GoldmanSachs666 Message Board

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

Tuesday, April 10, 2012

Goldman Sachs and the Volcker Rule

Bill Moyers interviewed Paul Volcker on April 5, 2012, about the implementation of the Volcker Rule which attempts to stop speculative trading by banks like Goldman Sachs.  Volcker explains how the Rule would discourage banks, which now get government support, from taking risky and destructive bets.

Gambling With Your Money 
Interview of Paul Volcker by Bill Moyers 

BILL MOYERS: Welcome. Well here we go again. The old game of congressional creep. After months of haggling and debate, Congress finally passes reform legislation to fix a serious rupture in the body politic. The president signs it into law, but then we discover the fight’s just begun, because the special interests immediately set out to win back what they lost when the reform became law. They spread money like manure on the campaign trails of key members of Congress. They unleash hordes of lobbyists on Capitol Hill, cozy up to columnists and editorial writers, spend millions on lawyers who try to rewrite or water down the regulations required for enforcement. And before you know it, what once was an attempt at genuine reform creeps back towards business as usual.

It’s happening right now with the Dodd-Frank Wall Street reform and Consumer Protection Act -- passed two years ago in the wake of our disastrous financial meltdown. Especially vulnerable is a key provision of Dodd-Frank known as the Volcker rule -- an attempt to keep the banks in which you deposit your money from gambling your savings on the bank’s own, sometimes very risky investments. It will come as no surprise that the financial industry hates the Volcker rule and is fighting back hard.

Just look at these headlines:

“Bank Lobby’s Onslaught Shifts Debate on Volcker Rule.” “Big Banks are Winning on Volcker.” “Lawmakers Pushing for Weaker Volcker Rule Reap Wall Street Cash.” “Banks Act to Skirt Volcker Rule on High-Risk Trades.” 

You can read the transcript and see the video here


Post a Comment