You have to love Max Keiser as he expostulates on Goldman Sachs! I think it is very important to zero in on this one bank as it is the best example of what went wrong when the financial system collapsed. It we blame everyone for the crash, it may appear that we don't blame anyone. Goldman Sachs is culpable. If GS can be made transparent, ethical and accountable, then the whole system can be tamed. Does anyone know of a report by Goldman Sachs a year and a half ago that warned about sub-prime mortgages? Of course, that was after GS obtained billions of dollars selling derivatives made of sub-prime mortgages and gave themselves billions in bonuses. Why do the interviewers believe they have to defend Goldman Sachs doing what investment banks do. Of course, they are suffering from Stockholm syndrome, as Max suggests.
Max is like Sir Galahad on the quest for the Holy Grail and faithfully commenting on the evils of the financial system as it is today.
The videos are found here
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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". 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