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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 24, 2011

Ex Goldman Sachs -
Canada's Carney ready for FSB regulator limelight

By Louise Egan
| Sun Oct 23, 2011 5:44pm EDT

(Reuters) - As a young hockey player with dreams of making it big, Mark Carney liked to get revved up before a big game by listening to AC/DC's "Hell's Bells."
"Coming on like a hurricane" and "take no prisoners", as the lyrics go, pretty much sum up the Bank of Canada Governor now as he prepares to take on the world's most powerful banks as head of the Financial Stability Board, the key driving force behind the reform of global financial regulation.

The still-athletic, 46-year-old is certain to get the job, according to sources who spoke to Reuters on condition of anonymity, although he must wait for G20 leaders to give him their formal blessing at a Nov 3-4 summit in Cannes, France.

 Carney's past as a Goldman Sachs investment banker has been a double-edged sword, as he fought to prove his loyalties lie with ordinary citizens, not his high-flying banker buddies. He clashed memorably with JPMorgan Chase & Co Chief Executive Jamie Dimon in Washington last month as the banker argued against new regulations for the financial sector.

Maybe, just maybe, there is one Ex GSman that can get the job done and expose them all for who they are and what they did.  We will follow Mr. Carney very closely over the coming months.

Read the entire article from here

This is a must read article.  I must say, that the Wall Street Journal did a great job on this one and we must also recognize the Credit Union that had the courage and conviction to support this important movement.  Of course, as reported by Andrew Jones of the Raw Story, "The demonstrators currently have almost $450,000 in donations, with some of it placed in the credit union".

Goldman Sachs Sends Its Regrets to This Awkward Dinner Invitation
Bank Withdraws From Fund-Raiser After 'Occupy Wall Street' Gets Place at Table
By ROBERT FRANK of the Wall Street Journal

Wow, this is something I did not know. $450K in donations!  For a group of people who have not been given much credibility over the weeks by the Main Stream Media - these donations are significant. So is the fact that the movement has traveled the world with demonstrations in over 951 cities not mentioned here by our good ole US media.

Also, we would be remiss in not stating the name of the Credit Union who obviously supports OWS and is not affraid to say so by doing something major for its cause.  The CU..National Federal of Community Development Credit Unions.  Hurrah for you.  This blog supports your efforts even though we cannot donate as we receive no funding at all for our efforts here.

Mr. Dutro, who says he's on the Occupy Wall Street finance committee, said the protesters chose the credit union because "it's a people's bank. It's not run by Wall Streeters." Another protestor, who calls himself "Mercury John" called the credit union "an honest, good local bank." The group later opened an account at Amalgamated Bank, which is closer and now has most of their cash. The group has about $450,000 in donations.
Earlier this month, hundreds of New Yorkers received an unusual dinner invitation from the Lower East Side People's Federal Credit Union.

The Credit Union, a small lender serving New York's poor, was holding a fund-raiser to celebrate its 25th anniversary. Among the chief sponsors listed on the invitation was Goldman Sachs Group Inc.

Among the honorees: "Occupy Wall Street." (empahsis added)

The debate that ensued—between bankers and nonprofit chiefs, philanthropists and financiers—turned a modest fund-raising dinner into a heated battleground between Wall Street and the Occupy protestors, exposing contradictions on both sides.

On one side was Goldman Sachs, which told the credit union it didn't want its name or money used to celebrate a protest movement known for placards like "Goldman Sachs is the work of the devil," dinner organizers said. The investment bank's giant glass-and-steel headquarters tower is just blocks away from the protest headquarters in Manhattan's Zuccotti Park
On the other side of the debate were several hosts and board members of the credit union, who said honoring the protesters is more important than the money from Goldman—even though the funds were slated to cover a quarter of the dinner's $20,000 cost.

"Their money was welcome, but not at the price of giving up what we believe in," said Pablo DeFilippi, one of the dinner hosts and associate director of member development at the National Federal of Community Development Credit Unions. "We lost their $5,000, but we have our principles."
 As seen on the WSJ:

The public has every reason to be angry at what's going on in this country, and every reason to protest. But will the Occupy Wall Street movement succeed in changing anything? Don't count on it, Brett Arends says. Photo: AP.

This must read article from the WSJ can be read in its here

A Goldman Sachs Press Release from their site:
Goldman Sachs Reports 2011 Third Quarter Loss Per Common Share of $0.84

From Goldman Sachs Corporate Governance Site:
The Board of Directors and management of Goldman Sachs have long recognized the importance of corporate governance practices that help ensure an environment of effective oversight and strong accountability.
As one of our key Business Principles states: “Our assets are our people, capital and reputation, and if any of these is ever diminished, the last is the most difficult to restore.”


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