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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

Saturday, April 23, 2011

Goldman Sachs and Institutional Corruption

Eliot Spitzer is an eloquent proponent of pointing out and prosecuting fraud committed by banks like Goldman Sachs. Where are all the Attorneys General who should be prosecuting these banks today?

Spitzer on Institutional Corruption on Wall Street

You can see the video here


Anonymous said...

Unrelated..but if you have any misconceptions to what our institutional priorities are when it comes to justice is...these 2 headlines pretty much tell the whole story!

Homeless woman prosecuted for enrolling son in Conn. school

McDowell is a homeless single mother from Bridgeport who used to work in food services, is now at the center of one of the very few false address cases in the Norwalk, CT, school district that is being handled in criminal court--rather than between the parent and school. Authorities are accusing McDowell of enrolling her 5-year-old son in nearby Norwalk schools by using the address of a friend. (Her friend has also been evicted from public housing for letting McDowell use her address.)

Bank of America Dismissed From Countrywide Securities Suit

Bank of America Corp. (BAC) was dismissed from a lawsuit brought by investors who bought mortgage-backed securities sold by Countrywide Financial Corp., the home lender Bank of America acquired in 2008.

U.S. District Judge Mariana Pfaelzer granted Bank of America’s request to dismiss the claim against it on grounds that it can’t be held liable for actions of a unit, according to an April 20 order filed in Los Angeles.

Anonymous said...

Thought of the day....

No apprehension by the power elite.

Fear guides more to their duty than gratitude; for one man who is virtuous from the love of virtue, from the obligation he thinks he lies under to the Giver of all, there are ten thousand who are good only from their apprehension of punishment.--GOLDSMITH.

Anonymous said...

Too funny

No ordinary Guy

By Lucy Kellaway

Published: April 22 2011 22:03 | Last updated: April 22 2011 22:03

This, it emerges, is Hands’ stock explanation for all his non-successes: he is too truthful. He later tells me that the reason he never made partner at Goldman Sachs – where he spent 12 years as a whizz-kid bond trader – was that he gave honest appraisals of his colleagues, pointing out the ones he thought ought to be fired, which went down badly with his bosses.

Anonymous said...

A man without ethics is a wild beast loosed upon this world.
Albert Camus

Larry Rubinoff said...

Good video Joyce.

Spitzer, on his CNN program a couple of weeks ago blatantly called GS criminals. I will see if the clip is still available and post it.

In the meantime, it is very discouraging to know that criminals can commit crimes against an entire population of people and be rewarded not prosecuted.

If you or I rob a bank, caught on tape or caught leaving the bank with a bag full of stolen money, we would for sure be arrested, prosecuted, tried and most probably convicted and sent of to prison.

Yet, our super corporate citizens - those who seem to enjoy an above the law position in our society - have not been and most probably will not EVER be brought to justice. "What a counnntry?"

The likes of Angelo Mozillo, founder and former CEO of Countrywide Bank, was released from prosecution. Set free as a free bird to enjoy the billions of dollars he bilked out of his fellow - or not so fellow - U.S. citizens.

Now, BofA, themselves complicit and guilty of fraud in this nationwide financial industry organized criminal activity (RICO anyone?), current owner of this still guilty and continuing criminal enterprise is being released of any responsibility in their actions. Imagine, a guilty, criminal company, absorbed by another guilty, criminal company, with the help of our very own Federal Government (the one that is not "We The People")can continue shady questionable operations with no oversight or liability.


The many guilty - above the law criminals - who participated such as Mozillo, Lloyd (Lord of the Flies) Blankfein aka god's messenger, Jamie Dimon, heir to the Rothschild throne controlling our secret and privately owned Federal Reserve, Hank Paulson, former CEO of GS and co conspirator in the rip off of America as Secretary of the Treasury, Tim Geithner, current Secretary of the Treasury and co conspirator in the "rip off" and unlawful enrichment of our financial institutions while Pres. of the NY Fed Bank and so many others will never, I fear, be brought to justice. Those of us who have spent years now attempting to get justice served for the American people will never see this accomplished. As such, we will all - or most probably some - continue to write and publish to expose these organized criminal activities (RICO anyone?).

I don't post to often but as I write this I feel it should be a post. I will do so, however, your comments and thoughts would very much be appreciated.

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