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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, August 30, 2012

The Economy Would Be Better Without Goldman Sachs

The Economic Collapse website lists eleven reasons that the economy would be better without Goldman Sachs:

Goldman Sachs has not learned any lessons from its participation in the financial collapse;
Goldman Sachs keeps getting bigger and bigger;
The Federal Reserve gives special consideration to Goldman Sachs;
Goldman Sachs engages in shadow banking activities (derivatives);
Goldman Sachs contributed to the financial crisis by selling sub-prime securities that turned toxic;
Goldman Sachs helped Greece hide its debt in order to join the European Union;
Goldman Sachs is a participant in rentier agreements with local governments;
Goldman employees make egregiously large salaries and bonuses;
Goldman Sachs has a large influence on government policies through lobbying;
Goldman Sachs employees donate huge amounts to political campaigns;
Goldman Sachs is still "a vampire squid."

11 Reasons Why America Would Be A Better Place Without Goldman Sachs
By The Economic Collapse website

Would America be a better place without Goldman Sachs?  Of course it would.  The "vampire squid" of Wall Street does not care about the future of America.  Sadly, Goldman Sachs apparently does not even care much about their own clients.  What Goldman Sachs is all about is making as much money as humanly possible.  In the end, there is nothing wrong with making money, but there are constructive ways to make money and there are destructive ways to make money.  Unfortunately, Goldman Sachs seems to find the destructive path almost irresistible.  Greg Smith, the head of the U.S. equity derivatives business for Goldman Sachs in Europe, the Middle East and Africa made headlines all over the world on Wednesday when he resigned publicly from Goldman Sachs in a scorching editorial in the New York Times.  Smith said that he could "honestly say that the environment now is as toxic and destructive as I have ever seen it".  Considering what we know has gone on at Goldman over the past decade, that is very frightening to hear.  So could this be the beginning of the end for Goldman Sachs?  And if it is, will America be a better place when Goldman is gone?

Read the whole article here


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