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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

Thursday, November 18, 2010

Here's One Place Goldman Sachs is Not Welcome

Another metaphor describing Goldman Sachs: " an impossibly large vacuum cleaner whose belly fills not with dirt and hair destined for the garbage, but dollars and cents destined for the already bulging pockets of the upper-class." Some students have a different take on Goldman Sachs's recruiting students on campus:

Throw Goldman Sachs Off Campus

November 17, 2010
By Tony Manfred - The Cornell Daily Sun

Goldman Sachs is a criminal money factory with a vast network of alumni who occupy the most powerful positions in the financial-regulatory world, effectively protecting the bank from any economic threat — governmental or otherwise — such that the bank is free to suck every bit of profit out of every corner of American life, regardless of collateral damage, like an impossibly large vacuum cleaner whose belly fills not with dirt and hair destined for the garbage, but dollars and cents destined for the already bulging pockets of the upper-class. This we can all agree on.

Yet each fall and spring Goldman recruiters are afforded space on East Hill. The bank, along with the rest of corporate America, pursues Cornell’s best and brightest — tabling at career fairs, holding information sessions and setting up shop in the narrow corridors of Barnes Hall. It vets and interrogates, tests and examines, and eventually it leaves campus with a wish list of eager undergrads. A few months later, those same undergrads are paying for a few rounds of drinks at a celebratory Long Island iced tea night. And come summer, these undergrads have transformed into full-fledged Goldmanites — squeezing every drip of profit out of the rag that is America with conscious abandon — under the tragically correct assumption that the rest of us are, above all else, jealous of them.

This must end. A corporation with Goldman’s track record of bubble-building and profiteering has no place on this campus.

Soon-to-be grads who are cynical and money hungry enough to want to work for the bank can seek it out themselves, but this campus should not be the setting of such a union.

The bank can hold information sessions downtown and conduct interviews at the Courtyard by Marriott, but it should not, in any way, shape or form, be permitted to use this university’s facilities and resources to enlist Cornell students into its system of economic manipulation and moral abjectivity.

Goldman’s presence on campus, and the notable mass acceptance of this presence, illustrates our generation’s irrational conception of work. We act like the professional aspect of our lives lies outside of the morals, values and interests that govern the rest of our choices. For us, the goal of getting a job supercedes the substance of that job. Employment of any kind, by definition, cannot be a bad thing. Yes, a job can be amoral, meaningless, sadistic and socially destructive, but — as our mindset suggests — it is still a job.

Indeed when a friend tells me she’s applying for investment banking positions, I don’t protest. In fact, I say good luck. And when an acquaintance tells me that he scored a position at Merrill Lynch, I offer my truthful congratulations.

But this sort of courtesy is undoubtedly a part of the problem. We need to move past the idea that employment is unassailable, that jobs are immune to moral- or value-based criticism. We need to come to terms with the fact that people who go to work for a greedy, criminal machine that has been consciously inflating economic bubbles and screwing over the public since the 1920s, are, by definition, greedy criminals. These people are our classmates, our sorority sisters, our best friends, but they are also bad people. To put it bluntly, they are assholes. Huge assholes. Assholes who are aware of the social and economic damage they will soon perpetuate, but don’t care.

No one is putting a gun to AEM majors’ heads and demanding they work for Goldman, there are plenty of other job opportunities at their disposal. But yet, they choose to work as money-grubbing minions for a bank that played an active role in this nation’s recent economic collapse.

There is nothing we can do to stop Goldman Sachs. Goldmanites are entrenched in every nook and cranny of America’s financial system, with roots so deeply seated in its power structure that there is little realistic chance that it will be forced to change its practices.

What we can do is make our tiny plot of Upstate New York Goldman-free. We can make our facilities and resources a privilege afforded to companies that don’t knowingly sell billions of dollars in crap investments to unsuspecting traders. We can play professional matchmaker between strapping undergrads and upstanding young businesses that don’t sacrifice economic sanity for short-term profit. We can make it the rule that a company that paid a tax rate of one fucking percent in the same year it helped cripple a nation’s economy is given no quarter by this university.

