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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

Monday, December 6, 2010

Goldman Sachs: the Baleful and Maleficent

Sometimes all it takes to feel less depressed about what's happening in the financial arena is to play another Max Keiser video that discusses Goldman Sachs and its participation in creating the financial meltdown of the US and the world. Here are three more such videos:

You can watch the videos here


Joyce said...

The Polical Vel Craft Blog has a wonderful description of the scheming of Goldman Sachs during the Great Depression and the passing of the Glass-Steagall Act to prevent such schemes in the future. The article also reprints an article by Richard Freeman in the Executive Intelligence Review of December 24, 199, after Clinton signed away the provisions of that act. A very good read.


Joyce said...

So Goldman Sachs is worried about how the public will see their new big bonuses and pay, so they may call them "long-term incentives!" Goldman is scheming again to pay less in taxes by timing the payments to take advantage of lower tax rates. How patriotic is that! GS contributed mightily to the financial meltdown and now spends hours trying to figure out how to pay fewer taxes that will help pay down the debt that they directly caused to the economy. How facile!


Anonymous said...

More Greg least someone is independent!

CBS Allows Fed to Spread Disinformation Unchallenged

When it came to sub-prime loans, Bernanke said, “One of the things I most regret is that we weren’t strong enough in putting in consumer protections to try to cut down on the subprime lending problem. That’s an area where I think we could have done more.” The Fed wants to protect consumers? Is that why the Fed is trying to make it harder for consumers to stop foreclosures? reported last week, “As Americans continue to lose their homes in record numbers, the Federal Reserve is considering making it much harder for homeowners to stop foreclosures and escape predatory home loans with onerous terms. The Fed’s proposal to amend a 42-year-old provision of the federal Truth in Lending Act has angered labor, civil rights and consumer advocacy groups along with a slew of foreclosure defense attorneys.” (Click here for the complete story from Why didn’t 60 catch this obvious piece of BS?

The 60 Minutes story was more of a government information video than honest journalism. Not exploring Mr. Bernanke’s dismal track record is “too stupid to be stupid.” Shame on 60 Minutes for masquerading as a news program and allowing disinformation and bad calls to go unquestioned and unchallenged.

Anonymous said...

America’s divided into two stock markets: one for Wall Street’s rich insiders, another for Main Street’s suckers: “Investors, as opposed to traders, buy stocks in companies whose profits they expect to rise. The conventional wisdom says stock prices will follow profits up, but over the last two business cycles, that simply has not happened.”

Michael Lewis asks: “Why are the same Wall Street banks that lobbied so hard to dilute the passages in the Dodd-Frank financial overhaul bill banning proprietary trading now jettisoning their proprietary-trading groups, without so much as a whimper?”

The answer’s simple: Wall Street’s sneaky and will do anything to keep the derivatives casino running hot. Insiders “have no intention of ceasing their prop trading,” according to Lewis. “They are merely disguising the activity, by giving it some other name.”

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