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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 30, 2011

Goldman Sachs's Fraud Was Far Larger than Madoff's

Here is another video interview with Matt Taibbi about the aftermath of the financial meltdown. Lack of law enforcement and prosecutions probably mean that there will be another financial crisis which may result in banks being bailed out by the government unless the laws and the politics change. Politicians seem isolated from what the average American is going through (with foreclosures and loss of savings).

Wall Street and Washington have a commingled relationship or a "revolving door" which puts financial people into government and government people into the financial system until they become one and the same entity.

See the video here


Anonymous said...

What they going to take this time?

A Mobilization in Washington by Wall Street

Administration officials reached out to the business community this spring, anticipating a bruising political fight. Over a lunch buffet in April in the Manhattan boardroom of Kohlberg Kravis Roberts, Mr. Geithner warned Wall Street executives of the dire consequences of failing to raise the debt ceiling.

Top Republicans Say They’ve Begun New Talks
Among the attendees were Henry Kravis, the private equity titan, Gary Cohn of Goldman Sachs, Robert Wolf of UBS, and the hedge fund managers John Paulson and Paul Singer.

Joyce said...

As for the link above, the article states that Congress and the banks 'both want the banking system to be safe and sound.' And the banks "want to safeguard bank profits and their own bonuses."

Conflict of interest runs rampant because those bank profits and bonuses were a result of financial fraud by the banks. We have no doubt that Geithner and Goldman Sachs are 'on the same page.'

Anonymous said...

food for thought

Adam Smith Would Neither Recognize Nor Approve Of Our Financial, Monetary, Economic Or Legal Systems

It seems ridiculous to point this out, but sovereign debt implies sovereignty. Right? Well, if countries are sovereign, then how could they be required to be in debt to private banking institutions? How could they be so easily attacked by the likes of George Soros, JP Morgan Chase, and Goldman Sachs? Why would they be subjugated to the whims of auctions and traders?

We long ago lost the free market envisioned by Adam Smith in the “Wealth of Nations” [the book widely considered to be the foundation of modern economic theory]. Such a world would require sovereign currencies…. Only then could there be a “wealth of nations.” But now we have nothing but the “debt of nations.” The exponential math of debt by definition meant that countries would only lose their wealth over time and become increasingly indebted to the global central banking network.

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