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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

Thursday, July 21, 2011

Goldman Sachs 1; Basis Yield 0

It is interesting to find out the results of suits that have been filed against Goldman Sachs. Basis Yield Alpha (Cayman Islands) bought $100 million of highly rated securities in June 2007 which became worthless a few months later. The case Basis brought against Goldman Sachs was dismissed by Judge Barbara Jones because the purchase of sale did not take place in the U.S., a provision cited in a 2010 U.S. Supreme Court decision.

Does that mean that fraudulent statements may be made in New York but if a purchase of fraudulent securities takes place elsewhere, the suit cannot go on? Timberwolf is the security bought by Basis and also happens to be one of the securities the Levin/Coburn report cited, by quoting GS itself, as "one shitty deal."

So Goldman Sachs can be found committing fraud only as long as it is in the United States! How convenient is that?

Read the story here


Anonymous said...

The only thing that has happened is that the super, super rich (0.1%
of the country) and their puppets in D.C. neglected to use their
positions of power during the 2008 crisis to help their country and
their fellow citizen get back on their feet and reform the system, but
rather they decided to totally raid, abuse and pillage their fellow
Americans in an act of unprecedented greed and recklessness.

Anonymous said...

Debt Crisis Being Used as Shock Doctrine to Steal More Money from the American People to Give to the Richest .1%

Indeed, all of the other "emergency" economic and monetary measures - like quantitative easing - didn't help the American people, but just helped the richest .1%. And most of the bailout and "easy" money went to foreign banks (and see this, this and this).

The Same Thing Is Happening With the Debt Ceiling

The same thing is now happening with the debt ceiling.

Anonymous said...

Wall Street Titans Continue to Invest Millions on K Street

The financial sector continues to pour millions of dollars into lobbying the federal government amid a shaky economic recovery, disagreements in Washington about raising the debt limit and the implementation of the financial regulatory reforms passed by Congress last year.

Seven of the biggest and most high-profile banks and investment companies -- Wells Fargo, JPMorgan Chase & Co, Citigroup, Goldman Sachs, Bank of America, Morgan Stanley and the American Bankers Association -- have spent a combined $20 million on lobbying the federal government so far this year, according to research by the Center for Responsive Politics.

Anonymous said...

The Enemy is Washington
An Economy Destroyed

Recently, the bond rating agencies that gave junk derivatives triple-A ratings threatened to downgrade US Treasury bonds if the White House and Congress did not reach a deficit reduction deal and debt ceiling increase. The downgrade threat is not credible, and neither is the default threat. Both are make-believe crises that are being hyped in order to force cutbacks in Medicare, Medicaid, and Social Security.

If the rating agencies downgraded Treasuries, the company executives would be arrested for the fraudulent ratings that they gave to the junk that Wall Street peddled to the rest of the world. The companies would be destroyed and their ratings discredited. The US government will never default on its bonds, because the bonds, unlike those of Greece, Spain, and Ireland, are payable in its own currency. Regardless of whether the debt ceiling is raised, the Federal Reserve will continue to purchase the Treasury’s debt. If Goldman Sachs is too big to fail, then so is the US government.

Anonymous said...

Wall Street 1 ; Americans 0

CNN's Piers Morgan speaks to Tavis Smiley and Cornel West about their critiques of President Obama and politics.

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