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
GoldmanSachs666 Message Board
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". 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