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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, December 30, 2010

Goldman Sachs is a Bank: "The Best Way to Rob a Bank is to Own One"

William K Black who wrote the book, "The Best Way to Rob a Bank is to Own One," talks about how the banks, including Goldman Sachs, pulled off the greatest scheme since the 1929 crash to obtain monstrous amounts of money to the detriment of the people of the United States. Because the fraud occurred at the highest levels of the banks, including the CEOs, It is referred to as accounting control fraud. The fraud promised large amounts of bonuses and pay to all. The systemic scheme was a sure thing. It appears that the banks had no loss reserves on their accounting books. Instead loss reserves fell to record lows even though massive bad loans were made.

If Goldman Sachs was insolvent in 2008 (and we know that they were borrowing massively from the Fed which suggests insolvency), then it should have been shut down rather than bailed out by the taxpayer. Goldman Sachs is right now pretending that recovery has occurred but the rules were gimmicked to the banks' advantage so that mainly finance has recovered. In spite of the mortgage crisis, not a single arrest, indictment or conviction has been made!

These two videos can be seen here


Anonymous said...

"There is no robbery so terrible as the robbery committed by those who think they are doing right." … Mary Catherwood

Barbara Ann Jackson said...

Whether or not property owners should have mortgage loans –and whether or not people realize basis for opposing home repossessions, very serious foreclosure fraud acts are deliberately being done by certain foreclosure lawyers! Even if it became remotely valid to label all defaulted homeowners as deadbeats, NOTHING IS VALID ABOUT real estate racketeering.

Not even ‘the powerful banker’ / lender has authority concerning the judicial Rule of Law. Bankers and lenders ARE NOT the entities who file foreclosure proceedings in civil and in bankruptcy courts; and NEITHER are lenders the persons who record illegal deeds for properties after NULL FORECLOSURE AUCTIONS (which creates defective deeds and all sorts of long term problems).-

Intentional foreclosure fraud entails foreclosures naming defunct mortgage companies, or having no ownership of notes; unfair fees beyond “Acceleration Clauses" that impairs borrowers’ ability to repay arrears; falsified Bankruptcy Court motions to “Lift Stay" and falsified “Proof of Claims” for accomplishing"simulated" foreclosure auctions via “straw buyers."

Scores of homeowners do not contest foreclosures because of not having legal knowledge to recognize illegal foreclosures and fraud; they lack funds to pay for attorneys to represent them; and they are told to come to foreclosure auctions with money that they do not have, so they stay away from foreclosure auctions. It is outrageous that there are families living outdoors whose homes have been confiscated via real estate racketeering.

Also, some PREDATORY mortgage loans appear to be issued for the very purpose of people defaulting so that properties can become flipped, repeatedly (hence blight); and lenders gain tax credits, mortgage-default insurance, and more! Too often, not only is it true that the lender DID NOT file foreclosure, certain homes wound up becoming flipped by the foreclosure lawyers who carry out simulated auctions with “straw buyers” who illegally “credit bid”!

Foreclosure lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders, nor loan servicers. In states that require judicial foreclosures, FORECLOSURE LAWYERS are the ones who file lawsuits to seize and sell property; and lawyers are responsible for filing and recording foreclosure property deeds. *Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers @

Anonymous said...

do you remember this?

« Video - Dennis Kucinich: "Is This The United States Congress Or The Board Of Directors Of Goldman Sachs" »

Anonymous said...

The Shadow Banking System: A Third Of All The Wealth In The World Is Held In Offshore Banks

All of the biggest banks in the world are involved in playing this game. All of them have big branches in these various tax havens. All of them work very hard to ensure that the tax burdens on their ultra-rich clients are as light as possible.

Nobody knows for sure how much money big governments around the globe are missing out on from all this tax avoidance, but everyone agrees the number is huge. It is at least in the hundreds of billions of dollars every single year.

It is a shadow banking system that most Americans don't know anything about. Most Americans don't have the resources to be able to set up shell companies in half a dozen different countries so that they can "filter" their profits. Most Americans don't know a thing about complicated tax avoidance plans that tax lawyers use such as the "Double Irish" and the "Dutch Sandwich". Most Americans would have no idea how to eventually have most of the money that they make end up in Bermuda so that it can avoid taxes.

Joyce said...

Accounting Control Fraud was used by Goldman Sachs to gain enormous pay and bonuses. Here are a couple of links that explain how the fraud works and why the banks are so attracted to it:

Anonymous said...

Laugh, what you want...but he's right!

“These Guys All Need To Be Fired, Trialed, Hung, Burned! They’re All Freaking Terrorists!”

Joyce said...

I love watching Max go at it with such passion!

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