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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 3, 2010

Goldman Sachs's Peter Sutherland is an "Interested Man"

According to Wikipedia, Peter Sutherland is a "non-executive Chairman of Goldman Sachs International (a registered UK broker-dealer, a subsidiary of Goldman Sachs). He was previously non-executive chairman of BP and was a director of the Royal Bank of Scotland Group until he was asked to leave the board when it had to be taken over by the UK government to avoid bankruptcy. He also formerly served on the board of ABB."

So when these men are vetted for government service, little account seems to be taken about their past histories and their conflicts of interest. Government policy should not be synonymous with GS policy!

Thanks to a comment left at our site, here is something more about him:

Ferris: Government is being advised by the bond holders
by SF Sinn Fein

October 28, 2010

The Sinn Féin Spokesperson on Workers Rights, Martin Ferris TD has claimed that the Government’s austerity programme is not only designed to pay for failed bondholders and speculators but is being advised by them. He referred to the fact that the Chairperson of Goldman Sachs Peter Sutherland whose Asset Management section holds Anglo Bonds has been advising the Government on the cuts.

Deputy Ferris said: “Apart from the economic and financial issues that we have discussed here for the past few days there is the whole moral and ethical aspect of the situation.

“All of the proposed misery is being planned to benefit failed speculators among whom are the Anglo bondholders. There are websites which have published the names of these companies and there are discussion groups on the internet about it. And yet no national newspaper here has regarded it as of sufficient importance.

“While most of the bondholders are European based there are Irish connections and no doubt some of our fine patriotic and charitable tax exiles have their noses in the trough.

“More importantly perhaps is the connection between all of this and the fact that representatives of these people are advising the Government on how best to make the rest of us pay for their mess.

“Take Peter Sutherland for example. He has held various high positions in this state and on behalf of this state abroad. His views are still given a lot of credence and he was recently widely quoted in claiming that this state had an obligation to protect the Anglo Irish bondholders.

“And of course he has been advising, in a totally disinterested way of course, the Government on how they should deal with the crisis. Among his proposals has been to sell state companies. And no doubt he probably knows chaps who might be interested in buying them at a fair price.

“How many of those who referred favourably to Sir Peter’s excellent advice also referred to his own possible self interest and the interest of his friends in all of this? He is, after all, Chairperson of Goldman Sachs whose Asset Management section is a key Anglo bondholder and which incidentally made profits of more than €13 billion last year.

“If our priority is to look after people like this, then the description given on one web site of Ireland as, ‘an international welfare state for super-rich bankers’ is all too accurate.” ENDS

Read the article here


Anonymous said...

Good conversation...don't be fooled over this election:
the Demon Sheep

Anonymous said...

Its like their the gang of fang...all of them...they'll suck the life right out of you..its a combined effort!

Read this...

In fact, just yesterday the unionized workforce of Olin Corporation refused to agree to a nine year wage freeze:

In a statement released Wednesday, Olin President and Chief Executive Officer Joseph Rupp said, "Unfortunately, without the cost savings and efficiencies that the (union) would have provided, the state incentives alone would not have allowed us to remain competitive for the long-term at our current location in Illinois."

The plant is being moved to a new non-union plant in Mississippi - with lower wages.

Unit labor costs are falling (there will be a ticker on this shortly) which Steve Liesman is claiming is "good". The problem is that commodity price increases are ramping production costs and while labor cost goes down so do wages, which means that you can't pass through the cost increase.

What The Fed is doing, basically, is imposing a huge tax increase of $600 billion over the next six months on the economy. While we're arguing over a $700 billion tax problem over the period of ten years, or $70 billion a year, Ben Bernanke has just imposed an effective $1.2 trillion annualized tax increase on the American Economy - seventeen times the size of the Bush "Tax Cuts".

Tax increase?


It's just hidden.

JR said...

Yikes, the warning about the last video on the link above came "after" the video rather than before and thus didn't warn me. I guess some people are very emotionally affected by what's going on in the American economy. It is very scary what is being said on that site.

Anonymous said...

Got it?

We can't let anyone see how Greece hid their debt. We can't let the people know how the fraud was done. We certainly can't name the people involved and outline the derivative scams that were used, lest other people look for more of them (gee, you think?) or even worse, hold us to account for intentionally ignoring them ourselves.

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