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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

Thursday, July 5, 2012

Stand Up to Goldman Sachs: You Have Nothing to Lose!

In order to win a true victory over the TBTF banks that have been committing fraud, it would seem prudent to manage one's money without depending on any large investment/commercial bank like Goldman Sachs.  Any community that needs a loan should not seek out Goldman for help as they do not care a jot or tittle about community service except as a way to make themselves a generous profit.

Would that more municipalities, pension funds and savings funds look elsewhere for their financial needs.  For municipalities, a pay-as-you-go budget would also help.

Oakland Whacks Goldman Sachs With Boycott Axe
By Matthew Stensland-Bos - SFBay

Even before leading the world economy to the brink of collapse in 2008, big banks haven’t exactly been popular. Since then, several got bailout money from the U.S. taxpayer and still paid ridiculous bonuses to execs. Lately, they’re earning record profits even as they stifle growth with tight credit to consumers and businesses.

Recent news has been even worse for a handful of banks. Headlines fly by like JP Morgan Chase losing billions in risky trading, British Barclay bank manipulating loan rates, and now, Goldman Sachs getting a vote of no-confidence from the Oakland City Council.

The council voted unanimously Tuesday night to boycott Goldman Sachs unless they agree to cancel an investment deal that will cost Oakland nearly $4 million this year. The vote comes after the council received significant pressure from unions and community leaders trying to get them to support their cause.

Read the whole article here


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