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Goldman Sachs stonewalling, federal panel says
The Financial Crisis Inquiry Commission subpoenas the firm, demanding information about its role during the mortgage meltdown and credit crunch.
Goldman Sachs Group Inc., already under fire for its actions leading up to the financial crisis, came under attack from a federal commission that accused it of refusing to divulge information, including documents detailing its controversial bets on the mortgage market.
Saying it had been stonewalled, the federal commission investigating the financial crisis on Monday took the unusual step of issuing a subpoena to Goldman that demanded information about the investment bank's role before and during the mortgage meltdown and credit crunch.
The panel, formally called the Financial Crisis Inquiry Commission, said it resorted to the subpoena after Goldman responded to an initial request by sending a massive amount of electronic documents — the equivalent of 2.5 billion pages — without saying where in those documents the answers to the commission's specific questions might lie.
GoldmanSachs666 Message Board
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". 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 8, 2010
Ellen Brown has another excellent piece up- "Banks Profit from Near-zero Interest Rates". The resistance from the banking community is growing as the following piece in the LA Times points out. The more people find out that all this pain is unnecessary and are educated about the nature of money and who controls it, the more the banks will fight it. Their biggest problem is the economy is crashing and people are getting angry. The people want REAL reform, not the baby puke coming out of Washington.