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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

Wednesday, November 24, 2010

A Description of the Inequality that Goldman Sachs Helps Perpetuate

I could not resist copying and posting the following booklet by Johathan Tasini on Scribd.

I especially like the quote below from Tasini's book (emphasis mine):

If you want to wring your hands about the bigger government deficit, don’t go pointing the finger at the president or Congress. Instead, you can thank Goldman Sachs, Angelo Mozilo, Robert Rubin and the rest of the smart boys who built a financial system that was a mix of a floating casino, Ponzi scheme and Fool’s Gold paradise—all patched together by lies, deceit and a healthy dose of massive public indoctrination of the wonders of the “free market”.

What’s the connection?
The collapse of the financial system—thanks to the greed and
incompetence of the people running it—is the principle reason today for
a larger deficit. The collapse gave us:
• A weaker economy so money wasn’t coming into the Treasury as
fast (because millions of unemployed people don’t pay taxes).
• A weaker economy that called on us to aid our fellow citizens
with more aid such as unemployment insurance and food stamps.

. . . . . . . . . . . . . . . .
You can read the complete book below:


The book can also be found here


Anonymous said...

Fraudclosure – Marcy Kaptur on Dylan Ratigan, Inside the Country’s Mortgage Mess

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