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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, September 4, 2012

Another Film Inquiry Into Goldman Sachs's Behavior

Wikipedia describes one aspect of  "omerta:"  "It is dastardly and contemptible in a wounded man to betray the name of his assailant, because if he recovers, he must naturally expect to take vengeance himself."

You see the code would work financially if the betrayed investors could take vengeance for their losses as a result of toxic investments sold to them by the banks.  Vengeance would work if the President thought it was good policy to investigate and bring the fraudulent executives to trial, but he doesn't.  So we have a system that works for the advantage of the banks and to the despair of the public.

The mafia code of silence works very well in the banking industry.  Apparently, there are about $228.72 trillion derivatives floating around in the shadow banking system.  These huge numbers are there because of the secrecy of the banking system.  How can one think a system is fair and honorable when it is invisible and can cause crises like the one in 2008?

This blog has been trying for years to shed some light on the mystique that surrounds Goldman Sachs.   There is far less mystery to their behavior than some think. 

The Omerta Surrounding Goldman Sachs:  A Documentary
By Vivian Norris - Huffington Post

On September 4th, the French-German Television channel, Arte, will show a documentary based on the book The Bank: How Goldman Sachs Rules the World by London-based correspondent for Le Monde, Marc Roche. Last week I spoke with Mr. Roche and co-director of the film Jerome Fritel in London and Paris, respectively, about the new documentary. Every time I think I have heard enough of how bad the banks are and what new thing has been discovered on or off their books, and proven to be legal, if immoral, I am always surprised by how far certain players go to make a profit.

This surprise was amplified while watching the documentary by Mr. Fritel and Mr. Roche. Former U.S. Senator, Ted Kaufman, states in the film "Nothing has changed." He speaks of the arrogance of the bankers, and I am reminded of how, in certain circles, people seem to truly be cut off from reality. It is as if the gap between the wealthiest and the rest of the planet has become so distorting that those at the top do not even see what is happening outside of their circle. A former Goldman Sachs banker compared how Goldman Sachs had been run pre-mathematician heyday to "... entering the Jesuit order." And it is this very closed, secretive way of controlling information which has given way to conspiracies and misunderstandings. 

Read the full article here


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