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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

Monday, June 13, 2011

Why Goldman Sachs is "Home Free"

We should not be surprised that Wall Street banks like Goldman Sachs have not faced criminal charges. First, the investigative bodies, the FBI and the SEC, have been advised to take their time so that the banking system will not be imperiled. From whence do such recommendations that impede justice come?

Secondly, the idea that those who were in positions of power, who helped create the financial crisis that erupted in 2008, are the ones who best know how to resolve the financial crisis they created. Geithner, Blankfein and other executives are still in positions of power and as far as I can tell, the banking sector is the only part of the economy that is flourishing.

Stability of the banks on Wall Steet takes precedence over the recovery of Main Street; however, the success of the economy is not based solely on the amount of money made by the likes of Goldman Sachs!

Why No handcuffs For Wall Street Bankers?
Interview by Dylan Ratigan




You can view the video here

13 COMMENTS:

Joyce said...

Naked Capitalism (from Washingtons Blog) has an article about creating banks that will successfully compete with Wall Street Banks. The idea is grand and would work wonders for all the local economies. Imagine getting rid of the Wall Street Banks forever!

See: http://www.nakedcapitalism.com/2011/06/guest-post-the-giant-banks-are-already-state-sponsored-so-why-not-create-public-banks-to-at-least-share-the-gains-help-out-main-street-and-grow-our-local-economies.html

Joyce said...

See: http://www.nakedcapitalism.com/2011/06/guest-post-the-giant-banks-are-already-state-sponsored-so-why-not-create-public-banks-to-at-least-share-the-gains-help-out-main-street-and-grow-our-local-economies.html

Imagine getting rid of Wall Street banks forever!

Suzan said...

It's hard to handcuff those who own the handcuffs?

Anonymous said...

Our Participation Fuels Financial Tyranny (June 13, 2011)


Our debt and transactional consumerism fuels the tyranny which oppresses us.

The basic dynamic is profound: the political and financial tyranny of Wall Street and the "too big to fail" banks is fueled by our own participation. "Reformers" both within the Central State and outside its halls of delirium-inducing power, keep hoping that some tweaking of policy or regulations will relax the grip of Wall Street and the big banks on the nation's throat.

They are willfully blind to the obvious: that with enough money, any rule can be bent or evaded.




http://www.oftwominds.com/blogjune11/stop-participating6-11.html

Anonymous said...

The False Dichotomy Between Banking Honesty And A Sound Financial System

Bill Black

It's exceptionally hard to kill bad ideas. The most spectacularly bad idea in economics and finance is that regulating business honesty is bad for business. The idea is exceptionally criminogenic.

Read more: http://www.businessinsider.com/the-false-dichotomy-between-banking-honesty-and-a-sound-financial-system-2011-6#ixzz1PCy348hp

Larry Rubinoff said...

Suzan said...

It's hard to handcuff those who own the handcuffs?

Well said Suzan.

Anonymous said...

Handcuffs?...no, they wear party hats!


Banks and their clients will be able to buy and sell billions in shares – without oversight or a public market – giving those outside of their private club any access. The lesson of Madoff was, ‘how do we make the fraud bigger.’

http://maxkeiser.com/2011/06/14/banks-and-their-clients-will-be-able-to-buy-and-sell-billions-in-shares-without-oversight-or-a-public-market-giving-those-outside-of-their-private-club-access/

Anonymous said...

So as I understand it from the last link, the banks are still able to have the laws that they don't like deregulated by "bribing,"-- oops, by making campaign contributions to--, members of Congress. Amazing!

Joyce said...

And speaking of deregulation, the CFTC under the leadership of Goldmanite Gensler, will not get any regulations in place before the end of the year. That's as good as deregulation wjem you can prevent any regulation at all.

See: http://tinyurl.com/67hb2d6

Anonymous said...

you mean this?

CFTC Delays Swaps Regulation By Another 6 Months To Comply With Wall Street Demands


But lest someone suspect the fine upstanding gentlemen at the CFTC led by former Goldman Sachs employee Gary Gensler who has absolutely no interest in seeing his old firm continue along the confines of the status quo (very much like that other form Goldmanite Hank Paulson), the CFTC did provide this brilliant clarification: "The temporary relief proposals have "nothing to do with any outside pressure one way or the other to extend the rule-making or the effective date," a CFTC staff member said." Well, if they say so, it must be true.

http://www.zerohedge.com/article/cftc-delays-swaps-regulation-another-6-months-comply-wall-street-demands?


and then Obama wonders why he speaks to half full house?

http://tinyurl.com/3jkdwbs

it's the lies...people can't stand the double talk anymore...but he's okay with it..

http://news.yahoo.com/s/ap/20110614/ap_on_re_us/us_obama_family_1


which means the BIG PAY DAY IS WAITING...NOW THAT'S LIFE CHANGE YOU CAN BELIEVE IN!

Anonymous said...

CFTC ...how convenient

(courtesy Dow Jones newswire)
DJ CFTC's Gensler: Without Funding, Agency Can't Enforce New
Rules
2011-06-15 14:06:43.656 GMT

By Jamila Trindle
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--Commodity Futures Trading Commission Chairman Gary
Gensler said Wednesday that his agency wouldn't be able to effectively police derivatives markets without more funding, as the House of Representatives is scheduled to continue debate on the bill that includes the agency's budget for next year.
Last year's Dodd-Frank financial overhaul assigned to the CFTC and the Securities and Exchange Commission the responsibility of writing dozens of new rules creating a new regulatory regime for over-the-counter derivatives known as "swaps," a much larger market than the futures market that the CFTC currently oversees.
"Without sufficient funding for the agency, our nation cannot be assured of effective enforcement of new rules in the swaps market to promote transparency, lower risk and protect against another crisis," Gensler said, in remarks prepared for a Senate Agriculture Committee hearing.
He said it would also hamper the agency's ability to seek out fraud, manipulation and other abuses in commodity markets.
House Republicans have proposed a budget of $172 million for the CFTC in the12-month period beginning Oct. 1, substantially less than the $308 millionsought by President Barack Obama.
The funding has been included in a wider $126 billion bill to fund theDepartment of Agriculture and related agencies that the House could vote toapprove as soon as this week.
While the bill is expected to be approved by the House given the sizeableRepublican majority, it is almost certain not to be taken up by the Democratic-controlled Senate. Rather, like the other spending bills to fund thevarious departments and agencies of the federal government, it is more likelyto be included in a wider budget deal that is currently being negotiated byHouse and Senate leaders and senior officials from the Obama administration

Anonymous said...

Thank you for the links re Gensler. At first I thought he would do a good job of making regulations for derivatives as head of CFTC. Boy, you really cannot count on Goldman Sachs guys to do anything for the country as a whole. It's only Goldman for Goldman by all Goldman's minions.

Anonymous said...

CFTC Delays Swaps Regulation By Another 6 Months To Comply With Wall Street Demands


But lest someone suspect the fine upstanding gentlemen at the CFTC led by former Goldman Sachs employee Gary Gensler who has absolutely no interest in seeing his old firm continue along the confines of the status quo (very much like that other form Goldmanite Hank Paulson), the CFTC did provide this brilliant clarification: "The temporary relief proposals have "nothing to do with any outside pressure one way or the other to extend the rule-making or the effective date," a CFTC staff member said." Well, if they say so, it must be true.

http://www.zerohedge.com/article/cftc-delays-swaps-regulation-another-6-months-comply-wall-street-demands?

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