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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, October 15, 2010

Goldman Sachs - The Great Predictor

Goldman Sachs strategist, AJ Cohen, predicts that the recession is over and only "greater optimism among investors is needed." Of course, he is referring only to a laser sharp focus on money, money, and more money. On the other hand, Max Keiser, being more concerned with the whole economy, predicted the scandals, the bubbles and the bad times that are here now. We can expect more trouble to come. The first half of Max's video deals with predictions then and now. The second half re-examines the strategies used by Goldman Sachs to transfer the wealth of pensions, savings and mortgages of ordinary folk to the coffers of Goldman Sachs, wealth that is of Midas proportions and we can only hope that donkey's ears appear soon!!

The video can also be seen here


Anonymous said...

Why there's anger? this

The Rot Within: Our Culture of Financial Fraud and the Anger of the Honest (October 15, 2010)

With accountability effectively lost, cheating, lying, misrepresention, embezzlement and fraud, both petty and monumental, have all been incentivized. Thus the "little people" game the welfare/entitlement system and the Financial Elites game the mortgage market, and everyone gamed whatever piece of the housing bubble they could grab.

Where does that leave the honest citizenry? At an extreme disadvantage. Lying, sins of omission, misrepresentation and doing the bidding of evil organizations gets you bonuses and career advancement, while refusing to game the system as instructed gets your fired.

5. This financialization effected a net transfer of public and private income streams and wealth from the citizenry and State to the coffers of the financial Elites. As actual productivity and wealth-creation declined, so did wages and incomes when priced in purchasing power.

To offset that decline, people, companies and governments replaced income with debt: they borrowed to fill the gap between their desires/commitments/spending and their net income.

The financial Elites were happy to supply the debt and capture the income streams of servicing that debt. By securitizing those debts and writing derivatives against them, the Elites created a stupendously profitable windfall to exploit. The Central State and its central bank were happy to comply, as they are in partnership with the Elites which enrich and empower them.

Anonymous said...

Back to my colleague's reader...

They seriously think we are that stupid. What are they hiding from us? Maybe that the banks have committed billions upon billions in tax evasion. Follow what is happening in non-judicial states and you will see the arrogance. They actually show us the blank note endorsement from the original lender yet no recording of the interest through the depositor to the trust. Lack of standing?

Then when they are finished stealing the house they sell the loan from the unlawful foreclosing party (trust) that had no standing to F/C back to the trust through a POA to the servicer and effectively cover their tracks that the loan was never in the trust, they still stole the investors money, and they still claimed the tax exemptions under REMIC.

All while the Govt and IRS watch.

Look at the WAMU BK. They were found to have a 10.3 Billion dollar tax claim filed against them that was reduced to 33M yet Chase got to walk away with a 300 Billion dollar bank 200M in mortgages for 1.9Billion. The loans were shown to have been written down to $0 yet they still want to collect?

Along with the Pub 938 you can review Pub 550 that explains the tax exemptions etc for the REMIC trusts.

No assignments were done as required, no “true and absolute sales under FASB 140″ were ever perfected, No standing has ever been established for most or all of the securitization trusts.

This is the biggest RICO case on earth.

Anonymous said...

Krugman: "The Question Is Whether Our Economy Is Governed By Any Kind Of Rule Of Law"

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