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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, April 11, 2012

Goldman Sachs and Democracy Are At Cross-Purposes

Goldman Sachs International (GSF) was fined £25,000 by ICE Futures Europe for a "breach of the Exchange Regulations concerning disorderly trading."  So it continues:  Goldman breaks the rules (and makes a lot of money doing so), acts unethically, pays a small fine and goes on its way.  Breaching regulations sounds like fraud to me.

Stephen Lendman makes some important observations regarding Goldman Sachs in the linked article below:

Goldman Sachs:  Making Money By Stealing It
By Stephen Lendman - Mathaba

Money power in private hands and democracy can't co-exist. Wall Street crooks transformed America into an unprecedented money making racket.

Goldman symbolizes master of the universe manipulative fraud. It's been involved in nearly all financial scandals since the 19th century.

It makes money the old-fashioned way. It steals it through fraud, grand theft, market manipulation, front-running them, scamming investors, bribing political Washington, having its executives in top administration posts, and getting open-ended low or no interest rate bailouts when needed.

It's business model and culture assure billions of bonus dollars for company officials, complicit traders, and others on the take. It's a crime family, not a bank. It's connected to others like it on Wall Street and corrupt politicians.

Compared to Goldman, Bernie Madoff was small-time. So are most other swindlers. Ones who matter most sit in Wall Street board rooms, plotting other scams.

Former bank regulator expert on white-collar crime, public finance, economics, and related law, Bill Black explained Goldman shenanigans pertaining to earlier SEC charges this way:

"Goldman designed a rigged trifecta. It turned a massive loss into a material profit by selling deeply underwater, toxic CDOs it owned. It helped make John Paulson (CEO of a huge hedge fund that Goldman would love to have as an ally) a massive profit - in a 'profession' where reciprocal favors are key, and blew up its customers that purchased the CDOs."

An SEC civil suit charged Goldman with defrauding customers. It made billions, and settled for $550 million. It was pocket change, the equivalent of four 2009 revenue days. It hardly mattered.

No executive was fined or imprisoned. Grand theft continues unabated. They include fraudulent pump-and-dump schemes. Major media scoundrels don't explain. Only scammed customers and insiders part of the dirty game understand.

On March 4, Black used James Q. Wilson's "broken windows" metaphor pertaining to blue collar crime. He applied it to far more serious elite white-collar offenses. None rise to the level of financial ones. The amounts involved are staggering. Broken lives, communities, and economies result. The landscape's littered with them.

Read the rest of the article here 


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