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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, January 25, 2012

Goldman Sachs and Crony Capitalism

Bill Moyers interviews David Stockman and reminds us of all the bankers who found themselves in positions of power in Washington and who consequently made policy that was not in the interests of the American people. This whole blog concerns how Goldman Sachs played a major role in corrupting the financial system with its speculating and its insinuating of its members into political positions that enabled the banks to prosper at the expense of the middle and working class.

The title of Moyers' series says it all:

Winner-Take-All Politics: How Washington Made the Rich Richer and Turned its Back on the Middle Class

David Stockman on Crony Capitalism
Interview with Bill Moyers

David Stockman on Crony Capitalism from on Vimeo.

You can see the video and the full transcript of the interview here


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