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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

Tuesday, July 26, 2011

It Has Begun: The Rehabilitation of Goldman Sachs

Well, now we know what the rehabilitation of a company's executive looks like. When a serial killer shoots a lot of people and his friends and neighbors insist that he is a kind man who would never harm anyone--that's the kind of rehabilitation I mean. Goldman Sachs's executives live in a fantasy world of their own making where they never harm anyone, never betray their clients, and are only "economical" with the truth. And who has begun this rehabilitation of the Goldman Sachs reputation? It is the New York magazine in an article by Jessica Pressler.

Goldman Sachs is laughing uproariously at all the investigations that have looked into its activities, activities which led to the financial meltdown. There is ample evidence of Goldman Sachs's malfeasance in the FCIC report, in the Levin/Coburn report, which used Goldman Sachs as a case study for the causes of the financial meltdown, and in numerous other places. Both reports leave no doubt that Goldman Sachs played a substantial role in the financial crisis by helping to bring about the crisis and then profiting mightily from that crisis.

It is so dispiriting to see how psychopathically Goldman Sachs executives now portray themselves as common ordinary folk, who eat at the pizza place, drink the diet coke and joke about having turned the ship around. And, lo, the copophragic grin of Blankfein adorns the top of two pages!

Here's a video to watch:

View the video here


pseudo-intellectual; cerebraltrademill said...

If only the world could get rid of Monsanto, Goldman Sachs, Pfizer, Haliburton, BP, Blackwater, Eli Lilly, Fed. res, FDA, TSA - God it is now turning into a huge big laundry list of crooks. CAn we ever getv rid of all of them?

Anonymous said...

the people vs tbtf

Yet, for anyone still hoping for justice in the wake of the financial crisis, the news was hardly encouraging. First, the Fed did not force Wells Fargo to admit guilt — and even let the company issue a press release blaming its wrongdoing on a “relatively small group.” The $85 million fine was a joke; in just the last quarter, Wells Fargo’s revenues exceeded $20 billion. And compensating borrowers isn’t going to hurt much either. By my calculation, it won’t top $20 million.

Most upsetting of all, the settlement raises the question that just won’t go away: Why can’t the federal government prosecute financial wrongdoers?

Joyce said...

The answer to your question about prosecuting wrongdoers is that the whole system has been compromised by deregulation and so-called self-regulation which does not work. Maybe another country would be classified as "corrupt" if the same thing happened there.

Yes, I have no doubt that the system is corrupt from top to bottom including the Supreme Court, the banks, some corporations, some members of Congress, lobbyists, etc. All is bought and paid for.

Anonymous said...

everyone has known this for a long time

Dave Chappelle On White-Collar Crime: "I Plead The Fifth" (Video - Classic)

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