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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

Sunday, October 16, 2011

Mark Carney and Goldman Sachs

Comment from article excerpted below:

Wow! What a great guy Carney must be--not! It was the Liberal Party that preceded Carney and the Conservatives that really managed Canada's economy so that we didn't suffer as badly during the recession. The bank rules were there and the banks were regulated, sort of. The Liberals even gave Canada a balanced budget.

But I am here to say that the three banks mentioned--TD, RBC and Bank of NS--were the three banks that used Fed Reserve emergency funds in 2009 worth from $5.5 billion to $10 billion (see: ). What does that mean? To me it means that Canada's banks needed bailout money from both the Conservative government and the US Fed, although you never hear any mention of these figures in the press. How is that such a good thing?

I think Carney should recognize that Canada had a good system before he was Governor (2007) and he doesn't have reason to think he did anything outstanding. As a matter of fact, the Harper government has given Canada the largest public debt ever at $564.5 billion. The Harper government also introduced sub-prime and long-term mortgages into Canada's housing market until he saw what was happening in the US.

I'm sure Carney made millions while at GS and he makes about $400,000 as governor. It's not the money; it's the perceived power. We don't need any more of these power guys.

Carney Said to Be Lead Candidate for FSB Role as Decision Looms
By Mark Deen - Bloomberg Businessweek

Oct. 16 (Bloomberg) -- Bank of Canada Governor Mark Carney, a former Goldman Sachs Group Inc. manager who has clashed with banks on the need for tougher regulations, is the leading candidate to run the body charged with rewriting the rules of global finance, two officials from Group of 20 nations said.

If chosen, Carney would take the helm of the Financial Stability Board from Bank of Italy Governor Mario Draghi, who next month becomes president of the European Central Bank. Swiss central bank President Philipp Hildebrand is also being considered for the job. The officials spoke on condition of anonymity because a decision hasn’t been made yet.

Carney is “a highly qualified candidate,” Canadian Finance Minister Jim Flaherty told reporters yesterday following a meeting in Paris, where G-20 officials agreed to strengthen the regulator’s capacity and resources. He said the FSB appointment will be announced at a summit of leaders from the G- 20 in Cannes, France, on Nov. 3-4.

Carney, 46, worked at Goldman Sachs for more than a decade before becoming a policy maker in 2003 and then chief of Canada’s central bank in 2008. He has pushed for tougher regulations for global lenders and clashed with banking executives over new rules requiring them to hold more capital.

In a Sept. 25 speech to a banking group in Washington, he said new financial-market regulations wouldn’t hobble the global economic recovery, citing the recent UBS AG trading loss of $2.3 billion as an example of why greater controls are needed.

Rule Revamp

“The implementation timetable” for the new rules “begins in two years and ends in 2019,” Carney said in the speech to the Institute of International Finance.

“It is difficult to believe that prolonging this implementation phase even further would have a material impact on real economic outcomes,” he said.

The FSB brings together regulators and finance ministry officials from the G-20, as well as standard-setting bodies such as the Basel Committee on Banking Supervision. Switzerland is not a G-20 member. The FSB’s next chairman would oversee the implementation of planned capital surcharges of as much as 2.5 percent for the world’s biggest banks.

Bank watchdogs have clashed with some lenders over the additional capital rules. Jamie Dimon, chief executive officer of JPMorgan Chase & Co., and Bank of America Corp. CEO Brian T. Moynihan are among bankers who have said that the proposals would constrain lending and hurt the economy. Dimon, who has said they are “anti-American,” criticized Carney at a closed- door meeting in the presence of more than two dozen bankers and finance officials, the Financial Times reported on Sept. 26.

G-20 Talks

G-20 officials yesterday discussed formalizing the powers of the FSB to ensure new rules agreed by leaders are implemented. The FSB has said that work on the surcharge rules should be finished in time for them to be approved at the Cannes summit.

