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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, March 29, 2011

Goldman Sachs's Blankfein: " Would You Want This Man As Your Plumber?"

Thank you to The Daily Bail for a series of videos regarding the roles played by both honorable and nefarious actors leading to the 2008 financial crisis. Amongst the former category is Brooksley Born, a woman of great integrity. She warned in the 1990s about the risks of unregulated OTC derivatives.

However, her ideas did not prevail; but even when she had the opportunity to question the nefarious actors like Greenspan, Rubin and Blankfein (of Goldman Sachs), who all made her distinguished career so difficult, she treated them with honesty and respect and certainly without rancor.

She was right; they all were wrong!

It is interesting to hear that Blankfein believes "We didn't specifically have a derivatives crisis." In fact he says that OTC derivatives functioned well. He puts part of the success for that on Luck. He still does not want rules and regulations but thinks just keeping the pipes in place and letting the plumbing settle and clear will be enough! Charming, for sure.

Here is the video of her interview with Lloyd Blankfein during the FCIC investigations:

You can see this video and others plus the text here


Anonymous said...

With The CFTC Position Limit Response Period Over, Here Are Select Opinions By PIMCO, World Gold Council And Goldman Sachs

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