Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs and the Next Big Financial Crisis

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Fraud*
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

Wednesday, August 22, 2012

Goldman Sachs and the Next Big Financial Crisis

Alexander Arapoglou and Jerri-Lynn Scofield have mapped out on Alternet the reasons there will be another banking crisis. Of course, Goldman Sachs will certainly be involved, they having been the exemplar from our last crisis.

Uncle Sam Needs YOU for a Bailout: 6 Reasons Another Banking Crisis Is Coming Our Way
Rampant financial crime and poor regulation can only mean another blowup and guess who will be holding the bag?
By Alexander Arapoglou and Jerri-Lynn Scofield - Alternet

Surprise, surprise! Last week, the Justice Department announced it wasn’t going to prosecute Goldman Sachs or its employees for its shady activities during the mortgage crisis. The same day, Goldman disclosed in a regulatory filing that the Securities and Exchange Commission (SEC) had dropped an investigation into a troubled $1.3 billion residential mortgage-backed securities deal launched in 2006.

Time is running out for prosecutors to file cases against big banks for activities that triggered the 2007-2009 financial crisis, since statutes of limitations set deadlines for launching prosecutions for fraud and other financial crimes. If prosecutors don’t start lawsuits before these deadlines expire, the big banks will, once again, have got off scot-free.

Failure to pursue banks, culpable management and employees for their complicity in causing the financial crisis is one of six bad policies that ensure we’re likely to see another bust-up of a big U.S. bank -- sooner rather than later.

Please read the entire article here

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