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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 10, 2010

Goldman Sachs Robbed the EU

Good Monday morning to all. Ready for another week of scams?

Goldman Sachs Robbed the EU By Way of Greece

Membership in the EU comes at a price. That price is a limit on deficits. This aspect of the EU treaty was meant to insure the solvency of its member nations and so support the Euro currency itself. No member can unilaterally revalue its currency as it is, by treaty, an abstraction of the net worth of the various member's ability to back it. This severely limits the unilateral options for dealing with sovereign debt by member countries, which in turn opened up unusual opportunities for member countries to be exploited by international banking.
While there are treaty limits on debt incurred by member countries, there are no constraints on banks lending to them. What evolved in the Greek sovereign debt crisis is a massive short opportunity on the Euro, had you known it was developing. And who would know outside of Greek government and the banking and finance community like Goldman Sachs or JP Morgan?
The early banking intercessions that propped up the appearance of Greek solvency were likely simple and direct exploitations of an economy in distress. The New York Times reported in February:
Despite persistently high deficits, a 1996 derivative helped bring Italy's budget into line by swapping currency with JPMorgan at a favorable exchange rate...In what amounted to a garage sale on a national scale, Greek officials essentially mortgaged the country's airports and highways to raise much-needed money...A similar deal in 2000 called Ariadne devoured the revenue that the [Greek] government collected from its national lottery.
These deals were undertaken as accounting camouflage for debt as a sale or leveraged investment to obtain or protect membership in the EU. In Greece's case, it got out of control. Like a pay day loan operation, the debt deadlines were deferred again and again, and the practical cost of that debt is as unfathomable as the derivatives on which it was leveraged. It has been the most massive and sophisticated pay day loan scam in history.


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Anonymous said...

What is the probability of this in a true free market? Good?...Go scratch your ass something else is going on here...

Goldman Sachs Has First Perfect Quarter With Zero Trading Loss
May 10 (Bloomberg) -- Goldman Sachs Group Inc.’s traders made money every single day of the first quarter, a feat the firm has never accomplished before.

Anonymous said...

"Goldman Sachs Has First Perfect Quarter With Zero Trading Loss"
Anybody who has ever traded knows that it is impossible to make money every single day for a whole quarter even in a good market. Something really really fishy going on here. Its got to be those high frequency trades stealing our money in broad daylight.

Anonymous said...

And this is the guy who vouched for Lloyd?

Moody's CEO Dumped Shares The Day SEC's "Wells Notice" Arrived -- And So Did Buffett!

Read more:

Anonymous said...

"Banging" the U.S. Stock Market

To paraphrase Paul Erdman's 1975 tongue-in-cheek observation: "The lack of discretion in financial and political circles these days is appalling."

Meanwhile, take the heat off of yourself by leaking "fat finger" rumors to CNBC, since they can be relied up on to repeat as gospel any self-serving news you throw at them. Did someone type billions? It should have been millions. If we want to rescue the market from the Jaws of future disasters, we have to recognize that "this was no boating (or typing) accident." The system itself is flawed.

Unfortunately, as others have observed before, the SEC is both largely incompetent and captured. They are learning to crawl in the space age. Moreover, the next stop for SEC officials seems to always be a highly paid influential job at a law firm, fund, or other entity that heavily relies on Wall Street for revenues. Financial reform requires radical overhaul of our "regulators."

As for Wall Street mega-bank reform, Congress seems disinclined to break up our Too-Big-To-Fail banks, define proprietary trading, or sever Goldman Sachs, Morgan Stanley, and proprietary trading at large banks from the Federal Reserve's, i.e., taxpayers' heavy subsidies. (See also: "Goldman Sachs: Spinning Gold," Huffington Post, April 7, 2010.)

Anonymous said...

All domestic and foreign politicians have to be in their (GS) POCKETS.

"Goldman Can Create Shorts Faster Than Europe Can Print Money"

Anonymous said...

You think people don't know whats going on? Read this guys comments and some others. People are sick of all the whore bags running the country into the ground.

curbyourrisk Says:

Anonymous said...

Who can stop the pusher man?

Below is the most recent Texas straight talk from Ron Paul -- after 3 years of personally busting my hump with other Patriots to educate the American Sleeple about the FED and legislation such as HR.1207 and S.604, (some times door-to-door) I am more angry and frustrated then ever.

Texas Congressman Ron Paul has been fighting the Pusher Man for over 25 years and he finally got a FED Audit Bill (HR1207 text) passing via the banking reform legislation in the House. Now the evil FED and their shills slither back and take control of the Mainstreet corner to continue selling junk, no matter how sick it makes us all. It looks like the U.S. Senators are now all rolling up their dirty sleeves, hunting for vein that still functions. Dodd the Bankster shill and "Sell-out Sanders" are having their day. Right or Left- they are are worthless junkies. God bless Ron Paul and God damn the pusher man!!

Anonymous said...

This guy knew what he was talking about:

"The issue which has swept down the centuries and which will have to be fought sooner or later is the People versus the Banks." … Lord Acton

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