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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, September 27, 2011

The Unscrupulous Men at Goldman Sachs

"The current concept of psychopathy has been thematically linked to writings by Theophrastus, a student of Aristotle in Ancient Greece, whose description of The Unscrupulous Man is said to embody the characteristics of psychopathy:[13]"

The Unscrupulous Man will go and borrow more money from a creditor he has never paid ... When marketing he reminds the butcher of some service he has rendered him and, standing near the scales, throws in some meat, if he can, and a soup-bone. If he succeeds, so much the better; if not, he will snatch a piece of tripe and go off laughing. (Wikipedia)

Here is a short list of the unscrupulous and predatory men that we have been talking about on this blog:

Josh Birnbaum, Star trader who specialized in the ABX index;
Lloyd Blankfein, Current CEO;
Craig Broderick, Current chief risk officer;
Gary Cohn, Current president and COO;
Jon Corzine, Senior partner who convinced the partnership to go public. Replaced by Hank Paulson within days of the IPO;
Steve Friedman, Co-head of Goldman Sachs with Robert Rubin;
Dan Sparks, Head of the Goldman mortgage desk from 2006 to 2008;
Michael Swenson, Co-head of the structured products group under Sparks;
John Thain, Co-COO under Paulson until 2003;
Fabrice Tourre, Mortgage trader under Sparks. Later named as a defendant in the SEC's suit against the company;
David Viniar, CFO.

The first description of a psychopath is "a glib, pathological liar with no remorse or guilt for his actions." If you still think that the men who run Goldman Sachs care a tuppence for what happens to the pensions, savings and mortgages of the average person (because that is where Goldman gets its huge bonuses and salaries), then let me disabuse you with the following video:

View a short summary and the video here


Boughtandpaidfor said...

Tuesday, September 27, 2011

Tom Ferguson on America for Sale

Look, everything is for sale, that’s the logic of the new Congress
there. Since the ‘90s, everything’s auctioned, and that’s what the bulk
of the population doesn’t understand this. The insiders know it but
everybody else is still in the dark. You can’t find me a single
discussion of this – I was laughing in a recent discussion in the New
York Times. There was some columnist in there who he interviewed a
Congressman about – or an ex-Congressman about what was going wrong in
Congress. And finally the guy mentions towards the end, “Oh, yes,
there’s this terrible money problem.” You know, look, that’s the
problem. You’re selling everything.

Hopeless said...

Look at those hope bonds at .01....why weren't those low rates directed towards consumers in trouble directly????????????

Tuesday, September 27, 2011
Another big month at Geithner’s whorehouse bank

At the top of the list is a modest $3mm to our pals at Solyndra. Note that this was done on 7/15; just six-weeks before the lights went out at SOL. How about the % rate? 0.89%. We will never see a dime of the interest or principal on this advance. Nothing short of a joke; a bad one at that.

There was a total of $89,500,000 of other new loans to solar related projects. The DOE guaranteed loans now total a tidy $6 billion. That number will surely rise next month.

Ford gets another $163 million. Just what is it we are doing with Ford that requires this much money?

Guest said...

What's going on?A Representative Republic? That's So Last Century"So what to do? To solve the serious problems facing our
country, we need to minimize the harm from legislative inertia by
relying more on automatic policies and depoliticized commissions for
certain policy decisions. In other words, radical as it sounds,
we need to counter the gridlock of our political institutions by making
them a bit less democratic." - Peter Orszag
Who is Peter Orszag?  Vice Chairman of Global Banking at Citigroup, Bloomberg "view" columnist, an adjunct senior fellow at the Council on Foreign Relations and....... most importantly.... The former director of the Office of Management and Budget for President Obama.
What time is it again?

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