with the Federal Reserve Act and just as it happened back then, they fucked things up and people are back to talking about fixing the problem.

Whether we do or not is up to us. If Congress won't do the right thing then they have to be voted out. The only way for the people to force their Congress,Inc representative to do the right thing is by a consensus of the masses. Talk to your friends and neighbors about this stuff. State-run banks are the first step in breaking their control. No, it doesn't address the quantity issue but that's not politically feasible at this point in time. Frankly, a little capital creation at this point is not a bad thing, that is until the benefits of state banks reduce the need for expansion. When state-run banks prove their value, a national solution will be easier to implement.

Anonymous said...

So much for the trickle down...I have an idea though...maybe goldman can pick up the garbage if sanitation layoffs come...I know its kind of redundant.

Mar 24, 2010 6:12 am US/Eastern
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Mayor Says If Albany Slices City Aid, As Many As 19,000 Will Be Laid Off; 3,100 Less Cops, 1,000 Less Firefighters
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