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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

Tuesday, May 29, 2012

Corruption and Fraud Committed by Goldman Sachs

The following excerpt is a quotation found in an interview with Randy Wray regarding the European Union and the financial crisis.  The corruption in China is often taken for granted because of the mixture of authoritarian rule and capitalistic enterprise found in that country.  Wray views the corruption in China in comparison with the corruption on Wall Street:
Interview with Randy Wray, Regarding the Next Crisis (Part 2)
By Inigo Garcia, Fahd Arnouk and James Jasper - Mecpoc

Mecpoc: Since you discussed corruption in China, would you mind making one last comment on frauds and corruption in Wall Street?
RW: It is very much worse. The worst corruption in the world is on Wall Street. People talk about the corruption in Latin America or Africa or China, but it is nothing compared to what is going on. The biggest scandal in human history without any question at all; the whole thing is fraud, everything they do is fraud.
Yes there is corruption in China, and the further you get away from Beijing the worse it is, but the corruption, at least what I hear when I talk to Chinese, comes from the fact that the government owns the land and local governments sell the land to get the revenue. That is a major source of finance for local governments, from the sale of land to developers.
Whenever developers play a big role, there is always corruption. That is true in the United States too–the whole savings and loans crisis was caused by developers and the link between developers and politicians. Because then you favor a particular developer, so they have massive corruption whenever developers and politicians get together.
But what is the purpose of it? It is to get the land developed, largely homes, and then to provide financing to the local government (from the sale of the land), and so they are favoring individual developers who become massively rich, but comparing that to Goldman Sachs, the consequences of the corruption is completely different. Think about it: the fraud perpetrated by Wall Street is kicking millions of Americans out of their homes, destroying financial wealth, jobs, families, and neighborhoods. The relatively minor corruption in China is generating economic development, building homes and putting people into them.
Read the whole interview here


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