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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, November 12, 2010

Fantasy Prosecutions at Goldman Sachs

A number of articles online talk about bringing to justice the culprits that caused, or engaged in activities that led to, the financial meltdown in the banking system--culprits that would include those that work at Goldman Sachs, as the SEC has already found out. The Business Insider states that economists such as William Black, James Galbraith, George Akerlof, and Joseph Stiglitz agree that the economic crisis will not be resolved until the perpetrators are put in jail. Washington's Blog has two more articles in the same vein found here and here.

It is important that names of bankers be mentioned so maybe a fantasy reconciliation is in order: Who at Goldman Sachs should be made accountable for the crisis they caused? Start at the top and work your way down the hierarchy or even better, start at the beginning of the derivative madness. Hank Paulson used derivatives to make Goldman Sachs the richest of the investment banks and pulled in his fair share of fortune too. On to Lloyd Blankfein who perpetrated the shadow banking system of derivatives and fraudulently held back information from investors about the CDOs he was creating and selling. The other executive members of GS should follow him, including the CFO and other executives, then on to the prop traders and so on down the line until you get to Tourre. There should be prosecutions!

The fantasy penalties would be Madoff-like time in jail and huge billion dollar fines--fines that would go a long way to pay down the deficit.

Here's a video that reminds us of the causes of the financial crisis:

You can view the video here


Anonymous said...

They’ll turn on their own countries?

“They’ll turn on their own companies before they are finished. If you’ve been laundering money for the mafia you’ve got to burn down the restaurant. If you laundered money through Enron, you’ve got to break it because if you break it you bury the trail.”

So some of these major houses will go into oblivion?

“When the sharks finish eating each other they’ll self consume. Markets have become battle grounds against countries who don’t even know it is happening.”

Anonymous said...

You'll love this:

'Is This an Episode of the Twilight Zone?'

Joyce said...

Anonymous(2), you read my mind as I have put the video up also. It is funny how Bernanke's name sounds like "the Bank."

Joyce said...

Wow, I just looked at the above video again and I'm gobsmacked by its propaganda message! The video obviously has an ideological slant to it as it emphasize the role of Fanny and Freddie and the government and hardly mentions the other players responsible, such as all the mortgage servicing companies and the banks that were just as responsible but in different ways.

And, of course, the banks, including Goldman Sachs, bear the blame for all the bad securitization.

However, we can learn at least how one side of the aisle likes to view the financial meltdown, but that side is not the full story. The FCIC was divided along partisan lines and the dissenting side would have agreed entirely with this video.

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