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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

Sunday, July 22, 2012

Goldman Sachs "Partners with Regulators"

If you listen to someone often enough, you will learn a lot about what they truly believe.  Goldman Sachs's Blankfein claims he does not mind regulation; in fact, he said:  "We’re not against regulation. We’re for regulation. We partner with regulators.”  Now that last bit makes a lot of sense.  Goldman Sachs has lobbied politicians and regulators every chance it gets.  Goldman has spent millions doing so.  Sometimes Goldman actually supplies its own people as regulators (see Hank Paulson, Gary Gensler, William Dudley, etc.). So, of course, Blankfein "partners" with regulators!

So Blankfein loves some regulations and does not like others and spends a lot of money on subverting those he doesn't like so much.

When Blankfein says he likes a certain regulation, then that regulation probably does not protect against abuse by the banks.  Beware of banks that make their own regulations.

Goldman CEO on Dodd-Frank:  'The vast bulk of it is good.'
By Timothy P. Carney - Washington Examiner

Bankers aren’t thrilled about everything in Dodd-Frank (though hedge-funds tend to like the rules that will profit them by constraining competition). But on the whole, as with most regulation, the big guys ultimately stand to benefit.

Yesterday Goldman Sachs CEO Lloyd Blankfein said:
If I could push a button and eliminate Dodd-Frank would I do it? No, I would not…. The vast bulk of it is good … some parts go too far.
This is no sudden turnabout from Blankfein. While the bill was on the table in March 2010, Blankfein said “We will be among the biggest beneficiaries of reform.”

A month later, he told the Senate “I’m generally supportive.” A Goldman lobbyist said at the time “We’re not against regulation. We’re for regulation. We partner with regulators.” I listened in on a Goldman conference call that month, and three times, the company spokesman expressed his faith in regulation.


Read the entire article here


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