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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, April 19, 2011

The People ARE Angry At Goldman Sachs

Finally, investors are beginning to rev up opposition to the lack of action by government regulatory bodies and by the Congress for not investigating and prosecuting the TBTF banks, including Goldman Sachs, who greedily sucked up the retirement funds of the people for their own use.

You can read the press release here. Visit The Derivative Project website here. There is a lot of information about the banks and about what kind of action is needed. There is also information on the role that Secretary of the Treasury Henry Paulson played in a "conflict of interest" situation when he decided to bail out Goldman Sachs via AIG.

May all the American people Rise Up and send the requests enumerated on that website to their representatives in Congress. This is action that everyone can participate in!

You can find your Congressional Representative here

Below is one of The Project's suggestions:

How To Prevent Another Financial Crisis and Collapse of Retirement Savings
  • Commence a long overdue civil and criminal investigation to reverse the taxpayer payments of over $50 billion to U.S. and international banks for collateral calls for AIG over-the-counter derivative contracts, that were entered into fraudulently between AIG and other counter parties, including Goldman Sachs. Fine Goldman Sachs and then Secretary Henry Paulson for misrepresenting that AIG would collapse without the collateral call payments to Goldman Sachs. Goldman Sachs could have totally prevented the "crisis" with AIG by not demanding immediate delivery of the collateral by the U.S. taxpayer and sought an unwinding of the contracts.

  • Revamping of FINRA and SEC and elimination of FINRA as Securities Law Enforcer

  • SEC should monitor Investment Advisors, not the SRO FINRA

  • Congress must pass a law enabling a right of private action for individual retirement investors for breach of fiduciary duty under the Investment Advisors Act of 1940.

You can read the rest of the document here


Anonymous said...

Fast forward to @ 11 minutes to listen to Janet'll be reminded of the reasons to get involved in the Project above.

Anonymous said...

The Fundamental Injustice That Is Poisoning the Nation
(April 20, 2011)

The guilty are powerful and free, the innocent burdened and oppressed: that is injustice.

There is a fundamental injustice that is poisoning the soul of the nation, and if it is not openly addressed then the nation will face the explosive consequences of institutionalized injustice.

Simply put, it is this: those responsible for the nation's financial crisis and its catastrophic after-effects are not paying for the consequences of their actions--it is the innocent, those who were not responsible, who are paying the price.

You can call it whatever you want: the Anarchy of the Super-Rich (as per Paul Farrell), the Financial Power Elite, the financial Oligarchy, Plutocracy or Corporatocracy, or the unprecedented concentration of financial wealth and political power in a financialized post-industrial economy. Whatever you call it, we all know this class of financiers and its minions got away with high financial crimes.

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