Carney helps to oversee a Canadian financial system that largely escaped the last financial crisis and has been ranked the world’s soundest for four years by the Geneva-based World Economic Forum. The country’s three largest banks -- Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia -- are among the world’s 20 largest by market capitalization.

--With assistance from Theo Argitis in Paris. Editors: Matthew Brockett, Craig Stirling

Read the article here


Turncoat said...

Meet the Guy Who Snitched on Occupy Wall Street to the FBI and NYPD

Occupy Wall Street protests have been going on for a month. And it
seems the FBI and NYPD have had help tracking protesters' moves thanks
to a conservative computer security expert who gained access to one of the group's internal mailing lists, and then handed over information on the group's plans to authorities and corporations targeted by protesters.

Since the Occupy Wall Street protest began on September 17, New York
security consultant Thomas Ryan has been waging a campaign to infiltrate
and discredit the movement. Ryan says he's done contract work for the
U.S. Army and he brags
on his blog that he leads "a team called Black Cell, a team of the
most-highly trained and capable physical, threat and cyber security
professionals in the world."

Suze Wins said...

See my pictures and essay at the OccupyGreensboro (North Carolina) march yesterday, October 15, 2011!

It's going to be a full-scale occupation beginning tomorrow at noon when the permit expires.

Arise and support US!

Sounds like a conflict said...

End Or Drastically Downsize the Fed

Stiglitz stressed that the Fed banks have clear conflicts of
interest, since the banks are largely governed by a board of directors
that includes officers of the very banks they’re supposed to be

So, these are the guys who appointed the guy who bailed them out … Is that a conflict of interest?
They would say, ‘no conflict of interest, we were just doing our job. But you have to look at the conflicts of interest”…

The reason you talk about governance is because in a democracy you
want people to have confidence … This is a structure that will
undermine confidence in a democracy.

Gigo said...

Long Ties to Koch Brothers Key to Cain's Campaign

Cain's campaign manager and a number of aides have worked for Americans for Prosperity, or AFP, the advocacy group founded with support from billionaire brothers Charles and David Koch, which lobbies for lower taxes and less government regulation and spending. Cain credits a businessman who served on an AFP advisory board with helping devise his "9-9-9" plan to rewrite the nation's tax code. And his years of speaking at AFP events have given the businessman and radio host a network of loyal grassroots fans.

The once little-known businessman's political activities are getting fresh scrutiny these days since he soared to the top of some national polls.

His links to the Koch brothers could undercut his outsider, non-political image among people who detest politics as usual and candidates connected with the party machine.

Excuses,excuses said...

All the weasals saved by tbtf keep their ill gotten gains and no perp wallks but these guys get arrested?...what does that tell you about your leaders?????????

175 arrested in Occupy Chicago protest

Those arrested were cited with violating municipal code — being in the
park after hours — and will have future court dates, police said.
Several released from jail rested at a downtown church Sunday morning,
taking a few moments to sleep or drink hot tea before heading back to a
protest in the city's financial district.

They took theirs, none left said...

some bankers and others in the protesters’ sights sought to spread the
blame. Andreas Schmitz, head of the German banking federation and chief
executive of HSBC Trinkaus, told the Financial Times on Sunday that
protests against banks were “a diversion from the fundamental problem:
that we can no longer finance our welfare states”.

In 2008 a banking crisis caused a budget crisis for governments, he said. Now “a state debt crisis
[in the eurozone] is causing a banking crisis”. Politicians, he warned,
should not try to make the banks the “fall guys” for their mistakes.

repression said...

Armies of lobbyists...

Jim Rickards

Guest said...

Occupy Wall Street assault: lawyer demands action on policeman's punch

Johnny Cardona, the
deputy inspector at centre of allegation by Felix Rivera Pitre, is
believed to have been caught on video dishing out rough treatment to
another New York protester

Support ows said...

