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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

Saturday, October 8, 2011

Goldman Sachs--What Is Your Future?

While Michael Lewis discusses his latest book, "Boomerang," and puts forward both the pessimistic and the optimistic future scenarios facing the global financial system, one of slow stagnation for years to come or the other of many financial crises and shocking failures, what are Goldman Sachs and the banks doing?

Goldman Sachs is being sued by the bankrupt firm Lehman Bros. Lehman wants money from Goldman for a breach of contract, and so we see the ill-gotten taxpayer money floating around the system going from one bank to another bank in order to fulfill some loathsome idea that either of them deserves any more money of any kind.

The financial sector itself is waiting in the wings of the financial system to feed off the entrails of two banks now suffering from volatility and maybe fourth-quarter losses by advising investors on how to profit from using put options against Goldman Sachs and Bank of America. The cutthroat financial business continues apace! PS: the $5 monthly fees are not a "minor" issue to the citizen.

Meanwhile, Michael Lewis talks about the future of the financial system in terms that are both frightening and disheartening:

See the video here


Nomorality said...

Harry M. Markopolos

In this King World News exclusive interview, Harry Markopolos the
Whistleblower who brought down Bernie Madoff’s $65 billion Ponzi scheme
reached out to KWN with the latest fraud he and his team have uncovered.
Markopolos stated, “The Bank of New York is going to go down, Eric.
Between Bank of New York Mellon and State Street, these two institutions
have stolen between $6 to $10 billion from tens of millions of
Americans retirement savings accounts. It’s been a hell of a crime
spree for the bank, but now they are being brought to justice.”

Markopolos also told KWN, “The New York Attorney General filed suit
on Tuesday (against Bank of New York Mellon) for stealing money from
pension funds on currency transactions. This theft has been from tens
of millions of Americans, policemen, firemen, librarians, municipal
workers, judges and the list goes on and on and they’ve been doing it
for decades.

At this pace Harry Markopolos and his team are fast becoming
synonymous with fighting corruption and crime on a massive scale. Who
knows, they may be this centuries new “Elliott Ness” and legendary team
of law enforcement agents nicknamed “The Untouchables.”

Crimegang said...

Occupy Wall St. to a Bank in the Public Interest

Disgusted by everything, everyone....

Insane said...

Take for example, Cain’s support of Troubled Asset Relief Program (TARP). Most conservatives disdain TARP, and my guess is that — just as many of Perry’s early supporters were unaware of some of Perry’s positions — many of Cain’s new supporters don’t realize he supported TARP.

And Cain didn’t just support it in the abstract. In 2008, he wrote passionately in support of the program, arguing: “Wake up people! Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem.”

Cain’s service as chairman of the Federal Reserve Bank of Kansas City in 1995 and 1996 might also be an issue for some tea party conservatives (though it also might help him with others).

ProAmerican said...

What They've Come to Find at Occupy Wall Street Is America

"People are informed today. People are online," Burke explains.
"People in Kansas do yoga, you understand. Country's different, you
understand? There's no more mooks in the citizenry. We are working
people and we're not getting a fair shake, so we took to the streets.
It's an irrational act, an act of passion, but we need to use
self-control and respect. Those who want to go down with the ship will
go down with the ship. Those who will be there will be sensible people
who are out here for a reason. The kids who are out here who just want
to party, well, they're beautiful children and we protect them every
night. I can't even tell you what's going to happen after today. The
cops may sweep this when the landlord says I want them out.

"Not anti-anybody. We're pro-American citizen. Millions of
Americans are getting kicked out of their house. They're losing their
education, their health care. They can't take care of their parents.
This is about people. Republicans are opening their bills. Democrats are
opening their bills. I'll go all the way to $250,000 if you want.
Everybody's opening their bills and they're thinking, 'Who's protecting
me from people stealing from me?' This isn't what I agreed on when I
signed this agreement with this company. You add all these hassles up in
your life — your hospital, your credit card, your education, your
mortgage — and you're getting nailed. And there are a couple of banks
who created the instruments that made that happen. This is not a
physical war. This is an oppression that's quiet, and through money, and
through services, and through small print. They want you to be afraid,
and not to know, and they want to bewilder you. Between you and me, I
shouldn't get a credit card. But I got one. I didn't even apply for it.
Why am I getting a credit card?

"This is not Tahrir Square. This is not Tompkins Square Park.
This is not Yuppies against squatters. This is about minds. We need help
from people who know. We need help from people in the financial
industry who know. They should be here, too. He should want to see a
better community. I want to see change in a systematic and legislative
way. We're looking for real results. We're looking for protection for
people. We're down here trying to play bills. It's serious out there,
but it's quiet, because it happens at everyone's kitchen table. It's
happening household-by-household. There's a sense out there, which I
hope what's going on here will dissipate, that there's something wrong
with me. I'm a jerk because I can't pay that bill. There are working men
who will march tomorrow. It's all about people, who feel they got
duped. There needs to be a systematic legislative change, so that this
cannot happen any more."

Brendan Burke's head is shaved. He doesn't wear funny glasses. He
doesn't beat a drum, or look like he failed an audition for a Radiohead
tribute band. He is not what the smart people come down here expecting
to find. He looks like the truck driver he is, and he talks like someone
who works for a living. For a long time in this country, that was
enough. That country is what the people have come to find in this little
park, where the wind is getting colder.
Read more:

GS666 said...

Cain has shown a side of himself that truly is un American.  While at first I thought he had good observations and good things to say, his comments about the Occupy Wall Street movement leave much to be desired.  He is a "typical" Too Big For His Pockets individual who should stay out of politics.  He seems to fees above the rest (we the people) because of his wealth.  Wealth, Mr. Cain does not a politician make.  Nor does it make a statesman (obviously if you listen to yourself on topics like Ron Paul, etc.) nor does it make above all for a President of these United States owned by "The People" of this country not the corporate wealthy.

It is too bad that we have a basic two party system that really does not recognize others.  And, these two parties have no one currently capable of truly representing "The People" and doing the right thing for them.

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