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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

Wednesday, May 11, 2011

Yves Smith - Financial Advisor and Former Goldman Sachs Employee

 Yves Smith has written quite a bit on the financial crisis.  She has experience on Wall Street, Banking and writing as her bio below will show.  To more fully inform you, our reader, I felt it important to share with you some of her published articles in which she educates and informs us.  Her current blog, Naked Capitalism is one I feel you should bookmark.

Yves Smith Bio:
Yves Smith has written the popular and trenchant financial blog "Naked Capitalism" since 2006
Yves has spent more than 25 years in the financial services industry and currently heads Aurora Advisors, a New York-based management consulting firm specializing in corporate finance advisory and financial services. Prior experience includes Goldman Sachs (in corporate finance) (emphasis added), McKinsey & Co., and Sumitomo Bank (as head of mergers and acquisitions). Yves has written for publications in the United States and Australia, including The New York Times, The Christian Science Monitor, Slate, The Conference Board Review, Institutional Investor, The Daily Deal and the Australian Financial Review.[Yves is a graduate of Harvard College and Harvard Business School.
Links to interesting articles she has penned both recent and not so recent but still relevant.  A good refresher course of points that need to be remembered for actions that need to be taken.

As appeared in The Huffington Post:

Time to Investigate Lloyd Blankfein and Hank Paulson
Posted June 30, 2010 | 04:41 AM (EST)

The New York Times has unearthed a damning tidbit about the bailout of AIG:
When the government began rescuing it from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks -- including...
Read Post

Rahm Emanuel and Magnetar Capital: The Definition of Compromised
Posted April 13, 2010 | 01:22 PM (EST)

  1. A neutron star with an intense magnetic field, capable of emitting toxic radiation across galaxies
  2. A hedge fund, the single market player most responsible for the severity of the 2008 financial crisis, through the toxic instruments it created
Rahm Emanuel:
White House Chief of Staff
Politician selected by...

Read Post

Debunking Michael Lewis' The Big Short
Posted March 25, 2010 | 12:30 AM (EST)

The current number one non-fiction best seller, Michael Lewis' The Big Short: Inside the Doomsday Machine, addresses the question "Who got it right? Who saw the real estate market for the black hole it would become, and eventually made billions from that perception?" It is hailed as meeting the usual...
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SEC, Fed Alerted By Merrill of Lehman Balance Sheet Games in March 2008
Posted March 18, 2010 | 08:58 PM (EST)

So which theory is it: stunning bureaucratic incompetence, wishful thinking and denial, or a cover up? Or a combination of the above?
No matter which theory or theories you subscribe to, the continuing revelations of how the SEC -- and perhaps more importantly, the New York Fed -- conducted themselves...
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NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation
Posted March 11, 2010 | 10:46 PM (EST)

Quite a few observers, including this blogger, have been stunned and frustrated at the refusal to investigate what was almost certain accounting fraud at Lehman. Despite the bankruptcy administrator's effort to blame the gaping hole in Lehman's balance sheet on its disorderly collapse, the idea that the firm, which...
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Why No Regulatory Action on Banksters' "Destabilize the Markets" Threats?
Posted March 1, 2010 | 04:54 AM (EST)

We have pointed out more than once that a major impediment to reform of the financial services industry is that a small number of firms control infrastructure crucial to modern capitalism:
1. Credit is essential to any society beyond the barter stage 2. Debt markets are now at...
Read Post

Schwarzman Says Kowtow to Banks or They Will Strangle the Economy
Posted February 12, 2010 | 05:56 AM (EST)

Can someone shut these banking industry narcissists up?
The one and only time I met Steve Schwarzman was in 1986, when he and Pete Peterson had just started the Blackstone Group. I was a manager (meaning a mid level working oar) at McKinsey. We had teed up a deal...
Read Post

AIG Scandal: Fed as Chump or Fed as Crony?
Posted January 28, 2010 | 06:07 PM (EST)

