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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, March 30, 2012

Goldman Sachs Always Comes Up Smelling Like a Rose!

It is interesting to see how Goldman Sachs manages its influence in European affairs.  First, Mario Draghi becomes President of the European Central Bank in spite of Draghi's association with Goldman Sachs as vice chairman and managing director (2002-2005).  Draghi claims not to have participated in the illegal swaps deal that Goldman sold Greece in order to hide Greek debt.  Europeans have preferred to overlook the (il)legalities of the swap.

Second, Goldman is given primary dealer status in the European Union bank.  For some not-so-obscure reason, Goldman always manages to obtain lucrative positions for its members in spite of any ethical or moral lapses it may have had.  Goldman successfully manages regulatory capture both at home and abroad with little scrutiny and small or no penalty.

Finally, financial journalists do not seem interested in tracking down the factual evidence around Goldman's dealings.

Goldman Sachs:  Rewarded for Greek Debt Scheme
By ECB Watch

 In an earlier article, EU's selective Lessons from Greece, we saw that EU Parliament's investigation of the financial crisis (CRIS), and the hearing Lessons from Greece (ECON/7/02578), lacked the resolve to address the Greece/Goldman secret loan that was allegedly improper and exacerbated Greece's ills.

Goldman Sachs' explanations contained gaping holes, and that was left unchallenged. Perhaps the most striking example of it is the the claim by its spokesman at a 2010 hearing before the EU parliament that he didn't know of the single most important restructuring of the deal in 2005:
See the whole article (with many interesting links) here 


ECB-Watch said...

Thanks for your interest but our policy is that, by default, only a short excerpt + link is permitted. I trust you will rectify. Thanks in advance.

GS666 said...

 Sorry, I hope the corrected post meets with your approval and policy.
Larry Rubinoff

ECB-Watch said...

Yes, thanks.

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