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
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In a video interview with RT America, Rolling Stone's Matt Taibbi, the author of Griftopia, says that as of now, and until the government more aggressively prosecutes financial fraud, Wall Street has a continued incentive to bend the rules in their favor. (Hat tip to Naked Capitalism.)
Since the financial crisis, Taibbi has been one of Wall Street's most outspoken critics. Earlier this month, Taibbi wrote "The People. vs. Goldman Sachs," a sweeping investigation into the Senate report on Goldman Sachs that accused the investment bank of profiting by misleading investors.
"There's really no incentive going forward for people on Wall Street not to commit crimes," Taibbi says in the interview. "The number one thing that came out of this whole period is that there were absolutely no consequences for any of the people that committed this widespread fraud."
Right now, Taibbi continues, Wall Street rightfully sees themselves as above the law, pointing to the billions of dollars in bank bailouts and a lack of prosecution.
Still, with Goldman Sachs last week announcing it is expecting federal subpoenas for its mortgage business, Taibbi sees the current climate as the "last opportunity" for the federal government to take direct action against Wall Street for their role in the financial crisis.
"Personally, I'm hopeful that they actually will do something. It's just too late, but at least it will come eventually," Taibbi said.
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