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By cpmondello
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Fraud*
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, July 5, 2010
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6 COMMENTS:
Banks are Still at the Derivatives Casino
13 comments | by: John Lounsbury July 05, 2010 | about: AIG / BAC / C / GS / JPM
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The TBTF (too big to fail) banks have learned their lesson about over leveraging, right? They are working hard to separate themselves from the gambling that got them into trouble in 2008, right?
More here:
http://tinyurl.com/28t8u4b
Opps, I don't know what happened here but the article at the bottom is worth reading.
A reminder of what Goldman's role was in the problems at AIG. Some of the links are worth following up.
Goldman’s Undisclosed Role in AIG’s Distress
TSF – Opinion Commentary – November 10, 2009 (last of a series)
By Janet Tavakoli
More here:
http://www.tavakolistructuredfinance.com/GS3.pdf
To all the physicist's and engineers over at Goldman (&TBTF)...you'll like this...
Judgement Day is Coming. Science Suggests Justice Is Inescapable
Will kind people be rewarded for their good deeds? Will the wicked be punished? Yes, according to a new interpretation of recent experiments. Although our science is too primitive for us to fully comprehend, there is a direct and proportional price to pay for any act of cruelty or injustice.
Science suggests that there are consequences to our actions that transcend our ordinary, classical way of thinking. Emerson, it turns out, was right: “Every crime is punished, every virtue rewarded, every wrong redressed, in silence and certainty.”
http://tinyurl.com/2bdw7j8
12 deadly signs Wall Street's 'Conspiracy of Weasels' killed Obama's reforms
ARROYO GRANDE, Calif. (MarketWatch) -- Financial reform is D.O.A. Window dressing. What's next? An implosion? Yes, a depression. Dead ahead.
Scott Adams warned of this trend in "Dilbert & the Way of the Weasel." Forget competition. No, capitalism breeds monopolies, it's a "financial system designed to transfer money from lesser weasels to greater weasels. Someday, if everything goes according to plan, one supreme weasel will have all the money and everyone else will be his or her domestic servant."
10. Simon Johnson: 'Financial reform is irrelevant' to Goldman Sachs
More proof? Goldman now believes domestic reforms are irrelevant, while it increases global betting, says Simon Johnson, former IMF chief economist and co-author of "13 Bankers." Johnson quotes Sam Finkelstein, Goldman's head of emerging markets: "Debt-to-GDP ratios in the developed world are about double those in emerging markets and they're growing. This makes emerging markets interesting."
Since Goldman's already screwed up America, they're now are hell-bent on screwing up the rest of the world.
http://www.marketwatch.com/story/conspiracy-of-weasels-is-killing-real-reform-2010-07-06
12 deadly signs Wall Street's 'Conspiracy of Weasels' killed Obama's reforms
ARROYO GRANDE, Calif. (MarketWatch) -- Financial reform is D.O.A. Window dressing. What's next? An implosion? Yes, a depression. Dead ahead.
Scott Adams warned of this trend in "Dilbert & the Way of the Weasel." Forget competition. No, capitalism breeds monopolies, it's a "financial system designed to transfer money from lesser weasels to greater weasels. Someday, if everything goes according to plan, one supreme weasel will have all the money and everyone else will be his or her domestic servant."
10. Simon Johnson: 'Financial reform is irrelevant' to Goldman Sachs
More proof? Goldman now believes domestic reforms are irrelevant, while it increases global betting, says Simon Johnson, former IMF chief economist and co-author of "13 Bankers." Johnson quotes Sam Finkelstein, Goldman's head of emerging markets: "Debt-to-GDP ratios in the developed world are about double those in emerging markets and they're growing. This makes emerging markets interesting."
Since Goldman's already screwed up America, they're now are hell-bent on screwing up the rest of the world.
http://www.marketwatch.com/story/conspiracy-of-weasels-is-killing-real-reform-2010-07-06
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