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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, February 24, 2011

A Video On Why Goldman Sachs Is Not In Jail

Thanks to Jesse's Cafe Americain we have one explanation of why no one on Wall Street, including the people who work at Goldman Sachs, is in jail:

Taibbi: Why Wall Street Isn't in Jail - Video Interview
posted by Jesse

This strikes to the heart of what I have called the credibility trap.

The US government cannot effectively deal with the financial crisis and the required credible reforms because in fixing the problems they would necessarily expose the underlying fraud, and endanger the very powerful status quo that funds them and their political campaigns.

This is more difficult to manage than a liquidity trap because the very means of remedy have been co-opted. The doctors caused the illness, and cannot pursue a cure without admitting their malpractice, which may not have been done in simple error but with complicity.

So this malaise and period of selective recovery will continue until there is a another, more destructive crisis that finally clears away the fog of corruption. Or there is some exogenous event to distract the people to some other problem, to change their focus. 'Never waste a crisis' as they say in the Washington Beltway.

See the video here


Anonymous said...

You should read this...they are gutting everything....

Is the Fed blowing bubbles in structured finance and insurance?

In 2007 the State of Vermont passed legislation to greatly expand the use of captive insurers. The changes make Vermont the most permissive jurisdiction in the US along with South Carolina. Increasingly captives in states such as Vermont and South Carolina are being used to hide liabilities from third-party risk exposures from investors and regulators. These complex structured financial transactions may be within the letter of Vermont state law, but often seem to be pretty close to the classical definition of fraud.

Unfortunately, VT also has become a legal Cayman Islands for the insurance sector. An almost complete lack of disclosure and a liberal view on what constitutes an “affiliate” in VT enables major Wall Street OTC derivatives dealers to ply the structured finance trade and loot the insurance sector in the process. Indeed, the transaction described below in generic terms almost directly parallels the transactions initiated by the investment banks involved in the failure of AIG.

Joyce said...

Thank you for the link above. I find it difficult to imagine that the Fed does not bother to follow the deleterious effects of its low/no interest rate policies. Incredible!

Anonymous said...

Obama is the biggest puppet of the banking oligarchs in American history. I mean this guy’s entire administration so far has revolved around printing money and handing it out, but rather than hand it out to the people he gave it all to the banks that cratered your children’s futures in the first place. Of course, in order to give away trillions to the financials oligarchs that should be in prisons as opposed to the petty dealers caught with dime bags that fill the prison you need to give the money away in secret. In comes the Federal Reserve. To make matters worse, after the Fed and Obama bailed out the banksters the next way to hand out money was defined in Jackson Hole Wyoming in August of last year where Banana Ben Bernanke laid out his plan for QE2.
Niall Ferguson Tells Americans to Accept Their Debt Slavery
If ANYTHING what we should do is shut down the TBTF (too big to fail) banks and then sell the assets of the bank executives like Jaime Dimon and Lloyd “doing god’s work” Blankfein. Ferguson is a lot of things but stupid isn’t one of them so this is really a total disgrace. We should just default on all the debt accumulated since the crisis at the very least. America is still long a lot of the things the world needs like food and water and we can use that to dig ourselves out from the rumble after default. Our standards of living are going to plunge NO MATTER what we do. This is written in the cards based on past behavior, but it is better to be poor and free than be poor and also a slave to foreign interests and a banking oligarchy. Shame on you Ferguson.

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