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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

Friday, August 12, 2011

Goldman Sachs is the Epitome of the Richest 1%

The rich have become more politically powerful than ever before. Goldman Sachs executives are very rich and know how to obtain money by betting, by high frequency trading and by using unregulated derivatives (fraudulently). Goldman Sachs guys were placed in strategic positions in the government and proceeded to deregulate laws that protected citizens from predatory practices. For example, Treasury Secretary Rubin (formerly of Goldman Sachs) was instrumental in making sure that derivatives were not regulated and that other protective laws were done away with (e.g., the repeal of the Glass–Steagall Act).

Goldman Sachs profited from creating and selling highly rated sub-prime mortgage-backed securities that they sold to unwary investors, such as pensioners, savers and municipalities. These securities turned to junk and investors lost their money. Then Goldman Sachs made big bets on the collapse of the mortgage industry and collected billions more dollars!

Now Goldman Sachs lobbies both Republican and Democratic politicians in order to further carry out the goals of Goldman Sachs, such as lowering taxation of the rich and extending Bush tax cuts. They would support deficit reduction by reducing Medicare, health and other entitlement provisions that many poorer citizen rely upon. By not properly, and fairly, taxing the richest in society the government has produced a financial crisis that has become endemic.

View the video here


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