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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

Friday, April 8, 2011

What Goldman Sachs Wants, Goldman Sachs Gets!

When Robert Rubin was secretary of the Treasury (in 1995), he recommended that Congresss reform or repeal the Glass-Steagall Act which separated commercial and investment banking. He believed with others that banks could regulate themselves. Rubin worked for Goldman Sachs for 26 years and Goldman Sachs is not a fan of regulation. Rubin also advised Clinton not to regulate derivatives. Eventually, Glass-Steagall was repealed and derivatives were not regulated. Both of these factors contributed to the financial crisis in 2008.

When Goldman Sachs invested in Facebook, it offered its own clients a special purpose vehicle in order to get around the rule that restricts the number of US shareholders to 500 unless the company were to go public. So GS withdrew its offer from its US clients and instead offered it to foreigners.

Now, guess what? The SEC is thinking of changing that rule. The world seems to gravitate around the wishes of Goldman Sachs!

Here's how Max Keiser puts it:

As I Predicted, After Goldman Sachs Broke the Law, They Lobbied the SEC to Change the Law

*SEC Might Delay Tech IPOs Even Further By Raising Shareholder Limit

This has been a recurring pattern on Wall St. for years. Firms like Goldman and JP Morgan break various laws all the time, but then they lobby to have the laws changed retroactively (yes, this law will change – and the talk now is to make it look like they are weighing some issues other than the massive kickback in cash they’ll get to change this law). This is obviously a complete breakdown in the concept of the rule of law. BusinessInsider shamefully carries the headline that insiders will have to wait for an IPO – instead of covering the fact that there’s been a miscarriage of justice. Any wonder Americans are becoming poorer? The average American can’t make up laws and rules to suit their personal net worth interests, but they are forced to compete with banks like Goldman that do.

This is BusinessInsider’s spin: “So if the SEC changes the rule it might be a further disincentive for tech companies to go public.” Huh? What about the fact that Goldman Sachs BROKE THE LAW!!!!

See Max Keiser here
See the original article here


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