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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, February 1, 2011

Goldman Sachs: Symptomatic of Wall Street Hijacking Government

In the video below, Gerald Celente gives his opinions on what has not been accomplished to make sure that financial institutions like Goldman Sachs do not (sorry about the double negative) create another financial crisis. You may not agree with all his ideas but he is right to describe Wall Street as having hijacked the policies of the government where financial regulation is concerned.

Goldman Sachs has expressed its own opinion on that subject. Cerise Negulic of the French Tribune states:

"Goldman Sachs President, Gary Cohn [issued] a warning against the initiative to implement fresh regulations on banks. Such a step, said he, could lead to the next crisis by pushing risky activities towards hedge funds and other lightly supervised entities." (Read the rest of the article here.)
What a strange world we live in when the culprits who contribute to a major world financial crisis now say that regulation will create a new financial crisis! Wasn't it Goldman Sachs who took advantage of the shadowy unregulated world of derivatives to transfer wealth from pension funds, 401ks and savings of taxpayers to their own coffers to the tune of billions of dollars? They certainly did not worry about the shadowy world of derivatives when they were making billions in it!

You can see the video and read the article here


Anonymous said...

This country desperately requires a rebalancing of priorities. After readjusting the compensation scales via regulation and/or free market common sense, America needs to anoint a new set of Mensans who can create something more than a cash machine and make this country competitive again in the global marketplace. We need to find a new economic Keynes or at least elect a chastened Congress that can take our structurally unemployed and give them a chance to be productive workers again. We must have a President whose idea of “centrist” policy is not to hand out presents to the right and the left and then altruistically proclaim the benefits of bipartisanship. We need a President who does more than propose “Win The Future” at annual State of the Union addresses without policy follow-up. America requires more than a makeover or a facelift. It needs a heart transplant absent the contagious antibodies of money and finance filtering through the system. It needs a Congress that cannot be bought and sold by lobbyists on K Street, whose pockets in turn are stuffed with corporate and special interest group payola. Are record corporate profits a fair price for America’s soul? A devil’s bargain more than likely.

Anonymous said...

Indeed, the people who engineered the housing bubble and related policies have been rewarded with numerous public and private positions as well as financial compensation. We are watching record bonuses on Wall Street.
The institutions that engineered the housing bubble and the financial crisis have been richly rewarded with $12 trillion in bailouts, expanded access to the federal credit, and government assumption for the debt and liabilities of Fannie Mae and Freddie Mac.
Financial reform legislation has generated lots of make-work and expenses for thousands of companies and financial institutions without providing any meaningful reform.
So what does this all mean? The “strong dollar policy” – including the housing and debt bubble, trillions in financial fraud, and the suppression of the gold price – was part of a intentional plan to move trillions out of North America, both overtly and covertly. I refer to this as a “financial coup d’état.”

Wall Street and Washington issued trillions in fraudulent securities, used it to gain control over trillions in assets, and then were able to engineer the taxpayers refinancing out the fraudulent paper. Think of this as a leveraged buyout of a planet.

To the victors go the spoils. That is why we are seeing the people who engineered the coup so richly rewarded.

Anonymous said...

Former Finance Regulator Bill Black: Criminal Charges Must Be Laid

Here’s someone who thinks we need to STOP THE LOOTING AND START PROSECUTING!

William Black: Regulations were deliberately weakened to create conditions for systemic fraud.

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