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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

Tuesday, June 29, 2010

Goldman Sachs Links and News - June 29, 2010 - With Larry's Corner

Recovery in US is quite solid: Abby Cohen, Goldman Sachs
Economic Times
Goldman Sachs Launches 10000 Small Businesses Initiative in the ...
Montana finalizes settlement with Goldman Sachs over auction-rate securities
Goldman Sachs spends $1.15 million to lobby government during 1st quarter
Tapping the Crowd to Bring Goldman Sachs to Justice? | Blogs ...
State Finalizes Settlement With Goldman Sachs | Flathead Beacon
By Associated Press
Goldman Sachs Could Settle SEC Fraud Suit by July 20, Mayo Says
Analysis: SEC may use Goldman Sachs to improve its image
USA Today
Volcker Rule May Give Goldman, Citigroup Until 2022 to Comply
Investors Betting on 2008 Repeat Are Wrong, Goldman Sachs Says
Goldman Sachs Says to Buy Berkshire Hathaway (BRK-A, BRK-B)
24/7 Wall St. (blog)
Simon Johnson: What Is Goldman Sachs Thinking?
By Simon Johnson
Bank of Canada Names Goldman's Hodgson as Adviser
San Francisco Chronicle
Goldman Sachs More Responsive to FCIC After Subpoena BusinessWeek
June 29Bloomberg
FACTBOX-Goldman Sachs alumni in the news
Goldman Sachs keeps top ranking
Financial Times

Is It Just My Imagination? 

Is it just my imagination or have I been away on sick leave too long and not been paying attention?  I'm talking about the lack of media concerning our economy, our Recession and the culprits like Goldman Sachs that caused this domestic disaster with a lot of spillover abroad.

It seems to me that our media is a one dimensional world whose focus on more then one major event at a time is limited - a form of media Attention Deficit Disorder - if you will.

I know I have been a way from the internet for several weeks but for those days and weeks of being relatively immobilized, I was able to surf the tube.   Yes, there was a new disaster - The BP Gulf disaster - and it captured the airwaves.  Almost every news network fixated on this disaster. 

Don't get me wrong, this is a horrific event that will change the lives of many here in this country, abroad and beneath the sea forever.  Life as we knew it will never be the same.  An important event but with many parralels to our financial crisis and those Too Big Too Fail corporations.  

Given this disaster, the previous economic disaster and the global financial crisis disasters, one would think that the media would have much to write about, report on and inform the public of the dangers of corporations who are just too big whose cultures care little for mankind.  These corporations care only about historic profit taking and stock market manipulation to gain higher earnings for the top exhelon of corporate exec's and by default their stockholders (the true owners) 

So where are the reports on the fraud, illegal activities, SEC investigations and other law suits on Goldman Sachs?  Why does it seem they have all but disappeared into the sunset while Americans - you and me - are still suffering the affects of the damage they created?  

Were it not for the internet, these stories would not surface anywhere and the public would simply forget.  But even the internet is not buzzing as much as it once was.  It seems that our interest in disasters are limited as we tire of one and move on to the next while nothing is ever resolved.
Now the latest news is that Goldman Sachs and the other Wall Street Banksters could have up to 12 years to comply with the new financial regulations. 
According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation.
The provision known as the Volcker Rule, named for former Federal Reserve Chairman Paul Volcker, seeks to curb banks from assuming excessive risk by banning them from investing in hedge funds and private equity.
Source:  American Banking & Market News
Imagine being a criminal - a bank robber let's say - and you are told that you have 12 years to continue to do what you are doing before we will stop you.  In other words - pillage and plunder all you want.  Steal all the money you can because in 12 years it will be over for you - maybe.

We as Americans have become so complacent that we moan and groan for a bit then just accept what rotten deals we are handed.  We, as Americans, are led by the temporary sound bytes on our boob tubes living only in the reality of what is reported in the moment.  We have truly become a nation of Sheeple led to the slaughter by the Goldmanites whose conquest it is to conquer the entire world.  We have seen other empires in history that hve wanted to control the riches of the world with little regard for any humans that got in their way.

Is it just my imagination or is it a fact that Goldman and their band of merry banksters will continue to rob from the poor and give to the rich (I mean to themselves)?  Will they never see any real punishment for the harm they have caused to millions in our country and around the world.  Are we going to allow their crimes that depleted the retirement accounts of so many individuals and governments to go unpunished?

Where is the outcry?  We are still broke and reeling from the crimes of these TBTF's yet no justice seems to be in sight for us.  Only a warning shot fired over their bow to give them 12 years to complete their efforts of transferring all the wealth to themselves and to those few who helped them do so.

Is it just my imagination?


Anonymous said...

No's not your's a cold, hard fact....I think they call it being sold down the river and there is nothing we (collectively) can do about it!
But don't fret this is a continuation of history!

"We hang the petty thieves and appoint the great ones to public office’ ... Aesop (620 BC-560 BC)

JR said...

No, it is not your imagination, Larry.

In Canada, our public broadcasting system called the CBC has had its funding cut. The first people to be given a pink slip were the investigative reporters. We are not getting our news because of funding cuts!!

We have a ultra-Conservative government in power right now and they accuse the CBC of having a Liberal bias and that is partly the reason, I believe, that funding has been so drastically reduced. We are also soon to get a "Fox News North" broadcaster which will promote the Conservative point of view. Oh, where will it all end? Badly.

JR said...

Here is the extension of GS power through our Governor of the Bank of Canada, Mark Carney--

Carney will head up global bankers' group

Financial Post June 30, 2010

Bank of Canada governor Mark Carney has been appointed to head a committee of global central bankers whose mandate is to monitor world developments for threats to world markets and the global financial system.

More here:

JR said...

And there's more. Carney chooses another GS alumnus to help banks with derivatives regulation. What!!! Goldman Sachs' people whose only motive is to make themselves as rich as Midas are going to provide input into the regulation of derivatives! That's for sure the fox guarding the henhouse.

Carney taps Goldman Canada's Hodgson for new special adviser

Jeremy Torobin and Boyd Erman

The Goldman Sachs alumni network of high-ranking officials has added a new member to its Canadian chapter.

Bank of Canada Governor Mark Carney has tapped former colleague Tim Hodgson from the powerhouse investment bank that has frequently supplied members to a group of financial industry fixers around the world.

Mr. Hodgson, currently chief executive officer of Goldman’s Canadian operation, will spend 18 months as a special adviser to Mr. Carney beginning in September, the Bank of Canada said.

His background and personality traits likely put him in good stead to push the central bank’s wish-list through the warren of competing interests on Bay Street, observers say. He will work with regulators and financial institutions on new rules for derivatives and new standards for the capital that banks must hold in reserve to cushion themselves against disaster.

More here:

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