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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, May 5, 2010

Goldman Sachs Charges Matter

From Pam Martens at Counterpunch:

Why a Criminal Case Against Goldman Sachs Matters and Why Charges Could Stick

Goldman Sachs used to be the firm that pursued top government posts; now government is in hot pursuit of it, and not in a good way. The SEC has charged the firm and an employee, Fabrice Tourre, with securities fraud and the Justice Department has commenced a criminal investigation, according to news reports.

Change appears to be swallowing Goldman Sachs. It began quietly moving out of its storied and staid headquarters at 85 Broad last Fall to flashy new multi-billion dollar digs at 200 West Street, including a 54,000 square foot gym (roughly the size of 20 homes for average Americans; those who can still afford one after the Wall Street pillage). And after the release of internal emails by the SEC and Senate, Goldman looks more like a sleazy boiler room pump and dump operation in drag than an investment bank (in drag as a bank holding company). Comedy talk show hosts are having a field day (Jon Stewart calls them “those f*!*!ing guys”) and Goldmanfreude (pleasure in watching Goldman shamed for the pain it inflicted on others) is in full swing.

It all sounds eerily familiar to the wealth transfer maneuver by Goldman Sachs Trading Company in the asset bubble of 1928.


Read the rest here


Anonymous said...

Just in case you did not notice that Buffett spoke out of 2 sides of his mouth this weekend.....makes you wonder why he's always on cnbc..they can relate.

Buffett's Omaha Show Just Another Corporate Bubble: Alice Schroeder
He touted one quarter’s earnings of NetJets as if they were meaningful, defended Berkshire’s lobbying in Washington, justified the firm’s use of “financial weapons of mass destruction” (derivatives), trashed the actions of the CEO of Kraft Foods Inc. while defending those of the CEO of Goldman Sachs, and talked of a future of higher inflation rates and lingering unemployment on the heels of a year of cheerleading investors to buy U.S. stocks at high valuations.

RobertM said...

It seems to me that Buffet the Buffoon is talking his book. He's full of it like the rest of them. Derivatives that aren't a legitimate hedge are unregulated gambling as far as I'm concerned and should be treated as such- unenforceable and illegal.

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