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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

Friday, November 11, 2011

We Learn About Goldman Sachs and Others From Occupy "Teach-ins"

One of the best aspects of the Occupy movement is the amount of education that has accompanied the demonstrations. Many knowledgeable people have volunteered to give their expertise on various themes that the Occupy demonstrators have mentioned: lack of prosecutions of the big banks (including Goldman Sachs), naming names of those responsible for the financial crisis, having state banks take care of finances rather than Wall Street banks who are primarily interested in profit rather than building community, explaining how laws have been done away with or manipulated for the benefit of banks, naming the deregulators and so on.

Robert Reich, Bill Black, Ellen Brown, Robert Scheer, Joel Rogers and others have given freely of their time in order to educate others on the causes of the financial crisis in America and to suggest possible solutions.

See this video and other videos here and here


Anon said...

The more we learn, the more apparent who the true criminals are....

MF Global Update - Why the Puzzling Delay?

The Wall Street pros are trying to settle this behind the scenes in a way to masks the outrageous abuses of stewardship. They are terrified of triggering a loss of confidence and a run on the system if people think that the industry provided insurance and ownership of even Treasuries on account without margin on Wall Street is not safe.

The government and the financial system do not wish to expose their shocking failure to properly protect customer money. Those who are lobbying against further financial regulation and investigations are concerned that a major scandal and lapse in 'self-regulation' would provoke a reaction and a demand for greater transparency in the public.

And although this is more vague, the scandal is only the tip of a great problem that no one wishes to even discuss, involving a much broader misappropriation of assets and gaming of customer accounts.

They plan to blame it on 'accounting errors,' and sweep it under the tarp.

Gangster wrapped said...

"And in their greed, they are risking the entire US exchange system in
order to get their way with the government. Why not, it has worked

The failure of self-regulation, the rabbit hole of other scandals yet
to be disclosed, and the political bickering are all matters that
complicate the resolution.  If MF Global had been a major bank, the
FDIC would have immediately stepped in and made the depositors whole,
and taken an active hand in the disposition of assets.

Is SIPC little more than a fig leaf, a false protection that fails
when it is called upon to act as the insurance it purports to be?

This is a truly shocking scandal. And what may be even more shocking
is the scant coverage it is receiving in the corporate media. They
don't want to touch it because it brings the rottenness of the
financial system out into the light of day. This is not some rogue
trader, this is not even Bernie Madoff. This is the heart of the

And that is why we may never hear the actual truth of it, which will
be hidden under a smokescreen of 'accounting errors' and
'misunderstanding of risk' and a cloud of legal jargon."

Anon said...

Out of touch with America

Gov. Scott Walker gets checked, Mic Checked!

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