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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

Wednesday, October 19, 2011

Goldman Sachs is Part of the Problem

New Economic Perspectives presents a video that explains in detail what must be done to improve the American financial situation:

William K. Black: "Enforce the Laws for the 99"

This segment of yesterday's Dylan Ratigan show features William K. Black and David DeGraw of Black argues that we need, "fire Geithner, fire Holder, and demand Bernanke's resignation, and ... replace them with people who will actually enforce the laws for the 99[%]."

This meets with David DeGraw's approval, who then enlists our favorite white-collar criminologist to serve as the Attorney General for the Occupy Wall Street movement. Watch the entire segment here.

Visit for breaking news, world news, and news about the economy

View the video here


No integrity said...

BREAKING: Doug Schoen Grossly Misrepresents His Own Poll Results To Smear Occupy Wall Street

At Capital New York, Azi Paybarah has obtained the full poll results,
and Schoen appears to have grossly misrepresented the results of his
poll. He writes that a “large majority” are bound together by support
for a “radical redistribution of wealth.” But when he asked the
protesters what they’d like the Occupy Wall Street movement to achieve, just 4 percent said “radical redistribution of wealth,” which tied for last on the list of answers given. There is no mention of “radical redistribution of wealth” anywhere else in the poll.

No pulse said...

Global systemic crisis – First half of 2012: Decimation of the Western banks

on Wall Street in 2008, Goldman Sachs, Morgan Stanley and JP Morgan had
to suddenly turn themselves into "bank holding companies" to be saved.
In the City, the British government had to nationalize a whole swathe of
the country's banking system and to this day the British taxpayer
continues to bear the cost because the banks’ share prices have
collapsed again in 2011 (22). This is also one of the Western banking
system’s characteristics as a whole: these private financial players (or
market listed) are worth practically nothing. Their market
capitalization has gone up in smoke. Of course this creates an
opportunity for nationalization at low cost to the taxpayer from 2012
because it’s the choice that will be imposed on States, in the United
States as in Europe or Japan. Whether it be, for example, Bank of
America (23), CitiGroup or Morgan Stanley (24) in the United States, RBS
(25) or Lloyds in the United Kingdom (26), Société Générale in France,
Deutsche Bank (27) in Germany, or UBS (28) in Switzerland (29), some
very large institutions "too big to fail" will fail. They will be
accompanied by a whole swathe of medium or small banks such as Max Bank
which has just filed for bankruptcy in Denmark (30).

Do the right thing said...

Income Disparity And The 'Price Of Civilization'

"I want the people at the top to have responsibility once again.
First, to follow the law, because this has been an era of corporate
recklessness and scandal and illegality.
part of civic virtue is being lawful once again. But another part ...
is sharing in the responsibility in our society. And I believe that the
richest and most powerful people have done very well over the last 30
years — but they have not done right for the American people. And it's
time that they do."

Giant sucking sound said...

Latest Attorney General Bailout Plan: Give Banks “Get Out of Jail Free” Card for a Few Refis

So the banks know that the AGs are carrying a gun loaded with blanks.
They also know the AGs have painted themselves in a corner: they’ve
floated trial balloons of settlements of $20 billion or more. The banks
won’t agree to that for just robosigning, so the only way a deal gets
done is for a juicy enough “get out of liability free” card. And that
means a release for things the AGs never investigated and have no idea
how bad the rot is. As Biden put it, it’s like having a contractor admit
he screwed up on the gutters and agreeing to pay for the damage related
to a resulting leak you had, then offer to give you 10% more if you
sign away your rights to sue him over the roof or the foundation. Would
any person with an operating brain cell do that? Answer: only AGs who
were never going to go after the banks anyhow. Case in point: Illinois
attorney general Lisa Madigan, who will sue small fry over mortgage-related frauds
(hat tip Josh Rosner), but won’t go after the big boys. And of course,
we have Miller, who is so deeply identified with this charade that he
no doubt feels pressured to get something done in order to save face.

White collar crime said...

William K. Black on OWS as a Reaction to White Collar Fraud

#3) Me: Do you feel that your outspoken views preclude you from future government appointments?

Mr. Black: My crucial CLGs (“career limiting gestures”) were being a serial whistleblower and helping to cause two presidential appointees (i.e., my bosses) to resign in disgrace.  I also played some role in Speaker Wright’s decision to resign in disgrace and the embarrassment of the Keating Five.  Pointing out that Geithner was selected because he was a perennial failure and moral cripple, not despite these defects, pales in comparison to those CLGs.

Joyce said...

You know that Occupy Wall Street is on the right track when all the rich CEOs and the rich in general try to discredit it.  That will be the next step on the agenda.  The rich love their money and can't bear to be parted from any of it even when they are legitimately taxed.

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