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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

Tuesday, November 22, 2011

Goldman Sachs Is A Participant in "Extracting" Money

There are some people who are emotionally affected by what is happening in the financial system in the US. Dylan Ratigan is one (see his Get Money Out site here) and the Occupy Wall Street demonstrators are another. The wealth inequality is a disgrace in a democratic country and is, in fact, undemocratic.

Too bad that more people didn't feel more emotional about the corruption that has become part of the financial, political and judicial system. Banks like Goldman Sachs are typically in the center of, and partly responsible for, this dysfunctional system.

See the video here


People are screwed said...

As the World Crumbles: the ECB spins, FED smirks, and US Banks Pillage

What you can’t do is see what happens if you bet trillions of dollars against various countries to see how much you can break them, before the ECB, IMF, or Fed (yes, it'll happen) swoops in to provide “emergency” loans in return for cuts to pension funds, social programs, and national ownership of public assets. You also can’t input real world scenarios, where monetary policy doesn’t mean a thing in the face of  tidal waves of derivatives’ flow. You can’t gauge say, what happens if Goldman Sachs bets $20 billion in leveraged credit default swaps against Greece, and offsets them (partially) with JPM Chase which bets $20 billion, and offsets that with Bank of America, and then MF Global (oops) and then… see where I’m going with this.

We're doomed if even their board games don’t come close to mimicking the real situation in Europe, or in the US, yet they supply funds to banks torpedoing local populations with impunity. These central entities also don’t bother to examine (or notice) the intermingled effect of leveraged derivatives and debt transactions per country; which is why no amount of funding from the ECB, or any other body, will be able to stay ahead of the hot money racing in and out of various countries.  It’s not about inflation - it’s about the speed, leverage, and daring of capital flow, that has its own power to select winners and losers. It's not the 'inherent' weakness of national economies that a few years ago were doing fine, that's hurting the euro. It's the external bets on their success, failure, or economic capitulation running the show. Similarly, the US economy was doing much better before banks starting leveraging the hell out of our subprime market through a series of toxic, fraudulent, assets.

The US subprime crisis wasn’t so much about people defaulting on loans, but the mega-magnified effects of those defaults on a $14 trillion asset pyramid created by the banks. (Those assets were subsequently sold, and used as collateral for other borrowing and esoteric derivatives combinations, to create a global $140 trillion debt binge.) As I detail in It Takes Pillage, the biggest US banks manufactured more than 75% of those $14 trillion of assets. A significant portion was sold in Europe – to local banks, municipalities, and pension funds – as lovely AAA morsels against which more debt, or leverage, could be incurred. And even thought the assets died, the debts remained.

Problem is - when you’ve already used worthless collateral to borrow tons of money you won’t ever be able to repay, and international capital slams you in other ways, and your funding costs rise, and your internal development and lending cease up, you’re screwed - or rather the people in your country are screwed.

Society run amock said...

THE RETURN OF DEBTORS PRISONS: Collection Agencies Now Want Deadbeats Arrested

As if life wasn't already tense enough for Americans who can't pay
their debts, collection agencies are now taking advantage of archaic
state laws to have some debtors arrested and sent to jail.

More than one-third of US states allow debtors to be arrested and jailed, says Jessica Silver-Greenberg in the Wall Street Journal.

Powerless said...

Tuesday, November 22, 2011
The United Banana Republic of America
The outright corruption and thievery at the highest levels of business and Government have gotten to the point at which its hard to not think of our country as little more than a glorified banana republic.  I remember that I had a friend in business school who's father was an ambassador to a Central American country.  My buddy told me that Central American high level bureaucrats at official cocktail parties achieved honor, social status and bragging rights based on the relative amount of U.S. aid that each guy diverted into their own pocket.  I get the feeling that the same thing happens now among the banking and business elite, as they achieve social status based on the amount of taxpayer and investor money that they walk away with.  Obviously this is predicated on their ability to plant key people into key spots in the Presidential administration.  With the Bush administration it was defense companies, who had their de facto President sitting in the office of the Vice President (that would be Cheney).  In the current administration, it's Obama's chief of staff, a former JP Morgan director, the Treasury Secretary - who is in effect a big bank puppet - and the Chairman of the CFTC - a former Goldman Sachs partner and butt-buddy of Jon Corzine.

Banker's immunity from the law said...

Banks Pressing for Foreclosure Settlement Before Investigation

If ever you need as an illustration why bank bailouts are such a misguided idea, one need look no further than Fraudclosure and RoboSigning.
The sunk cost of the bailouts have completely skewed government
officials priorities. Hence, enforcement of laws and imposing criminal
penalties has become verbotten, as it undercuts the prior monies.

Why do I suspect that the hand of former NY Fed president and current Treasury Secretary Timothy Geithner is behind this?


Court Closed Door To MF Glob Customers, Future Theft Timeline Strategy

The Court Closed the Door To MF Global Customers. What happens behind closed doors is obvious. There is a timeline which the major players are following to close the door to "Fraud." The word Fraud would open the door for customer recourse at the cost of a large swatch of the derivatives market.

Act Extraction said...

More Moral Hazard on the way

brought to us courtesy of senators Kay Hagan of North Carolina and one of the banking lobby's most obedient lap dogs, Bob Corker of Tennessee;
The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.

Asset classes eligible to be rolled into Covered Bonds are shown below
including "H" which leaves the door open for anything left over, What
would qualify would be the decision of one unelected official, the
treasury secretary/Goldman Sachs representative.

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