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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

Saturday, November 13, 2010

Time For Action

I came across this brilliant idea over at Washington's Blog. It's way for for your voice to be heard in the only way the banks understand. That's through their wallet. Here's a snippet and a video but you should read the whole thing there too.

Crash JP Morgan- Buy Silver

"One of the too big to fails - JP Morgan - manipulates the silver market.[...]

According to the National Inflation Association, JP Morgan is “short 30,000 silver contracts representing 150 million ounces of silver. This is one of the largest concentrated short positions in the history of all commodities, representing 31% of all open COMEX silver contracts.” This could leave JP Morgan exposed if people go out and buy physical silver in large numbers.

Mike Krieger and Max Keiser have an idea for attacking the weak underbelly of the seemingly invincible too big to fail banks and market manipulators ... all at the same time.

Specifically, they say that if everyone buys just 1 ounce of silver, it will force JP Morgan - a giant manipulator of the silver market - to cover its short positions, and drive it out of business."

Read the rest here

It makes me Goldman Sachs short in silver too?


Anonymous said...

Jamie Dimon and Robert Rubin: Evasive on "Fraud as a Business Model"

Corrupt people in Congress and corrupt regulators cannot intervene for the banks this time. Banks have to face state courts, and many Attorneys General are happy to take them on.

Rubin's Citigroup bought credit default swap protection from Ambac, one of the two largest municipal bond insurers, on Citi's value destroying mortgage backed securitizations.

During Rubin's watch as Citigroup's "risk wizard," Ambac sold protection on Citi's toxic CDOs including Diversey Harbor ($1.875 billion), Ridgeway Court Funding I ($1.57 billion), Ridgeway Court Funding II ($1.95 billion), Adams Square II ($510 million), 888 Funding ($500 million), Class V Funding III ($500 million). Citi settled many of these contracts with Ambac for deep discounts. (The Fed did not have taxpayers' interests in mind when it settled AIG's transactions with Goldman Sachs and others for 100 cents on the dollar.)

Ambac filed for Chapter 11 bankruptcy on November 8, 2010, two weeks after Rubin's shameful performance on this panel.

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