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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 13, 2010

Buy Goldman ?

No, not for me. Even though the market is clearly rigged and money could be made, the answer is still "No thanks". From Ilargi at TAE:
Ilargi: Basel III was pushed through this weekend. Isn’t that great? All those ugly big bad banks will now have to adhere to much stricter international regulations. That’ll teach ‘em. And we’ll all be soooo much better off. Never again a financial crisis, and honey flowing from the trees into eternity.

Yeah. Only, who makes them regulations? Why, naturally, that would be the strongest political forces around internationally. And they happen to be, no, wait for this, the banks. They’re once again, as they have been in Washington for decades, regulating themselves, setting the terms for their regulation, in Basel. And yeah, you can or could make a few bucks in the stock markets by betting on that. You know, profit from your own demise. So yes, the stock markets are up. Buy Citi, , buy Deutsche, buy Goldman, buy BofA. They can ply their trade for a bit longer. And you can be richer because of it. Well, not all of you. Someone's got to pay the bill at the end of the day.


Still, while cheering Basel III, you're cheering the further, continued and deepening screwing of American people, and European, and Japanese, not to mention dirt-poor-to-begin with Africans and Asians, who will for instance increasingly be bid out of what fertile land they once had to feed their children.


"America should "make a concerted effort to buy up all the bad loans clogging the banking system; take 'em out of the private sector and in some sense socialize it [..] ".

Yeah, buy up all the bad loans from the private banking sector, that their staff have made billions on issuing, with taxpayer money, so that the banking sector may survive and do it again.


Basel III allows for some more facade time, the cardboard ghost town gets to stand up and fool people a bit longer. But that's all this Basel accord is good for. Some of you will make some dough on that, and the rest of you will pay for it. But the banks are still doomed, on account of the paper they still hold at face value, but that is really worth mere pennies on the dollar. We could, as a nation, buy all that paper (and my, did we try already), and the banks then might survive, but unfortunately we would surely not, as a society.

There is no way out of this that keeps both our banks AND our societies alive. Basel III says, and very clearly so, that it’s the banks that are winning.

There's something wrong here:
Read the whole thing here.


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