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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

Saturday, June 9, 2012

Goldman Sachs: "Contingency Planning" or the Danse Macabre

Just as the vulture flying above an injured animal signifies imminent death and gluttonous feasting, so the apparition of Goldman Sachs looking over the misery of the Eurozone is really the patient waiting for Goldman's own feast on money and rent from any failures in Europe.  It is fitting that Goldman  leads this Dance of Death because it was partly responsible for it and it will eventually extract profit from the people like never before.

So Blankfein gazes with leaden eyes on the peoples of Europe as they struggle and Goldman leads in their dance to financial death.  Goldman was there at the beginning and you can be sure it will be there at the end.

Danse Macabre 1498 by Michael Wolgemut

Goldman Sachs CEO Lloyd Blankfein:  Company Engaged in Contingency Planning for Defaults in Europe
By D. M. Levine - HuffPost Business

Goldman Sachs is preparing for possible sovereign defaults in Europe, the company's CEO said Friday.

"It's in the nature of contingency planning and we plan for a number of contingencies" including defaults, Lloyd Blankfein said Friday after testifying in federal court at the insider trading trial of former Goldman director Rajat K. Gupta. "If it does happen, it would be irresponsible for us not to engage in contingency planning."

Blankfein did not go into detail about the kind of planning at Goldman Sachs, but said that the firm does not want to be caught by surprise if, for example, a country like Spain defaults on its sovereign-debt obligations. "If there's a shock and awe [situation], there may be awe but there won't be shock."
Read the whole article here


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