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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, October 17, 2011

Cry Me a River, Goldman Sachs

The article published by Business Report called "Wall Street sees no exit from financial woes" might have made some sense if the banks had not been directly responsible for bringing down the financial system in 2008. Bankers, like Goldman Sachs, blame the government for "interference and persecution." But Mr. Banker, when you had the chance to "self-regulate," you blew it and brought down the financial system with your greed, your junk derivatives, your false ratings on securities and your selling those securities fraudulently to unsuspecting investors.

Why do banks have such a short memory?

If the banks feel persecuted by government then they should not even listen to the citizens who are occupying Wall Street who would really like to see a "perp walk" with Blankfein and Dimon leading the way. Banks, you created the "morass" yourselves, not the government and not the people.

Goldman Sachs deserves to lose at least as much as the homeowners have lost and as much as the pension funds to whom they sold MBSs.

The financial bubble was brought to us by the likes of Goldman Sachs. Cutting leverage at Goldman is a good thing.

"Societal objectives" include the citizens' desire to return to the Rule of Law and to do away with Rule By the Bank.

Is it the best that can be said about banks that they "will find ways to profiteer?" What an indictment of the banking system!

"Wall Street is suffering" the article says. If jobs are lost, it won't be at the top but the lesser financiers will just join the 9.1% unemployed that resulted from their bubble.

Wall Street has gotten away with the biggest fraud in recent history and rather than being "excessively blamed" has had no executive prosecuted and put in jail.

The banks continue to lobby against regulations.

We cannot sob for the young guys who have dreams of becoming millionaires. Young people, find a worthwhile dream that includes serving in and improving the community in which you live.

You can read the article here


Figure It Out said...

But when you start macing people for speech while at the same time the banksters just a block over have been literally ripping people off for a decade or more, you're going to***** off anyone who has an ounce of fairness in their body.  It is not "riot control" when the people demonstrating are not rioting! 
It's pure jackbooted thuggery and in a less-polite society would be met
with immediate (and justified) retributive violence.  Kudos to the protesters for withholding what that police officer deserved
and by doing so refusing to play their game of attempting to goad them
into a violent confrontation so they could lie, point fingers and say
"see, I told you they were dangerous!"
Barry goes on to recommend the following policy goals:
1. No more bailouts: Bring back real capitalism2. End TBTF banks3. Get Wall Street Money out of legislative process

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