No matter which way you look at it, the picture that is emerging of the Federal Reserve, as revealed by the ongoing probes into its AIG bailout, is singularly unflattering.
The explanations for its actions can only support one of two interpretations: that the Fed was a chump, taken...
Read Post
Yves take on NYT's Joe Nocera's recent article:

NYT’s Joe Nocera Defends Failure to Bring Wall Street Execs to Justice
Saturday, February 26, 2011

Aargh, it is frustrating to see how quickly establishment-serving shallow arguments become conventional wisdom. We get a big dose of this line of thinking from the New York Times’ Joe Nocera in an article titled, “Biggest Fish Face Little Risk of Being Caught.”
Read Post

... A brief moment
I hope you enjoy her writings and most importantly the points and truths she makes.  Maybe if we repeat some of these points over and over again, maybe, just maybe someone up there in our political pool of toxic energy might begin to notice and do something about it.  Well, possible but not probable.  I guess therein lies the problem.  We not only have a financial crisis but a political one as well.  A two class system in a third world nation where the upper class rules free of any consequences and the rest of the population - weakened by fear - has no choice but to accept what is and suffer along.  The American Dream has faded.  It will turn into the American Nightmare.  I believe if we study history and other depressive societies we will see many similarities.  If we study what was and teach it to our children perhaps down the road a piece, our children will know enough to take charge and resurrect  "The Dream" so that their children will once again see America as it once was providing opportunity for all and most important providing "Liberty and Justice For All".
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Anonymous said...

Does not matter what anyone writes.....this is what you're up against!!!!!!!!!

Why CEOs Avoided Getting Busted in Meltdown: William Black
Deserted by Regulators

The FBI -- deserted by the banking regulators and undercut by the Justice Department -- was so desperate that it formed a partnership with the Mortgage Bankers Association in 2007. The trade association had created an absurd definition of mortgage fraud under which accounting frauds by a lender were impossible and bankers were the victims. By 2009 the financial crisis had become so acute that Treasury Secretary Timothy Geithner discouraged criminal investigations of the large nonprime lenders.

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Anonymous said...

It seems like stacked deck against truth seekers...

Republicans seek changes to SEC whistleblower rule

The SEC's proposal would reward people who provide original substantive tips leading to enforcement actions that result in sanctions exceeding $1 million.

The whistleblower reward has become one of the most contentious parts of Dodd-Frank, as companies from Google Inc and Microsoft Corp to General Electric Co and JPMorgan Chase & Co have asked the SEC to change the proposal by requiring whistleblowers to report company problems internally before going to regulators.

Anonymous said...

Thank you Larry and most especially Joyce for keeping this blog going. It is important work. These issues are being ignored by the mainstream media(whose relevance is declining daily).If not for this blog, few would know how truly evil Goldman Sachs is and how truly toxic they are to capitalism.

Joyce said...

Thank you for the encouragement to continue this work of collecting as many as possible of the misdeeds of one of the banks that brought about the financial meltdown of 2008. Maybe in the future when someone wants a running account of how Goldman Sachs brought the financial system to its knees and succeeded in stealing money from pension funds, insurance companies, municipalities, university funds, and savings, this blog will provide the evidence of all the evil that one bank wrought on the world.

Joyce said...

Larry, I read all the links you provided to Yves Smith's writings and I know how fortunate we are to have her intelligent and humane commentary on the world of finance.

Anonymous said...

The People vs. Goldman Sachs
A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

Anonymous said...

So Sparks goes before Congress and, under oath, tells a U.S. senator that at the time he was selling Timberwolf, he expected it to "perform." But an internal document he approved in May 2007 predicted exactly the opposite, warning that Goldman's mortgage desk expected such deals to "underperform." Here are some other terms that Sparks used in e-mails about the subprime market affecting deals like Timberwolf around that same time: "bad and getting worse," "get out of everything," "game over," "bad news everywhere" and "the business is totally dead."

And we indicted Roger Clemens?

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