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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, January 27, 2011

Fishbowl Finances of Goldman Sachs

It's ironic that banks like Goldman Sachs cannot envision that perhaps they should be responsible for their actions and should have to take a haircut or two (or a bath) when they push the rules and regulations as they so often do.

A long time ago, in a land far away, before the squid became vampirish, there was a very large aquarium--a state of the art aquarium--in which all the fish swam and lived happily. There were very large gold colored fish at the top, medium sized tiger barbs in the middle and exotic multi-colored small fish at the bottom, including catfish. Both food and gravel entered via the surface of the water. The gold fish grabbed the tastiest bits, spat out the lesser bits for others to ingest, then swam to the bottom to take more than their share from the middle- and bottom-feeding fish. In fact, the whole environment became chaotic because the gold-colored fish were insatiable far beyond the sustenance of the tank and they knew no limits to their predatory needs. In fact, they needed a tank of their own--one that was well regulated and isolated so that all the food and resources were not depleted from the whole environment. This strategy was a useful one until the gold-colored fish transmogrified themselves into the vampire squid.

An article called "Reinventing Goldman Sachs by Lauren Tara LaCapra (New York, The Street) describes the moves that Goldman Sachs guys are taking away from Goldman Sachs Principal Strategies group to their own hedge funds in order to comply with the "Volcker Rule." The dismantling of GSPC will increase the number of new hedge funds coming onto the market.

The video below is part of that article:

The article also describes the rules that will restrict Goldman Sachs's activities and Goldman's efforts at lobbying for more favorable interpretation of those rules.

You can read the full article here

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And just to make my day complete, here's a little Max Keiser:

You can view the video here


Anonymous said...

All done on our backs....

Oligarchy Becomes Anarchy

Power is all about access, and evidence shows where the current power resides. National governments in full collusion and cooperation with gigantic international financial corporations, have opened the floodgates of access to the “little people’s” wealth through bailouts, Fed policy, and quantitative easing, and clanged shut the castle door of the financial elite by allowing them to establish the value of their own assets and to concoct, rate, and sell almost any financial asset or instrument with no accountability, transparency, or enforcement.

The Big Squeeze: Predicting the Effects of Savings Extortion and Abuse of the Middle Class

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