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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

Sunday, April 1, 2012

Goldman Sachs and the Financial Crisis

MSNBC has weekend morning programs called Up With Chris Hayes which often tackle the events surrounding the financial crisis of 2008.  For example, on Sunday, April 1, 2012, Chris Hayes had a panel of guests that included, among others:  a Democratic representative, Carolyn Maloney; a member of Occupy the SEC, Alexis Goldstein; an editorial directory, Kai Wright; an author, Karen Ho; a University professor,. John McWhorter; and associate professor of economics and law, William Black.

Not only is the panel diverse and instructive, it also is informative and intelligent.  Each person gives a unique point of view and listens carefully to other points of view.  There are widely differing personalities presented but the focus of the program is sharp.  Karen Ho has written a book, Liquidated:  An Ethnography of Wall Street,  which evolved from her thesis.   The book describes the ideology of investment bankers on Wall Street by carefully tracing the manner in which a bank inculcates its values onto its workers in order to build a culture that suits Wall Street's principles rather than ethical ones.  Goldman would surely recognize itself!

Alexis Goldstein is one of the authors of a letter sent to the SEC pointing out some of the weaknesses and some of the strengths of the Dodd-Frank bill and making recommendations that would be best for the American people and not just the banking system.

William Black often writes about Goldman Sachs and other Wall Street banks and points out ways that fraud, especially accounting control fraud, helped create the financial crisis.  You can find his essays here and a video on MF Global below:

William K. Black on the MF Global Cover-up:  "All those that doeth Evil hateth the light!"

See the Black video here

You can see the MSNBC videos here.


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