Sunday, October 16, 2011

OccupyDenver - Saturday 10/15/2011

"I expect that this "Occupy" movement will continue to grow in number and
expand into a lot more cities.  Until Obama starts to deliver on the
promises which got him elected, such as cleaning up DC and Wall Street
and dismantling the totalitarian legislation implemented by the Bush
neo-con Government, I expect that this movement will become restless and

I had to laugh because Ann Coulter was on Fox News telling the viewers
that Bush allowed Lehman to fail and that Obama was responsible for
bailing out Goldman and AIG.  I would like to correct that statement on
behalf of the mildly retarded Coulter, because it was actually Henry
Paulson, former Goldman CEO, who planned out - in conjunction with Tim
Geithner - who was head of the NY Fed at the time - the game plan to let
Lehman collapse and then devised the plan to bailout Goldman Sach and
the other big banks who were catastrophically exposed to AIG - along
with the scheme to have the Government takeover AIG.  All this was
set-up before Obama took office, although recall that Obama and McCain
suspended their campaigns to help devise this plan.  Geithner - despite
being a confirmed tax cheater/dodger - was inserted into the Treasury
Secretary position in order to oversee the implementation of the plan
devised under Bush."

Its democracy at work said...

I Support The Occupy Movement – banner project

October 14th, 2011   /  
10 Responses

What is the Occupy Everywhere movement? Occupy
Wall Street/Occupy Everywhere is an ongoing series of demonstrations
that began in New York City and have spread to major cities across the
United States. These are peaceful protests against social and economic
inequality, corporate greed, and the influence of corporate money and
lobbyists on government.

For more information please visit and

Go figure? said...

According to the C.I.A.’s own ranking of countries by income inequality, the United States is more unequal a society than either Tunisia or Egypt.
Three factoids underscore that inequality:

¶The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.

¶The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.

¶In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.

Joyce said...

Thank you all for the comments.  So much to read!

Joyce said...

One learns many things when protestors take to the streets to explain why the 1% have to be challenged.  For example, Dr. Robert Sweeny, Memorial University history professor ( ) said the following:

“Recently the press, including CBC, has suggested that the Canadian
government and Canadian banks are quite different than the banks in the
United States, and that we didn’t bail out our banks and that they
aren’t involved in the sorts of financial shenanigans that the American
banks are. So then the logic of the one per cent versus the 99 per cent
of Occupy Wall Street shouldn’t really apply here in Canada, and people
like ourselves are misguided. Well that’s part of a deliberate
misinformation campaign that has been carried on by both the government
and the banks.

“During the recession the Canadian government established something
called the Extraordinary Financing Framework. They set aside $200
Billion to bail out the banks and insurance companies in Canada who were
exposed to the problems of the sub-prime mortgage crisis and from their
own speculations on international markets. It turned out that the banks
only needed $120 Billion of that $200 Billion to meet their
obligations. To put that into perspective, the total income of
Newfoundland in wages and salaries is about $11 Billion a year, so more
than 10 times the total income of everybody living in Newfoundland and
Labrador was given to the banks in 2008 and 2009. It’s the largest
single financial program in the history of Canada.

“When the Organization of Economic Cooperation and Development (OECD)
looked at how the major capitalist countries around the world have
responded to the crisis they identified bailing out of banks by central
governments as a major element in the programs, and that Canada actually
spent eight per cent of our Gross National Product (GNP) bailing out
our banks. Only two other countries in the world, the United Kingdom and
Norway, spent more of their GNP bailing out their banks in 2010 than
Canada did. We spent eight per cent of our GNP and the United States,
which everybody says did a lot of big bailouts—and of course they
did—they actually spent six per cent. So in proportion to our economy,
we actually spent more money than the Americans did in bailing out the
banks. So when they say we’re facing a different situation here in
Canada, they’re right — we’ve actually spent considerably more money
supporting our banks than they have in proportion to our economy."

I saw Flaherty on the TV last night saying that Canada didn't bail out its banks and saying that we were in great shape.  A person cannot believe everything a politicians says.

The truth is:  the Canadian banks were bailed out by Harper and three of the banks (as the article says) took money from the Federal Reserve Bank of the United States.  Our banks bet and lost money too!

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