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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, May 3, 2010

Goldman Sachs, Chess, and the Godfather

Here's a different point of view from Damon Vrabel in the Canada Free Press.....very interesting perspective.

Goldman Sachs, Chess, and the Godfather

  imageBetween the SEC charges and the congressional panels, the government is finally doing its job going after Goldman Sachs, right?  And this last week in April ends with the Justice Department picking up the baton, which puts Goldman under threat of criminal prosecution.  Things have suddenly gotten serious.

Two weeks ago on a radio interview, I suggested the SEC investigation will either be a chump charge to pacify the masses or it might potentially be the beginning of the sacrifice of Goldman Sachs for reasons explained below.  The Justice Department referral makes the latter more probable.

Criminal prosecution is indeed appropriate.  Goldman deserves to be broken up.  In fact, all banks of that size need to be broken up so that power is passed down to state and local economies, and countries are no longer held hostage by the mega firms.  Is that what is happening here?  Are we being saved from the financial parasites that have destroyed our economy?

Childlike Perspective:  Left vs. Right

The left thinks so.  The major media establishment is suddenly, as if by script, trumpeting the idea that government is cracking down on boogie man Goldman Sachs.  This view says, “Yey! Our good government servants that have our best interests at heart are fixing those greedy Wall Street parasites.”  That’s the entire purpose of the congressional panels—a stageshow for the Wall-Street-funded media to promote this narrative. But those very same government officials were the ones who did what Goldman Sachs representatives and the real powers behind Wall Street told them for the last 20+ years.  They still get all of their money from Wall Street.  Have they suddenly turned on the very people who feed them?  Of course not.

The right thinks this crackdown is bad because Wall Street and Goldman represent a benevolent free market.  This view goes beyond childlikeness and approaches insanity, like Goldman CEO Lloyd Blankfein thinking of himself as an angel from God.


Read the rest here


Anonymous said...

Did anyone see the turnout for this... MSM downplayed the event...

The largest anti-Wall Street rally since the credit crunch has taken place in New York. Thousands of workers and trade union leaders marched in anger over lost jobs and ruined lives, demanding answers from the source of the trouble – the banks.

Anonymous said...

It seems the public is so prozac'ed up that we can't recognize the truth about anything...

Fair Game
Repaying Taxpayers With Their Own Cash
AS we inch closer to a clearer understanding of the products and practices that unleashed the credit crisis of 2008, it’s becoming apparent that those seeking the whole truth are still outnumbered by those aiming to obscure it. This is the case not only on Wall Street but also in Washington.
“The public would know nothing about the TARP escrow money being the source of the supposed repayment from simply watching G.M.’s TV commercials or reading Treasury’s press release,” Mr. Grassley said in a speech on the Senate floor last Wednesday, saying that “many billions” of federal dollars remained invested in G.M.

JR said...

I don't know who this Damon Vrabel is and I especially don't know what the Canada Free Press is. He was educated in the US, served time in the U.S. military and worked on Wall street. Where does Canada fit into it? Or maybe Canada is a small town in Texas near the Canadian River!!

I wish he wouldn't use MY Canada for his purposes.

JR resident of the country of Canada

Anonymous said...

Monday, May 03, 2010
Goldman Sachs CEO Knows Job Is on Line in Face of Government Probe

Both Blankfein and his No. 2, Gary Cohn, come from the trading desk, and the duo has transformed Goldman into a firm that focuses on aggressive trading, which often puts the firm’s interests above its clients.

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