Most importantly, as students, we can cut the bullshit and tell our friends that, yes, working for Goldman Sachs does make you a bad person.

Read the article here


Anonymous said...

Have you noticed all the propaganda on tv to convince you that all the government handouts were justified (by those who profiteered from them)?

Here's some funny anti propaganda serum...

Dear Uncle Sucker . . .
As a student of the Great Depression, Ben Bernanke should have had the best grasp – but his bailout of Bear Stearns revealed him to be just another banker, intent on saving the banks – banking system be damned. To give you a clue of exactly how lost Hank Paulson was, he spent his time praying, and creating documents that exempt himself personally for liability. He’s from Goldman, so we know that “team first” ain’t exactly his style. Tim Geithner, who did such a stupendous job overseeing the banks in the first place, was n way over his head. And while I never voted for George W. Bush, I give him great credit for hiding under the bed and pretty much staying out of everyone else’s way. I would call him clueless, but that wouldn’t be fair to the legions of clueless around the world.

Anonymous said...

How true is this?

Poetic confessions of a Banker

Anonymous said...

And they think their reputation is good?

It seems they are notorious to all but US politicians...wonder why? $$$$$$$$$$$$$

Japan Works to Push Organized Crime Out of Business

Many experts say Japan’s crackdown efforts are long overdue. The crime syndicates now operate with such sophistication that Jake Adelstein, who has written extensively about Japanese organized crime, calls the yakuza “Goldman Sachs with guns.”

JR said...

These are all chilling links. I especially appreciate the take on Warren Buffett who does, indeed, seem in his dotage.

Anonymous said...

Fire Geithner, Schapiro, Gensler, Bair, and Bernanke!

After taking a thumping in 2006, even George Bush the younger had the political sense to fire Rumsfeld and replace him with Robert Gates, thus doing at least something to cool the rage in the population. So far, Obama has been incapable of responding to the election in any substantive way. The obvious response would be to sack what remains of the worst economic team in decades. Obama needs to fire Treasury Secretary Timothy Geithner immediately. From the point of view of a present-day Democratic president, Geithner could plausibly be replaced by former Labor Secretary Robert Reich, Nobel prize-winning economist Paul Krugman, or by University of Texas economist James Galbraith. The present writer is sharply critical of all these because they are Keynesians, but even a Keynesian would be better than Geithner’s slavish devotion to the Wall Street asset strippers, and better than the policy line coming from Austin Goolsbee of Skull and Bones, who tends to represent the Chicago school lite. Goolsbee is another one who deserves the sack.

Obama should also fire Mary Schapiro of the Securities and Exchange Commission, who has treated Goldman Sachs with kid gloves. Gary Gensler over at the Commodity Futures Trading Commission should also be ousted for malfeasance and nonfeasance. Sheila Bair at the Federal Deposit Insurance Corporation stubbornly refuses to apply the obvious laws to shut down and liquidate the bankrupt zombie banks of Wall Street, even as she routinely shuts down half a dozen small local and regional banks every Friday. Sheila Bair’s devotion to the illegal principle of Too Big to Fail has lost to the confidence of the American people, and she cannot remain in office. Most important, Obama should send a letter to Helicopter Ben Bernanke of the Federal Reserve informing him that his further tenure in office is incompatible with the overriding national interest of the United States in an economic recovery. Bernanke’s QEII will shortly be revealed as the new Titanic, a hyperinflationary disaster in the making, sure to sink the dollar, and capable of multiplying the chaos in the world financial system. If Obama were to announce that he expected Bernanke’s resignation of his desk within 24 hours, the bungling and discredited Fed head would soon be on the train back to Princeton. But Obama is incorrigible, and will clearly do none of these things.

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