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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, October 25, 2010

Goldman Sachs and the FCIC

It will be interesting to read the December report of the Financial Crisis Inquiry Commission on the causes of the present Great Recession. Angelides' saying that Goldman Sachs was "tragically deficient" is an understatement. "Deficient" is more descriptive of GS!

Wall Street Sold 'Tragically Deficient' Product, Angelides Says

Phil Angelides, Financial Crisis Inquiry Commission

Phil Angelides, chairman of the Financial Crisis Inquiry Commission. Photographer: Andrew Harrer/Bloomberg

Wall Street firms such as Goldman Sachs Group Inc. and Citigroup Inc. created products that were “tragically deficient,” in the view of the chairman of the panel charged by Congress with identifying the causes of the financial crisis.

“The notion that Wall Street was non-culpable is just ridiculous,” Phil Angelides, the chairman of the Financial Crisis Inquiry Commission, said in an interview aired yesterday on C-SPAN’s “Newsmakers” show. “Either people knew and didn’t care, or they didn’t know and they didn’t care to know.”

He cited Goldman Sachs, Citigroup and Merrill Lynch as parts of a “Wall Street mortgage-security machine” that, he said, never slowed even after the housing market peaked in 2005 or 2006.

“They in fact were creating products that they were selling into the marketplace,” Angelides said. “They clearly turned out to be tragically deficient products.”

Legislative leaders of both parties appointed the 10-member commission in 2009 to investigate the causes of the worst financial crisis since the Great Depression. The panel has until December to report its findings to Congress.

Angelides, the former treasurer of California and a Democrat, estimated the commission and its staff have interviewed 600 to 700 people.

“We’re now putting together the findings of our investigation, we’re working furiously, we’re deliberating as commissioners and we hope to have a report delivered to the American people that helps explain how this calamity came to be,” Angelides said.

Read the article here


Anonymous said...

Best advice yet:

To The People:

You must make it known to your state and local governments that this is what you demand. You must get them to back you, not the big financial institutions. This will likely mean, at some point, civil disobedience - that is, refusing to leave when allegedly "evicted." It means enlisting your local county Sheriffs, who you vote for in less than two weeks.

It means enlisting your County Commissions, pointing out that if they side with you, and not the brigands, their tax revenue will continue - but if they don't, it will not.

It means enlisting your neighbors, so they understand what's going on, who destroyed their neighborhoods (the big banks - not you and your neighbors themselves.)

And it will mean organizing boycotts - refusing to do business with anyone who presents a check from one of the big banks, refusing to do business with a local business that uses one of the big banks to process their credit card transactions or clear checks, in favor of those local businesses that use local, legitimate, honest banking institutions.

RobertM said...

Happy 50th post Joyce. Thanks for all the hard work you're doing! It's usually thankless work but if people don't complain, GS will take that as a sign that they can do what they want without repercussions.

Cirze said...

Great reporting!

Thanks from a grateful nation.


Joyce said...

Thanks, RobertM. At first I thought I would run out of material when there was nothing critical in the news about GS. What I found was that I was always able to choose the best among many stories and that I didn't have to worry about not finding something to talk about and link to.

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