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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

Tuesday, July 3, 2012

The Hubris of Goldman Sachs Knows No Bounds!

What unmitigated gall for Goldman Sachs to threaten the taxpayers who bailed out their hides when they made bad bets causing the crash  of 2008!  We warn you, Goldman, and you cannot warn us as we already know what you stand for.

If Goldman Sachs wants to gamble with its own money, if Goldman wants to maximize its profits at the expense of others and if there are people stupid enough to take that bet then go ahead.  Leave for greener pastures but before you go please make sure the taxpayers are not left to pay for any more of your ugly "mistakes."  Go ahead and bankrupt yourselves but we should not have to pay for any more of your greed and folly.  You care not a jot or tittle for the communities that you plunder!

There are people in some countries that would be happy to wake up one day and find that Goldman Sachs has gone--for good!  How does that make you feel?

Wall Street banks angling for Dodd-Frank loophole 
By Robert Reich - SFGate

While all eyes were on the Supreme Court and Obamacare, a quieter battle was being waged against the president's other major initiative, the Dodd-Frank financial reform act. Wall Street has already watered down or delayed most of Dodd-Frank. Now it wants to create a giant loophole, exempting its foreign branches from the law.

Yet the overseas branches of Wall Street banks are where the banks have done some of their wilder betting. Four years ago, bad bets by American International Group's London office nearly unraveled the U.S. financial system.

One advantage of being a huge Wall Street bank is you get bailed out by the federal government when you make dumb bets. Another is you've been able to choose where around the world to make the dumb bets, thereby dodging U.S. regulations. It's a win-win. Wall Street wants to keep it that way.

Read the whole article here 


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