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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, June 7, 2010

Goldman Sachs Plunge Protection Team

Is there anybody out there that still thinks the market is NOT rigged?

Goldman Sachs May Explain PPT’s Vanishing Act: Caroline Baum

Where are they? What’s keeping them? Stock markets across the globe are getting hammered, and there’s no sign of the Plunge Protection Team.

Sure, there were some sightings of the bond vigilantes in places like Greece over the past month. But a worldwide equity meltdown is a job for real men, for the PPT.

Otherwise known as the President’s Working Group on Financial Markets, the PPT was established after the 1987 stock- market crash to ensure the financial markets have adequate liquidity to function. Members include the U.S. Treasury secretary, the chairman of the Federal Reserve, the chairman of the Securities and Exchange Commission and the chairman of the Commodity Futures Trading Commission.

Somehow this group morphed into a government/private-sector cabal -- Goldman Sachs always figures prominently -- that secretly intervenes to prop up the stock market.

You know those gut-wrenching dives in the Standard and Poor’s 500 Index that are miraculously erased and turn into gains by the end of the day? The PPT.

So where are they when we need them?


Read the rest here


Anonymous said...

We don't need them...let the markets do what they have to do...

Imagine if Donald Trump and Bill Gates made a random bet for $13 billion, Trump lost, and then told the taxpayers to pay Gates. Crazy, right?
But that's exactly what happened when AIG used $13 billion in taxpayer bailout money to pay off a side bet made by Goldman Sachs. Recently, Goldman boasted that they didn't even need the money. So, let's demand it back!
Treasury Secretary Tim Geithner has the ability to get our money back. And this Wednesday, our friends at The Young Turks progressive talk show will lead a protest and deliver thousands of petition signatures to Geithner demanding just that.
Can you sign the petition demanding Geithner get our money

The Young Turks have already done a great job getting thousands of signatures, and they're informing the media about Wednesday's petition delivery.
Every additional signature will increase the impact of Wednesday's event -- so please pass this email to others and share the petition on Facebook and Twitter after signing.
Lets send a message that as schools and government programs are facing budget cuts, it's absurd for the Treasury Department to let Goldman Sachs casually take $13 billion of our money.

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