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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

Thursday, May 27, 2010

The Goldman Strategy

This could be called 'The Goldman Strategy'. A strategy to stifle all real reforms in favor of the banking system's stranglehold on our economy and way of life. We've already had numerous calls to cut back much needed services and the certainty that there will be calls for Greek style austerity measures here in the US grows daily. It is absolutely pathetic that our current Congress can't muster up the guts to stand up to the people destroying our economy and nation for their personal, private gain.

The Last Hold Out: Senator Blanche Lincoln Against 13 Bankers


Legal authority against market manipulation would be greatly strengthened and there would be more protection for whistleblowers. And the kind of transaction that Goldman entered into with Greece – a swap transaction with the goal of reducing measured debt levels, effectively deceiving current and future investors, would become more clearly illegal. All of this is entirely reasonable and responsible – and completely opposed by the most powerful people on Wall Street.

Of course, most of the anti-Lincoln fire has been directed against the idea that “swaps desks” would be “pushed out” to subsidiaries – i.e., the big broker-dealers could still engage in these transactions, but they would need to hold a great deal more capital against their exposures, thus making the activities significantly less profitable.

It is striking that while Treasury argues that increasing capital is the way to go with regard to financial reform, they are adamantly opposed to what would amount to more reasonable capital levels at the heart of the derivatives business.

This is beyond disappointing.


Read the rest here


JR said...

Goldman Sachs' Morality Play
by Harvey A. Silverglate, Forbes

Anonymous said...

Nice words but I think the corruption is unstoppable..

Integrity cannot be found in our-political and corporate systems around the world thus we have lies and dishonesty. In our failed system, capital no longer builds productivity because it lacks integrity. Falsely, many politicians use the word change only to provide no ideas at all because they are locked into lies and corruption. These failed politicians include President Bush, President Obama, and want to be Sarah Palin. Much of the world has been locked into two parties with no solutions, no integrity, and no truth telling. We need a reset of derivatives, a reset of debt, a reset of the role of government.

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