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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, July 21, 2012

Another Look at Oakland's Contract with Goldman Sachs

It would be a fine thing if everyone took a stand on how the big banks should be treated.  Since they are too big to fail and, if they make any mistakes, the government will be obliged to bail them out--again.  So we should not make any concessions to the banks; we should withdraw all deposits from these banks and we should not encourage them to get any bigger.

We need a public banking system that does not take advantage of citizens or municipalities.  A public bank would offer a decent interest rate for depositors who want to save some money.  It would not have ridiculous fees for loans and would discourage citizens from taking on too much debt.  There is such a thing as saving for what you want without going into debt.  It's called "delaying gratification." 

When the bank is a public utility, it will not be interested in making gigantic profits or paying extravagant salaries and bonuses.  It will not be interested in investing in tricky derivatives either!

Here's another take on banks:

Cities:  Be Like Oakland and Walk Away from Interest Swap Payments to Goldman and Banks!
By Gary Anderson, Strategic Default Books (Business Insider)
. . . .

And I personally view this whole interest rate swap story just like I view the CDO story. It was a scam from the beginning. It was a scam even without LIBOR.

The scam was that the banks knew what the central banks were going to do with regard to interest rates. The handwriting of financial weakness was on the wall in 1997, when these contracts were set up. The banks knew which way the winds were blowing, and the governments were not privy to that information.
LIBOR and the UK financial system seems far away, but in fact, it is an integral part of the scam.

Globalization was understood by these bankers, but not by government. Government remembered the 1970's and inflation. But that was then and this is now.

If you think government was stupid, look at the gold bugs and Peter Schiff and all those who remain dumfounded about how banks can continually manipulate rates lower. These are not stupid people. But they are being defeated in their investments by folks who are much more in the know and are more powerful in their manipulation of markets.

So, based upon all we have learned, I would hope all local and county governments who are being pushed around by JP Morgan, Goldman Sachs and others just walk away.
Read the entire article here 


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