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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 2, 2012

Goldman Sachs and the Financial Meltdown

Two videos are on offer today: the first one features an interview with Barry Ritholtz about the mortgage settlement that gives the banks a pass on paying for their foreclosure crimes; the other, is a three-hour documentary video called "Meltdown" which shows the role that banks and others played in bringing down the world's financial system. Of course, we know that Goldman Sachs played a key role in helping to create the financial crisis and is mentioned in the documentary.

The first video shows how the government and the justice department have chosen not to pursue investigations or criminal prosecutions for the fraud committed by banks.

The second video reminds us of the terrible damage the financial crisis did to the citizens of the US and elsewhere, except for the banks, of course, that enjoyed fabulous bonuses and salaries earned by their nefarious activities that brought the system down.

Barry Ritholtz|Mortgage Settlement Makes "Felony Fraud a Business Expense" (Video)
Posted by 4closureFraud

Feb. 29 (Bloomberg Law) — Barry Ritholtz, CEO for Fusion IQ and founder of The Big Picture blog, talks with Bloomberg Law’s Lee Pacchia about the recently announced settlement between 49 state attorneys general and a number of banks regarding improper foreclosure practices. Ritholtz contends that this settlement represents a choice by the Department of Justice to ignore long-settled property laws.
You can view the video here

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The Secret History of the Global Financial Collapse
Top Documentary Films

Doc Zone has traveled the world – from Wall Street to Dubai to China – to investigate The Secret History of the Global Financial Collapse. Meltdown is the story of the bankers who crashed the world, the leaders who struggled to save it and the ordinary families who got crushed.

September 2008 launched an extraordinary chain of events: General Motors, the world’s largest company, went bust. Washington Mutual became the world’s largest bank failure. Lehman Brothers became the world’s largest bankruptcy ever – The damage quickly spread around the world, shattering global confidence in the fundamental structures of the international economy.

Meltdown also tells the stories of desperate foreclosed homeowners in California, disillusioned autoworkers at the end of the line in Ontario and furious workers in France who shocked the world by kidnapping their own bosses.

1. The Men Who Crashed the World. Greed and recklessness by the titans of Wall Street triggers the largest financial crash since the Great Depression. It’s left to US Treasury Secretary Hank Paulson, himself a former Wall Street banker, to try and avert further disaster.

2. A Global Tsunami. The meltdown’s devastation ripples around the world from California to Iceland and China. Facing economic ruin, desperate world leaders are at each other’s throats.

3. Paying the Price. The victims of the meltdown fight back. In Iceland, protesters force a government to fall. In Canada, ripped off autoworkers occupy their plant. And in France, furious union members kidnap their bosses.

4. After the Fall. Investigators begin to sift through the meltdown’s rubble. Shaken world leaders question the very foundations of modern capitalism while asking: could it all happen again?

Watch the full documentary now (playlist – 3 hours)

You can see the documentary here


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