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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

Saturday, July 23, 2011

Goldman Sachs and Wal-Mart: Natural Bedfellows!

We've mentioned in previous postings that Goldman Sachs was being sued by its women employees for discriminatory practices in pay and promotion. Goldman Sachs is now referencing a Supreme Court decision which threw out a class-action suit of 1.5 million female workers at Wal-Mart. Goldman Sachs could very well admire the ethical and moral standards of Wal-Mart, not to mention the egregious amounts of money that the Waltons squeeze out of their stores. It does not surprise me that Blankfein and the Waltons share a lot in common, especially in business practices including gender discrimination and now in their legal tactics.

Wal-Mart is noted for making money both from lower wholesale prices and from low employees' pay. When employees in Quebec sought to unionize in order to bargain for better pay, Wal-Mart shut down their store. A Wal-Mart in Saskatchewan managed to unionize in 2008 and remain unionized, but the battle against unions continues apace.

So now, Goldman Sachs is planning to use the Wal-Mart decision in the U.S. to win its own case of discrimination. Goldman Sachs and Wal-Mart deserve each other.

Goldman Sachs fights bias lawsuit, cites Wal-Mart
By Moira Herbst - Reuters

(Reuters) - Goldman Sachs Group Inc (GS.N) said a recent landmark decision throwing out a class-action lawsuit against Wal-Mart (WMT.N) means it should not face a wide-ranging case accusing it of systematic bias against women.

The investment bank in court papers said the three women who sued it last year have highly individual claims that cannot be readily applied to a wider class of plaintiffs.

Last month, the U.S. Supreme Court said a gender bias case against Wal-Mart on behalf of a group believed to exceed 1.5 million workers could not proceed because the plaintiffs' claims did not have enough in common to sue as a group. The plaintiffs allege that Goldman underpays women and promotes them less often than men.

A grant of class-action status can result in larger awards and make it easier for people who otherwise could not sue on their own to recover.

Read the whole article here

11 COMMENTS:

Suzan said...

Who wouldn't think they were in bed together?

And all their fellow travelers.

Time to elect a few decent women yet, folks?

Anonymous said...

I wonder why the TBTF's were never asked to take a haircut like this on their books? Oh that's right...these people don't count!


Central Falls Gives Ballots to Police and Firefighters Asking for 50% Pension Reductions or Risk Losing Everything in Bankruptcy Court

http://globaleconomicanalysis.blogspot.com/2011/07/central-falls-gives-ballots-to-police.html

Anonymous said...

An audit of the Fed reveals why the establishment resisted an audit for so long – The U.S secretly provided an eye-popping $16 Trillion in secret loans to bailout U.S. and foreign bankers.

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Federal Reserve audit highlights possible conflicts of interest

"As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," Sanders said in a statement. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."

http://sanders.senate.gov/newsroom/news/?id=9005bc62-9fc2-4fb9-b4cf-4bfa53e68a46

Anonymous said...

Use your imagination....


Frits Bolkestein: BIS shelters money for dictators and deadbeats

The BIS has played a vital role in creating a more stable and predictable international monetary system. Unfortunately, the fact that both the BIS and its customers have immunity from international jurisdiction and regulation provides an unintended legal loophole to regimes that care very little for the solidity of the international monetary system. From last year's Wikileaks scandal, we know that in the mid-1990s, Nigerian dictator Sani Abacha used that same legal loophole to store billions of dollars that he had stolen from his own people at the BIS, thus protecting it from litigation.

http://gata.org/node/10165

Anonymous said...

Kevin Slavin: How algorithms shape our world

black box trading-2000 physicists on wall street-math, magic, conflicted behavior.

http://www.ted.com/talks/kevin_slavin_how_algorithms_shape_our_world.html

Anonymous said...

Book Review: Treasure Islands: Tax Havens and the Men Who Stole the World by Nicholas Shaxson

Perhaps the most striking conclusion, if you're in the UK anyway, is the fact that the City of London acts as the grand-daddy of tax havens. And a defining characteristic of tax havens, Shaxson tells us, "is that local politics is captured by financial services interests (or sometimes criminals, and sometimes both) and meaningful opposition to the offshore business model has been eliminated".

Read more: http://www.seattlepi.com/lifestyle/blogcritics/article/Book-Review-Treasure-Islands-Tax-Havens-and-the-1339404.php#ixzz1T2zPvf8N

Anonymous said...

Peter Eigen: How to expose the corrupt

Some of the world's most baffling social problems, says Peter Eigen, can be traced to systematic, pervasive government corruption, hand-in-glove with global companies.

http://www.ted.com/talks/lang/eng/peter_eigen_how_to_expose_the_corrupt.html

Anonymous said...

World Bank
http://en.wikipedia.org/wiki/Robert_Zoellick

Anonymous said...

The firm’s heightened sense of self-­regard was evident in the damning e-mails that have surfaced in investigations, and in its subsequent interactions with governmental bodies like the Financial Crisis Inquiry Commission, which accused Goldman of obfuscating and stalling. It is this infuriating attitude that helps make it such a compelling target. In Washington, the testimony of Blankfein and his colleagues was perceived as being disrespectful. “It was a terrible, terrible performance,” says a former government official. “The arrogance, the condescension, the really kind of minor-league, junior-varsity delay tactics ... It was just very, very poor crisis management.” By July, ­Goldman had settled with the SEC for $550 million, but the report the subcommittee released this spring revealed exactly what kind of impression they got from the firm. At the press conference, Senator Carl Levin, the chair of the committee, suggested that Blankfein had committed perjury when he’d denied the firm had a “massive” short on the mortgage market. He announced that the subcommittee was forwarding the 639-page report to the Justice ­Department, with the recommendation it look into prosecuting Blankfein and others at the firm. Levin described Goldman as a “financial snake pit rife with greed, conflicts of interest, and wrong­doing,” and while he mentioned a handful of other firms too, it was, as usual, Goldman Sachs that made the biggest headlines. And not just because of the possible perjury.

http://nymag.com/news/business/lloyd-blankfein-2011-8/index5.html


Perjury? http://en.wikipedia.org/wiki/Perjury

Anonymous said...

Treasure Islands: Tax Havens and the Men Who Stole the World by Nicholas Shaxson

Perhaps the most striking conclusion, if you're in the UK anyway, is the fact that the City of London acts as the grand-daddy of tax havens. And a defining characteristic of tax havens, Shaxson tells us, "is that local politics is captured by financial services interests (or sometimes criminals, and sometimes both) and meaningful opposition to the offshore business model has been eliminated".

Read more: http://www.seattlepi.com/lifestyle/blogcritics/article/Book-Review-Treasure-Islands-Tax-Havens-and-the-1339404.php#ixzz1T2zPvf8N

Anonymous said...

The level of corruption cannot be adequately put in words, as the bond
fraud has mixed with counterfeit along with money laundering from
officially sanctioned and protected syndicate enterprise. Since
touching the Kabul outskirts, a vertical integration has come to the
contraband enterprise and its sophistication. The individual investor
has simple motives to make money, but more so to protect against total
ruin, home foreclosure, job loss, deep erosion of life savings,
inability to provide for the family, even becoming a debt slave. The
motive is to prepare for the inevitable implosion and work toward
survival.

http://www.zerohedge.com/news/guest-post-conscience-gold-investor?

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