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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

Monday, March 21, 2011

Boom and Bust Cycles Favor Goldman Sachs

Many economists put forward their ideas about how to prevent financial crises such as the recent one in 2008, crises that banks like Goldman Sachs participate in to their advantage and to the taxpayers' detriment. But as the video below implies, no matter what the economists say, the boom and bust continues and the banks go on their merry way, becoming bigger and bigger, paying themselves huge bonuses, manipulating the market place, and continuing to be predators on pensions and savings funds.

Sit back and enjoy, Boom and Bust:

See the video here


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