In the following video, William K. Black presents some of the reasons why banks (and Goldman Sachs is one of those banks) are not being asked to pay the price for their unethical practices that culminated in the financial meltdown of 2008. He says that the accounting rules for banks were deliberately changed and these changes were supported by institutions of the government. This support helps explain why there is a lack of investigation into bank practices, and therefore, has resulted in no prosecutions. Even though the banks have $10 trillion in losses, there is no evidence of these losses on the banks' balance sheets.
The banks' balance sheets are actually underwater and the banks have more debt than they declare. Quantitative easing (#1 and #2) has thrown cash at the banks rather than the debtors. Covering up losses on these balance sheets leads to a slow recovery of the economy. The gimmickry of the accounting rules allows the banks to continue paying themselves mammoth bonuses and huge salaries. If the assets of banks like Goldman Sachs had been sold promptly after the meltdown, says Black, then the recovery would have taken place immediately afterwards.
Accounting practices should be cleaned up rather than permitted to exist in order to hide huge losses. Is the Federal Reserve promoting such accounting? The banks helped destroy the financial system and are now being supported by the political system and the highest reaches of the financial system.
See the video here
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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". 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