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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

Saturday, July 2, 2011

Goldman Sachs and the Banking Crisis

Dylan Ratigan interviews David Stockman about Bernanke's lack of success as Federal Reserve Chairman and about the banks' role in bringing down the economy. The banking system needs to be revamped by restructuring or by writing down the banks' debts. A debt problem needs to be approached by allowing a correction in the banking system rather than a bailout according to Stockman. For example, when Goldman Sachs was insolvent in 2008, it should have been allowed to collapse. Paulson and Bernanke and Wall Street saw the crisis as a world-wide phenomenon when actually it was the banks themselves that were in a crisis of their own making.

David Stockman: Ben Bernanke Is Finished!

You can view the video here


Anonymous said...

Stockman is right but why doesn't his view get real play?

Another good listen..

Chris Whalen

Suzan said...

Of course he's right.

Hell, it didn't take ex-liar Stockmen to tell us the truth.

But I guess as the Reagan team piles on we get a glimmer of exactly how bad it is (from their "learned" perspective).

Kudos Dylan!

Anonymous said...

..and which side really cares? have fun trying to find an ounce of moral fiber in any politician...

SEC Says Congressional Insider Trading Not Illegal

It is always nice to be told you are right, and having the SEC tell a securities attorney that he is right about a securities law issue is even nicer. Senators buying stock based on non-public information regarding pending legislation is not illegal, and it is not insider trading.

But isn't this the entire point? Why is it permissible for a Senator who is on a committee and who knows, before a public announcement, that the Senate is going to approve a billion dollar program for solar energy, and then buys stock in the two largest solar energy companies?

I am not so sure that the actual instances of this type of trading is as prevalent as the media is making it out to be, but it is certainly outrageous.

Anonymous said...

They're Bamboozling us: GOP extremism and Dem reluctance to fight

Obama and handlers--are you paying attention? The debt ceiling should never become a crisis, since the spending legislation should always carry with it, as it did under Gephardt, the necessary borrowing implied by the amount of spending and the revenue projections. Republicans' use of the extremely harmful results of a US default to try to get their way on cutting 'entitlements' (meaning the social programs that were instituted in the New Deal for the benefit of ordinary people) and never asking Big Business and its wealthy owners and managers to ante up a penny more (meaning that we will continue in fact the disastrously growth-reducing policies of redistribution upwards instituted by Ronald Reagan with his reliance on the 'free market' economic theory that favors investors over everybody else--George W. Bush's 'haves and have-mores' ) shows just what color their patriotism is--it is a vivid royal blue attuned only to the wealthiest 'investor class' amongst us.

Anonymous said...

The Essence Of The Banking Industry

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