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Fraud*
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

Occupy Wall Street News

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Thursday, March 15, 2012

THE RESIGNATION

I am sure we have all heard about this very public and "toxic" resignation of the GS Executive Director.  Certainly it must have made their headquarters building tremble as if there was an earthquake.  But then again, the people making up the "culture" - especially their CEO and President - feel they must be immune to any fallout from this as they - I believe - feel that they are above the law and above any moral conviction.  They, after all, have been doing god's work.  Of course, their god, The green god of worldwide currency sets them apart from those of us in the "real" world recently joined by Greg Smith.

For years now, we here at GS as well as many others across our media and blogosphere have attempted to - and I believe have succeeded at - showing the world how immoral, unethical and unlawful they have been.  Yet to my surprise as well as to many others, they continue to operate in the same manner with the same lack of oversight by any of our governmental agencies who we have empowered to protect us from vultures such as this. 

Will this rock the ground around our government?  Perhaps but then again, perhaps not for I, once again believe, that it is GS along with some other high profile bankers and financiers that truly rule our country and the world.

Public Rebuke of Culture at Goldman Opens Debate

By SUSANNE CRAIG and LANDON THOMAS JR.
from NYT Dealbook

Until early Wednesday morning, Greg Smith was a largely anonymous 33-year-old midlevel executive at Goldman Sachs in London.

Now everyone at the firm — and on Wall Street — knows his name.

Mr. Smith resigned in an e-mail message to his bosses at 6:40 a.m. London time, laying out concerns that Goldman’s culture had gone haywire, putting its own interests ahead of its clients.

What the e-mail didn’t say was that about 15 minutes later, an Op-Ed article he had written detailing his criticisms was to be published in The New York Times. “It makes me ill how callously people still talk about ripping off clients,” he wrote in the Op-Ed article.
***

Why I Am Leaving Goldman SachsBy GREG SMITH
Published: March 14, 2012

TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.
To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. Goldman Sachs is one of the world’s largest and most important investment banks and it is too integral to global finance to continue to act this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for.

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1 COMMENTS:

Olympia_A said...

Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.

FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...

It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...

http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html

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Authored by Panagiotis TRAIANOU 

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