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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 10, 2010

Robert Rubin as an "Interested" Man from Goldman Sachs

There are some people who do not like Robert Rubin and who accuse him of acting with "greed, cynicism, and bad judgment. " Some may say he has issues about honor because he views fraud as a gaming issue and just part of the risk of doing business. From Wikipedia, we learn that he spent 26 years at Goldman Sachs, becoming co-Chairman in 1990-1992. He became Chairman of Citigroup and received $126 million in cash during his 8 years there. Rubin was instrumental in recommedning to Clinton that derivatives not be regulated. While Rubin was financial secretary, the Glass-Steagall Act (which separated commercial banking from investment banking) was repealed. In 2010 Clinton stated that Rubin's advice was wrong.

In 1997 Rubin and Greenspan opposed regulating OTC credit derivatives. Rubin has backtracked from this position by now stating that derivatives pose severe problems. Rubin was chosen to be Obama's economic advisor. Ironically, Rubin now favors reform of the financial system.

Here is another "interested" guy from Goldman Sachs who worked for de-regulation but who sees himself as capable of fostering a stronger financial system in the future but he cannot see his own actions as part of the reason for the financial collapse of 2008.

In the video below, Janet Tavakoli says:

"...Robert Rubin should be answering questions before the justice department instead of spewing forth garbage on this panel."

The panel to which she is referring was called the Buttonwood Gathering and comments on that meeting can be found here.

Janet Tavakoli on Bank Foreclosure Fraud from David Fry on Vimeo.

The video found on the ETF Digest with David Fry interviewing Janet Tavakoli can be seen here


Anonymous said...

Wall street speaks out of two sides of its mouth

Watch: Taibbi on 'Parker/Spitzer'

Anonymous said...

Taibbi’s Takedown of ‘Vampire Squid’ Goldman Sachs

But in reality, it's the unpaid bills that are incidental and the lost paperwork that matters. It turns out that underneath that little iceberg tip of exposed evidence lies a fraud so gigantic that it literally cannot be contemplated by our leaders, for fear of admitting that our entire financial system is corrupted to its core — with our great banks and even our government coffers backed not by real wealth but by vast landfills of deceptively generated and essentially worthless mortgage-backed assets.

You've heard of Too Big to Fail — the foreclosure crisis is Too Big for Fraud. Think of the Bernie Madoff scam, only replicated tens of thousands of times over, infecting every corner of the financial universe. The underlying crime is so pervasive, we simply can't admit to it — and so we are working feverishly to rubber-stamp the problem away, in sordid little backrooms in cities like Jacksonville, behind doors that shouldn't be, but often are, closed.

Joyce said...

Thank you, Anonymous(2), for the links and information. I like Matt Taibbi as he is not afraid to say what he thinks and then backs that up with facts.

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