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Fraud*
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, April 11, 2011

First, We Need Some Goldman Sachs Bankers to Go To Jail

It is time for a rapid-fire analysis of the financial crisis which also happens to be a Crisis of Capitalism according to JRK and David Harvey's animated account. It is refreshing to see the financial crisis discussed from a Marxist viewpoint. It takes into account all the different reasons that have been put forth for the causes of the crisis, such as, human frailty, predatory instincts, delusions of investors, greed of bankers (as shown by the daily practice of firms like Goldman Sachs), on to institutional failures, obsessions with false theory and so on.

Finally, systemic risk and internal contradictions of capitalism are looked at. In the past, the excessive power of labor was attacked and that problem was variously solved; then the excessive power of financial capital arose. During the latest financial crisis, billionaires and millionaires increased in number and wealth because of the obscene remuneration of financiers and hedge fund managers, for example. And now the problem is the excessive power of finance.

The conclusion: We need to change our mode of thinking, which would be helped along by first putting some of the bankers in jail!




The video can be found here

6 COMMENTS:

Anonymous said...

If he's correct...then why the over sized paychecks??


Simon Johnson Explains What The Banks Did To Us And Why “Seriously — Goldman Sachs Can’t Fail”

http://www.youtube.com/watch?v=-GmBoJ7qHYg&feature=player_embedded

Joyce said...

Thanks, Anonymous, for the link above. I shall post it tomorrow.

Anonymous said...

Cooperman is ex goldman...Steinhardt is not!


Leon Cooperman, Who Was Down 36% In 2008, Defends Buffett, Bashes Steinhardt
"Earlier today Leon Cooperman, founder of Omega Advisors, took some time from his busy schedule of buying stocks, to bash Mike Stinhardt's moment of truth from last week, and to reaffirm his praise at the altar of crony capitalism by defending Warren Buffett. There is little we can add here, suffice to remind readers that the Omega Advisors' "hedge" fund was down by a whopping 36% in 2008 and was one of the worst performing hedge funds in the Great Financial Crisis (GFC), surely knows all about government funded rescues of the economy and those who ride on its coattails... not to mention the ensuing career risk in the absence of one."

http://www.zerohedge.com/article/leon-cooperman-who-was-down-36-2008-defends-buffett-bashes-steinhardt


yes I would say the true owners of capital(the pensioners) are fools...

is everyone tainted?..no...BUT...

The process was corrupted a long time ago...

See...

In a scathing report, a former chief executive of the California
public employee pension fund was accused of pressuring subordinates to
invest billions of dollars of pension money with politically connected
firms.

http://pensionpulse.blogspot.com/2011/03/corruption-at-calpers.html

Broidy Pleads Guilty in Pay-to-Play Probe

While much of the attorney general’s long-running investigation has
focused on the role of placement agents, Mr. Cuomo said Mr. Broidy’s
actions didn’t involve these financial middlemen that help money
managers obtain lucrative assignments investing pension money.

“This is an old-fashioned case of payoffs to state officials,” he
said. “This case is effectively bribery of state officials.”

http://www.huffingtonpost.com/tina-daunt/elliott-broidy-pleads-gui_b_379469.html

Ex-Blackstone Pension Agent Pleads Guilty to Fraud
http://tinyurl.com/p4xt7f

Joyce said...

The more one looks, the more fraud and bad management one sees!

Anonymous said...

It is my estimation at this point that they are trying to use the great depression that their financial shenanigans have caused. They deliberately created this securitization fraud, this Ponzi scheme after 1999, when Tim Geithner and Larry Summers were both in the Treasury department of the Clinton administration and they drafted the legislation for deregulating the banking system, allowing financial derivatives to be traded without any supervision by the Commodity Futures Trading Corporation, the U.S. Government derivatives supervisory agency – and they knew what they were doing. As Paul Volcker said in an interesting interview – I am certainly not a fan of Volcker from his past, but in this case I agree with him. Paul Volcker said about a year ago when he was asked what he would point to as the most positive contribution of banking innovation in the last twenty years: Well, if I think about it, there is one positive contribution – the invention of the automatic teller machine (vii). Other than that, derivatives and all this financial innovation, has done nothing but harm. That’s a paraphrase, but I think in this case Volcker is right on his estimation.

One major problem of our time might be that the central bank of the U.S., the Federal Reserve System, is privately owned.

FWE: Yes.

http://www.theundergroundinvestor.com/2011/03/a-history-of-rigged-fraudulent-oil-prices-and-what-it-can-teach-us-about-gold-silver/

Anonymous said...

It is my estimation at this point that they are trying to use the great depression that their financial shenanigans have caused. They deliberately created this securitization fraud, this Ponzi scheme after 1999, when Tim Geithner and Larry Summers were both in the Treasury department of the Clinton administration and they drafted the legislation for deregulating the banking system, allowing financial derivatives to be traded without any supervision by the Commodity Futures Trading Corporation, the U.S. Government derivatives supervisory agency – and they knew what they were doing. As Paul Volcker said in an interesting interview – I am certainly not a fan of Volcker from his past, but in this case I agree with him. Paul Volcker said about a year ago when he was asked what he would point to as the most positive contribution of banking innovation in the last twenty years: Well, if I think about it, there is one positive contribution – the invention of the automatic teller machine (vii). Other than that, derivatives and all this financial innovation, has done nothing but harm. That’s a paraphrase, but I think in this case Volcker is right on his estimation.

One major problem of our time might be that the central bank of the U.S., the Federal Reserve System, is privately owned.

FWE: Yes.

http://www.theundergroundinvestor.com/2011/03/a-history-of-rigged-fraudulent-oil-prices-and-what-it-can-teach-us-about-gold-silver/

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