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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, November 2, 2011

The Mock Trial of Goldman Sachs

Occupy Wall Street plans a very interesting drama that will take place on November 3, 2011. We may never see Goldman Sachs executives actually on trial for the frauds and corruption in which they took part that helped bring financial disaster to the world, but we can fantasize and act out that play.

From that financial meltdown, Goldman Sachs prospered, giving themselves large salaries and paying themselves huge bonuses while ordinary people suffered with the loss of their homes through foreclosure, through the tanking of their savings (401ks) and through the depletion of their pensions. Those who still had a job found their wages stagnant or flat.

Do Goldman Sachs executives have any remorse for their flagrant acts of wealth transfer? Does Goldman Sachs admit its manipulations caused great distress to others? Does Goldman Sachs admit its role in bringing down the financial system for others but profiting from it themselves?

People's Trial of Goldman Sachs By Occupy Wall Street:
By davidswanson - War Is A

Live Broadcast on WBAI 99.5 FM
(You can also hear it over the internet at

Cornell West and Chris Hedges to preside at trial, open to public, on Nov. 3 from 10:00 am to 12:00 pm.

NEW YORK -- On Thursday November 3, 2011 from 10:00 am to 12:00 pm, WBAI radio will broadcast the public trial of Goldman Sachs by Occupy Wall Street (OWS) at 99.5 FM. It can also be streamed live at .

Taking their inspiration from the Bertrand Russell public trials of U.S. government officials held during the Vietnam War, the proceedings will include expert analysis by Cornell West and Chris Hedges, as well as testimony from individuals directly affected by Goldman Sachs’ policies.

The trial will take place at Liberty Square Park where radios tuned in to WBAI 99.5 FM will be distributed throughout the park to enable the crowd to hear the proceedings. The verdict and sentence will be pronounced by the 99%.

WBAI 99.5 FM, a member of the Pacifica Foundation, is the only radio station that has consistently covered the OWS movement even before it went public. The station dared to create a space on its programming lineup for OWS to have a regular program that airs Weekdays from 6:30 pm to 7:00 pm. The Wall Street occupiers can be heard "In their own voices" without the distortion of corporate media.
View the information here
Find out more about WBAI here

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You can see the video here


Anon said...

MF Global Bankruptcy vs Utility Banking & Reform

We need utility banking. MF Global CEO Jon Corzine, Former CEO of
Goldman Sachs- Senator-Governor, knows the program.. He wins, you lose.
You might have lost some money in the TIAA CREF pension fund or
perhaps his firm may have allegedly dipped into your client funds to
cover highly leveraged speculations (and possibly derivatives). Jon
Corzine may be illustrative of our government dysfunction where the
regulators are afraid to rock the boat and our congressmen are bought
off and paid for as they move into the revolving door between business
and government. Utility banking is a simple concept.. you put your
money in and its safe from speculation.

Anon said...

-Man became MF Global. Rinse and repeat.

The history is relevant as it is more evidence that Corzine and MF management HAD to know that commingling was the ultimate no-no. It was part of their history.

My guess is that the missing customer cash was grabbed by one (or more) of the big players in the global bond market. MF did not sign off on the cash grab. The banks moved on them and their customer accounts. MF had no say in the matter.

Given Corzine’s relationship with Goldman, I put them high on the list of probable plug pulling bankers. Nomura was a place to go to finance AAA sovereign positions. One of the French or German banks could have been the warehouse for MF’s sovereign exposure. It wouldn’t surprise me if any one of them pulled the plug on the leveraged bets.

It should be noted that all of the big players talk when they are moving on collateral and closing relationships with financial firms.When the SHTF, they act as one.

MF has said that the funding for the sovereign exposure was “locked up” to maturity. That’s complete bullshit. I can tell you from first hand knowledge. When Wall Street is financing positions they always have a MAC (Material Adverse Change) provision that allows them to call the financing. If the debt is not immediately repaid it produces an event of default. That creates a cross default to all other asset positions. When they smell trouble they move first and ask questions later. They always lock up cash.

Lambchop said...

laugh or cry?

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