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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

Monday, August 15, 2011

Goldman Sachs Would Like the Mortgage Mess to Go Away

Goldman Sachs is one of the participating investors in an announced settlement of mortgage repurchase and issuing claims for Countrywide mortgage-backed securities that failed. Bank of NY is the trustee. Bank of America/Countrywide agreed to pay "$8.5 billion to settle claims of 530 trusts. The filing is awaiting court approval." Not everyone is happy with the deal. An excerpt from Yves Smith's article is below:

Quelle Surprise! New York Fed Director Shills for Bank of New York, Argues Against Rule of Law
By Yves Smith - Naked Capitalism

If you accept that logic, it takes you some interesting places. Andrew Haldane of the Bank of England has already told us what inefficient looters the bank really are. His analysis concluded that the cost that the big banks imposed on the global economy in the financial crisis was so great that even if you spread a low estimate of the costs out over 20 years, the first year charge would wipe them out. Since I believe members of the Mafia make less money on average than Wall Street employees, they are more efficient looters, and Wylde ought to be promoting them too.

Of course, what Wylde blithely ignores [is] that this looting is a wealth transfer. Those jobs created on the back of fraud are at the expense of mortgage bond investors, who are in the end ordinary citizens, and homeowners, who are certain to suffer from an overshoot of housing to the downside thanks to chain of title issues deterring buyers of foreclosed homes, and vacancies depressing prices of neighboring properties. The destruction of consumer balance sheets is having a far greater impact on employment in the New York area and nationwide than can even remotely be justified by the comparatively few jobs created in the mortgage finance and RMBS trustee businesses of the too big to fail banks.

Please read the entire article here


Anonymous said...

Video: The Bankers as the Enemy of Humanity

Anonymous said...

That, of course, depends on who you are. It certainly "worked" for market speculators.

It "worked" for certain people in the political class who were about to see their careers go down the toilet after advocating for saving financial institutions through the promulgation of fraud in 2008 and 2009.

And it "worked" for Obama, who crowed about how it was "time to buy stocks" in 2009 as well - as that fraud was being promulgated.

Anonymous said...

The media would like this guy to go away...and I'm sure he'd put a crimp in tbtf style, too!

Ron Paul is one of the few politicians who apparently "didn't take the money." And that makes him dangerous.

"The fight for justice against corruption is never easy. It never has been and never will be. It exacts a toll on our self, our families, our friends, and especially our children. In the end, I believe, as in my case, the price we pay is well worth holding on to our dignity...

We can holler and shout, but we also have to light the lamps that show the corruption, injustice, ineptitude and abuse of power. When we do, you will see the villains scurry into the woodwork the way roaches do when you turn on the light.”

Frank Serpico

Anonymous said...

Watch How They Steal The Money

The amount of theft going on these days is immense. I thought I would catalog at least a few ways in which it is happening in Europe. This is not supposed to be a comprehensive list. I hope that some Matt Taibbi will compile some sort of record of these things. Real journalists are as rare as unicorns these days. Plus, they have a tendency to die suddenly.

Joyce said...

Thank you for all the good links. I especially like the two rants, by Keiser and by the anonymous narrator in Naked Capitalism video above.

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