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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, September 27, 2010

Another Take on Goldman Sachs and the Economic Crisis

Below is commentary on the video from Yahoo Finance/onlineusLoans

Senators Slam Goldman, Schiff Slams Senators: “They Have Some Nerve” Posted Apr 28, 2010 07:15am EDT Predictably, most of the coverage of yesterday’s Senate hearings on Goldman Sachs focused on what the firm’s executives, including CEO Lloyd Blankfein, said or didn’t say. Just as predictably, Euro Pacific Capital’s Peter Schiff looked at things from a different perspective. “The most frustrating part is hearing these Congressmen question Goldman Sachs…and point the finger at them,” Schiff says. “What about Congress’ action? I’m not saying Wall Street was blameless, but the greater blame lies with government, with the Federal Reserve, with Congress, with these Congressmen.” I get the sense Schiff is unlikely to be greeted warmly by many sitting members of that august body should he win his long-shot candidacy for US Senate. Then again, I’m pretty sure he doesn’t care about making friends. “They have some nerve,” he says of the members of the Senate Permanent Subcommittee on Investigations. “I wish someone had the guts to turn it back on them [and say]: Of course we’re making all these crazy loans – you guys promoted them. You wanted loans to be made to people who couldn’t pay them back.’” As you might expect, the fiscally conservative author doesn’t have much faith in Congress to pass meaningful financial regulatory reform. “It’s just going to be like Sarbanes-Oxley,” he says. “Very onerous [and] does nothing to address the root cause of the financial crisis,” which were …

Also see other videos here


Anonymous said...

Keiser Report” teaser: Not enough bailouts: ‘Suck it in and cope!’

JR said...

Anonymous, Max (above) really lays it on the line--with anger!

Anonymous said...

Its You vs. Corporations

We now live in an era defined by increasing Corporate influence and authority over the individual. These two “interest groups” – I can barely suppress snorting derisively over that phrase – have been on a headlong collision course for decades, which came to a head with the financial collapse and bailouts. Where there is massive concentrations of wealth and influence, there will be abuse of power. The Individual has been supplanted in the political process nearly entirely by corporate money, legislative influence, campaign contributions, even free speech rights.

Anonymous said...

Boldly Going Where No SEC Has Gone Before.

Detailed Forensic Analysis Of The Flash Crash To Date

Anonymous said...

America on the brink of a Second Revolution

4. Bush’s biggest mistake: Goldman CEO Hank Paulson

Morici admits: If Bush is “culpable for anything, it was to not see the gathering storm on Wall Street.” Worse, his Treasury picks were disasters: [John] Snow was clueless, Paulson devious. He conned a clueless Congress into bailout trillions, “believing banks could borrow at 3% and lend at 5 and pay MBAs three years out of school five-million-dollar bonuses to create mortgage backed securities.” Greed drove the Bush Treasury.

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