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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

Wednesday, October 5, 2011

Why Occupy Wall Street Takes Umbrage at Goldman Sachs

It is too bad that some people think Goldman Sachs is a wonderful bank that only occasionally makes "mistakes." Goldman is a sick and predatory organization that brings penury and poverty to the ordinary people of the United States. Just read a few postings from information far and wide as posted in this blog and you will see how ugly Goldman Sachs really is.

Dylan Ratingan talks with Karl Denninger about getting money out of Wall Street and that includes lobbying money from Goldman Sachs, campaign money from Goldman Sachs and all the Goldman Sachs multi-millionaire alumni who hold various government positions in order to change the way things are done for the benefit of Goldman and against the interests of the people.

Karl Denninger explains what financialization means here.

From The Daily Bail, we have the following video:

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View the video here


Busted said...

Banking’s Self Inflicted Wounds

The bottom line is this:
Investors do not really have a clear idea of how healthy any of these
banks truly are. We do not know the state of their balance sheets. We do
not know what their exposures are to mortgages, to Europe, to Greece,
etc. They could all be technically insolvent, as far as any investor can

And that is exactly how the bankers wanted it.

But given the trouble in Europe, and the likely problems in housing
if the US goes into a recession, Investors have decided they cannot take
the risk of a holding an opaque, possibly under-capitalized probably
over-leveraged financial firm blindly. They are telling the banks no
thanks, we are not interested, we are going to be prudent and we have to
assume the worst. Hence, for the second half of 2011, they have been
selling off their holdings in these opaque, potentially insolvent too
big to succeed entities.

Bankers, enjoy your beds. You made them, now lay in them . . .

Goodrant said...

Occupy Wall Street Protester End the Fed!

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