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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 2, 2012

Goldman Sachs Thrives on the Misery of Others

There's a kind of Syrian effect taking place in the financial crisis:  citizens are being attacked by the big banks that must have their "pound of flesh" no matter how many innocent people are harmed. To Goldman Sachs it is the billions they will make at the expense of millions that keeps the glee in their eyes.

There is not enough money in the world to satisfy the greed of Goldman.  Only an attacker who devastates his own people would understand a bank's sucking up all the residual cash worldwide after it has successfully created the conditions that make such an attack possible.

Cold-blooded calculations are present all around--in Syria and in Goldman.

Richard Brenneman says it well:
Goldman Sachs plans to profit from euromisery
By Richard Brenneman - eats shoots 'n leaves

The folks on Wall Street are busily dry-washing the hands in glee at the thought of a massive wave of European bank collapses.

Hyperbole, you say?

No, a statement of harsh, cold fact.

From the Sydney Morning Herald:
US investment bank Goldman Sachs sees a silver lining in the troubles of Europe’s banks, which may need to sell more than $US2 trillion ($A2.07 trillion) in assets, a top Goldman executive says.
European banks, pressed to bolster their capital cushions, are expected to dispose of $US607 billion in assets this year, the majority of them in soured debt, said Gary Cohn, president and chief operating officer of the prestigious Wall Street bank.
They could divest another $US243 billion in assets in 2013, and $US147 billion the following year, Cohn said at a Sanford Bernstein strategy conference in New York on Thursday.
According to Cohn, Europe’s total bank deleveraging could exceed $US2 trillion and Goldman Sachs is “well-positioned to intermediate these asset sales”.
“We believe that Europe and the growth markets will present compelling opportunities for the firm,” he said.
“Compelling opportunities”?

There’s some very deep games going on, and a very few very rich people will make billions profiting on the misery of millions.

That’s the way the game’s played.

Time for a change?
Read the article here 


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