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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

Tuesday, November 30, 2010

Will Goldman Sachs Be Wikileaks Next Target?

WikiLeaks’ Julian Assange Wants To Spill Your Corporate Secrets by Andy Greenberg as published in

In a rare interview, Assange tells Forbes that the release of Pentagon and State Department documents are just the beginning. His next target: big business.

Early next year, Julian Assange says, a major American bank will suddenly find itself turned inside out. Tens of thousands of its internal documents will be exposed on with no polite requests for executives’ response or other forewarnings. The data dump will lay bare the finance firm’s secrets on the Web for every customer, every competitor, every regulator to examine and pass judgment on.

(For the full transcript of Forbes’ interview with Assange click here.)

When? Which bank? What documents? Cagey as always, Assange won’t say, so his claim is impossible to verify. But he has always followed through on his threats. Sitting for a rare interview in a London garden flat on a rainy November day, he compares what he is ready to unleash to the damning e-mails that poured out of the Enron trial: a comprehensive vivisection of corporate bad behavior. “You could call it the ecosystem of corruption,” he says, refusing to characterize the coming release in more detail. “But it’s also all the regular decision making that turns a blind eye to and supports unethical practices: the oversight that’s not done, the priorities of executives, how they think they’re fulfilling their own self-interest.”

I can only guess that the biggest fish amongst all US banks is Goldman Sachs although all of them appear guilty for so many illegal activities.

Regardless of your view of Wikileaks and the info it has released to date, this next dump should prove interesting and will hopefully be the cause of more "real" action on the part of our lawmakers. 

A more concentrated effort on exposing the misdeeds and illegal activities of our Too Big Banks will also - I hope - expose those in our government who aided and abetted, condoned and even instructed their actions. 

To read the full post in here


Dallas Painters HQ said...

I agree, Jack, usually the hens are ugly as sin, and true here too, and the male Peacock are the ones with all the looks. I think that maybe we have two hens here, they missed the boat on both occasions, after it was Carvelle who said if Hillary gave him a Ball she'd still have more than obama.

Anonymous said...

Foreclosure Bombshell

Mortgage-backed securities have to meet what is called “contractual representation and warranties.” That basically means the MBS are required to be free of fraud and be exactly what the seller says they are. Do you think mortgage-backed securities are free of fraud? Do you think these securities are the triple-A rated risk free investment the big Wall Street banks claim?—NO WAY! The banks are going to be forced to buy back all the toxic mortgage junk they sold.

That is the least they can do because, so far, there has not been a single prosecution of a high ranking mortgage lender or Wall Street banker. That is outrageous because this will surely go down as the biggest financial white-collar crime rip-off in history.

Anonymous said...

Nothing like a class system...hey's have low rates?..cost of living go up but no cola's?...TOO BAD...$ WENT TO THE RULING CLASS!

Fund Firms, Hedge Funds Borrowed $71.1 Billion

Money managers, including hedge funds, mutual and pension funds borrowed $71.1 billion under the Federal Reserve's Term Asset-Backed Securities Loan Facility, according to a filing Wednesday on the central bank's website.

Through the program, known as TALF, the central bank offered low-cost loans to investors for a year, enticing them to buy high-quality bonds backed by consumer-finance loans, such as auto loans and credit-card debt. Since its introduction in March 2009, TALF aided the sale of more than $100 billion in bonds backed by auto, student and equipment loans and credit-card debt—the bulk of all the asset-backed deals sold in the U.S.

Larry Rubinoff said...

"...this will surely go down as the biggest financial white-collar crime rip-off in history."

Yes, not only the fraudulent MBS creation and sales but the ensuing foreclosures by non owners of the mortgage notes as well. One big fraud that is literally robbing Americans and others around the world blind.

I have said it before and will say it again, the Madoff scandal is nothing compared to what these guys are doing and who do you think aided Madoff in his rip off venture? Why these same bankers and their government buddies who they put into power play.

Anonymous said...

Former Canadian Prime Minister Adviser Calls for Assassination of WikiLeaks Founder Assange; Assinity from Sarah Palin

I encourage you to phone University of Calgary president Elizabeth Cannon at 403-220-5617 and demand the resignation of Professor Tom Flanagan.

Please Email to speak your mind.

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