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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

Sunday, September 25, 2011

MELTDOWN - The Men Who Crashed The World - Part 1

This is the first in a four part series produces by - believe it or not - Al Jazeera.  I don't know how many out there ever watch or listen to Al Jazeera but their English programming is not what you would expect.   It is very much a different view of things worldwide.  It is not censored in its programming - at least not for US and European related matters and they do have some very good Western journalists.

This may seem somewhat radical to some but those with open minds and some measure of realism might find their reporting quite interesting - and sometimes very accurate.   There are always two sides to every story and the only way to judge is to hear all sides.  I do know one thing - our domestic media often times does not report it all and may at times even not report. 

For those that might be interested here is a list of where Al Jazeera can be viewd in the U.S.
USA Buckeye Cable (Toledo, OH)
Burlington Cable (Burlington, VT)
GlobeCast World TVLink TV (Direct TV, Channel - 375/Dish Network, Channel - 9410)
Washington Cable (Washington, DC)
MHz Networks (Washington, DC)

Full Channel (Channel - 168)
Time Warner Cable (New York City Area, Channel - 92)
Free Speech TV

This is a 45 minute program so I suggest you find a time when you can view this in its entirety.  IT IS WELL WORTH THE WATCH.

I will post each part as it is released.    I will refrain from any comments as I will leave the commentary to you, our readers.  Larry's Corner will take a back seat to "Readers Corner".  The comment thread should be very interesting on this so Stay Tuned.
The first of a four-part investigation into a world of greed and recklessness that led to financial collapse.
In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.

The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.
But how did it all go so wrong?
Read here
Link to the Al Jazeera Web Site for this here

Coming Attractions:
A global financial tsunami  
How an epidemic of fear caused the world's major banks to stop lending, triggering protests and industrial action. 
In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.

Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.

Lehman's failure had repercussions around the world. Millions of people lost their life savings. Pension plans were decimated.Christine Lagarde, the French finance minister at the time and a close friend of Paulson's, publicly described Paulson's decision on Lehman "horrendous".

Markets from London and Paris to Shanghai fell. An epidemic of fear caused the world's major banks to stop lending, ending the year in protests and industrial action.
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Pba said...

Police Brutalize Peaceful Wall Street Protesters

According to various reports, New York City Police have maced, brutalized and arrested peaceful Wall Street protesters.

Therightmedicine said...

In Galling, Pathetic Whine, Deutsche Bank CEO Warns Against Opening "Pandora's Box"

Ackermann is a Liar

There is no polite way to say it so I may as well be blunt: Josef Ackermann is a liar.

Banks agreed to the 21% haircut in July for one reason and one reason only: It was nowhere near "fair" and banks knew they got off easy.

The only "fair" proposal is for those who make stupid decisions to pay full price for those decisions.

Ackermann wants taxpayer to bail him out. Screw Ackermann. And if Deutche Bank goes under as a result, Ackerman and the entire board should be fired. Indeed the entire banking system would be better off if failed bank executives get shown the door and their pensions set to zero when banks fail.

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