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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, October 18, 2011

Goldman Sachs We Knew Ye Too Well!

There is so much to talk about concerning Goldman Sachs, that it is hard to know where to start. First, William D. Cohan responded to OWS by making a circular argument about freedom of speech in which he suggested that having freedom of speech means you shouldn't be demonstrating and using your freedom of speech. He is still in his denial phase of the Occupy Movement and it's not a pretty sight.

Then we have another Goldman Sachs guy cancelling a speech because of the protests just like Blankfein did. If they believed in what they are doing, wouldn't they be happy to explain it to others? Of course, Goldman Sachs runs a tight ship and doesn't like any loose ends dangling down (sorry about mixed metaphor).

Then there is the tidbit that Goldman Sachs has lost $428 million, only the second quarterly loss since 1999. We are not unhappy.

Look at this wonderful placard carried by Occupy Wall Street demonstrators that focuses on the real reason that OWS exists. Beautiful! Abacus, we missed you.

But I really like Andy Borowitz's sense of humor in

A Letter from Goldman Sachs Concerning Occupy Wall Street
By Andy Borowitz - YubaNet

NEW YORK (The Borowitz Report) October 17, 2011 – The following is a letter released today by Lloyd Blankfein, the chairman of banking giant Goldman Sachs:

Dear Investor:

Up until now, Goldman Sachs has been silent on the subject of the protest movement known as Occupy Wall Street. That does not mean, however, that it has not been very much on our minds. As thousands have gathered in Lower Manhattan, passionately expressing their deep discontent with the status quo, we have taken note of these protests. And we have asked ourselves this question:

How can we make money off them?

The answer is the newly launched Goldman Sachs Global Rage Fund, whose investment objective is to monetize the Occupy Wall Street protests as they spread around the world. At Goldman, we recognize that the capitalist system as we know it is circling the drain – but there's plenty of money to be made on the way down.

The Rage Fund will seek out opportunities to invest in products that are poised to benefit from the spreading protests, from police batons and barricades to stun guns and forehead bandages. Furthermore, as clashes between police and protesters turn ever more violent, we are making significant bets on companies that manufacture replacements for broken windows and overturned cars, as well as the raw materials necessary for the construction and incineration of effigies.

It would be tempting, at a time like this, to say "Let them eat cake." But at Goldman, we are actively seeking to corner the market in cake futures. We project that through our aggressive market manipulation, the price of a piece of cake will quadruple by the end of 2011.

Please contact your Goldman representative for a full prospectus. As the world descends into a Darwinian free-for-all, the Goldman Sachs Rage Fund is a great way to tell the protesters, "Occupy this." We haven't felt so good about something we've sold since our souls.


Lloyd Blankfein

Chairman, Goldman Sachs

See the letter here


Anon said...

Nassim Taleb on Wall Street Protest, Banking

Oct. 18 (Bloomberg) -- Nassim Taleb, author of "The Black Swan" and a New York University professor, discusses the "Occupy Wall Street" protest and his view of the global banking system. Taleb, speaking with Erik Schatzker on Bloomberg Television's "InsideTrack," also discusses the need to apply the principles of "Hammurabi's Code" to the banking system

Watch said...

Chris Hedges: "This one could take them all down." Hedges on OWS w/ OccupyTVNY -- 10/15/11!

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