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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

Monday, April 12, 2010

Goldman and the FED: Thick as Thieves

In a story that is sure to infuriate you, ZeroHedge lays out the sordid story of how Goldman continues to rake in "billions in "profits" which is nothing else than money stolen from the future of America's workers" and why their partners in crime, the Federal Reserve should either be put under the control of the Treasury, as the American Monetary Act proposes or done away with entirely, as proposed by Freedom's Vision plan.

One of the most botched cases of conflict of interest abuse by a Federal Reserve official will forever remain the purchase of Goldman Sachs shares by Goldman Board Member, and FRBNY Board Member (the squid likes to keep its Federal Reserve puppets closely supervised) Stephen Friedman: an act strictly forbidden by the Fed itself. The action was so indefensible it led to Friedman's quitting shortly after disclosure of his transgression leaked. Yet the reasons why Friedman managed to effect this purchase of 37,000 shares of GS on December 17, 2008 is because he was granted a "waiver" by the Fed. A month ago, Chairman of the House Oversight Committee, Edolphus Towns sent a rather angry letter demanding an explanation from Ben Bernanke why he had allowed this blatant case of semi-insider trading to occur at the highest echelons of shadow government. Today, we find out that Towns is unhappy with the production provided by the Fed, and concludes "that senior officials had misgivings about granting the waiver but were ultimately overruled" and that "we believe a closer examination of this issue is necessary, especially when Congress is considering increasing the Fed’s powers.


Read the rest here


Anonymous said...

Upset? I don't think the electorate has a need a pulse to get upset.

As Rahm Eyes Exit
Financial Reform Bids Collapse Into Farce

Under the flaccid chairmanship of Pelosi crony Phil Angelides, the FCIC hearings have been built around empty exchanges. Angelides set the tone in the opening session, when he thanked the CEOs of Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America for their “thoughtful” written statements and then went on to ask Goldman boss Lloyd Blankfein to name “the two most significant things” for which he might apologize. Try as he might, Blankfein couldn’t really think of anything very serious.

Anonymous said...

Did he say derivatives trading and criminal enterprise?hmmm....

StanfordUniversity — February 02, 2010 — Charles T. Munger, the Vice-Chairman of Berkshire Hathaway Corporation, discusses the current economic crisis with Professor Joseph A. Grundfest '78.

The Current Economic Crisis

Anonymous said...

says it all!

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