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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, June 27, 2012

"Goldman Sachs is a Criminal"

If all the lawsuits and civil fines that Goldan Sachs has accumulated and paid over the years were listed for all to see, no one, but no one, would have a fiduciary relationship with Goldman.  Goldman is also a serious repeat offender even when they promise to never "do it again."  Maybe a "three strikes and you are out" law is needed where "out" is in jail for repeated offenses.

Municipalities and other corporations and individuals should not do business with a bank that has such a despicable reputation.   Banks are no longer honest brokers.

Oakland considers boycotting Goldman Sachs
By Matthew Artz - Inside By Area
OAKLAND -- Council members are threatening to terminate Oakland's ties to Goldman Sachs if the Wall Street titan refuses to favorably terminate an investment that will cost the city about $4 million this year.

The council's four-member Finance and Management Committee voted 3-0 Tuesday in support of a proposal to stop doing business with Goldman if no agreement is reached on canceling the investment within 60 days.

"Goldman Sachs has been bailed out along with other banks," Councilwoman Jane Brunner said. "It's important that they give back to cities, and Oakland needs a break."

The 1997 interest rate swap agreement has so far saved the city millions. But those gains are dropping because Oakland is paying Goldman a fixed interest rate that's much higher than prevailing rates, which have been depressed since the 2008 financial collapse.

Read the whole article here


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