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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 9, 2011

Occupy Wall Street is Bigger Than Goldman Sachs

Below is another great video from Yves Smith at Naked Capitalism about the financial crisis in which Goldman Sachs played such a prominent part. Michael Hudson has a great explanation for why Occupy Wall Steet does not need to focus its demands: the OWS is bigger than any single demand. The Real News does not get it yet, but it soon will.

See the video here


ProAmerican said...

Missteps to Mayhem: Inside the Financial Mayhem Machine and the Policy Stalemate Today

History may very well regard both The Patriot Act and TARP as key pieces
of legislation, pushed through hastily under the duress of a crisis,
that proved to undermine the stability and health of the Constitution
and the republic.

The intense lobbying and buying of political power that set the
financial bubble in motion in the 1990's under Clinton led by team
Greenspan-Rubin-Summers is still underway. Those who are sitting on
large piles of loot obviously wish to keep it, and shift the blame and
the pain to others. It will be a divisive time until this is resolved.

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