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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

Friday, June 18, 2010

The Whitewash of Goldman Sachs

It's going to take more than Dawn dish soap and a scrub brush to scrape the stench off of Goldman Sachs. It would be easier for a leopard to change its spots than it would be for Goldman to stop being an economic cannibal.

The New York Times' Timely Whitewash of Goldman Sachs

At this critical moment, while the House and Senate are merging the final measure of the most significant changes to financial regulation since the Great Depression, Goldman Sachs is fighting tooth and nail to water down Congress' Financial Regulatory Reform Bill before it comes to a vote in the next days. It is a moment for the 'old boy' network to go into high gear.

Goldman's objective is to protect its massive proprietary trading desks, the source of much of its profits and the focus of the new bill. The bill reportedly incorporates a tough 'Volcker Rule' prohibiting banks engaged in commercial lending -- and thereby having access to federally insured deposits, access to myriad federal programs and bountiful Federal Reserve funds at the Fed window -- to engage in naked trading (placing bets on commodities and financial instruments in which they or their clients have no business interest, i.e. taking out fire insurance on someone elses house, as a grim hypothetical).

It is what Goldman, once having been a classic investment bank helping to finance businesses and grow the economy, now does most profitably. In other realms it's known as playing casino with the house's money, and the Volcker Rule would bring it to a stop. It would cause them to move their 'proprietary' trading activities to other entities where they no longer have preferred access to the banking system and implied federal guarantees, thereby placing the entire system at risk, as was the case with much of Wall Street during the recent meltdown.

So just this week, along comes a great whitewash orchestrated by the New York Times and their star financial reporter, Andrew Ross Sorkin.....
Read the rest here


JR said...

DOJ: Nearly 500 arrests in mortgage fraud probe

The Justice Department announced Thursday that investigators have made nearly 500 arrests since March in a major crackdown on mortgage fraud, The Associated Press reports.

The nationwide initiative called Operation Stolen Dreams is the largest collective enforcement effort aimed at confronting the problem of mortgage fraud, Attorney General Eric Holder told a news conference. It involves 1,215 criminal defendants in cases that uncovered more than $2.3 billion in losses.

More here:

JR said...

Book Title:Chasing Goldman Sachs
Subtitle: How the masters of the universe melted wall street down ... and why they'll take us to the brink again
Author: Suzanne McGee

From the book:

You know what happened during the financial crisis... now it's time to understand why the financial system came so close to falling over the edge of the abyss and why it could happen again. Wall Street has been saved, but it hasn't been reformed. What is the problem?

More here:

JR said...

UPDATE 2-US Rep Frank says deal near on swap desks--report
Fri Jun 18, 2010 12:03pm EDT

* Frank says deal near on Lincoln swaps plan

* Aides say talks focusing on bolstering Fed rules (Recasts, adds background)

WASHINGTON June 18 (Reuters) - A version of a controversial plan to force banks to put swaps dealing desks in a subsidiary will be part of a final regulatory reform bill being hashed out by U.S. lawmakers, Representative Barney Frank said, according to Politico.

More here:

Anonymous said...

Sorkin has been bought by Goldman. This is his second article defending big banking. If clients are sticking with Goldman it may be because their CEOS have been bribed. They have bribed IPO capitalists during the dot coma era and continuously bribe government officials.
All this is beside the point. If big companies want to keep doing business with Goldman, that is their problem. The article ignores the real problem that Goldman Sachs continues to loot this country on a massive scale with scams like High Frequency trading.

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