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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 18, 2012

Goldman Sachs: The Oz of Wall Street

September 17, 2012, marks the first anniversary of Occupy Wall Street which protested against the wealth inequality perpetrated by Wall Street fraud.  There is indeed a little man behind the curtain at Goldman Sachs whose machinations made him wealthy beyond his wildest dreams, but he is a hollow man.  He is small and pitiful and hollow.

Matt Taibbi's writings about Goldman Sachs and other Wall Street banks bear repeating.  So here goes---
Matt Taibbi:  The People Vs. Goldman Sachs
By Matt Taibbi:  The Daily Bail from Rolling Stone

. . . .
The great and powerful Oz of Wall Street was not the only target of Wall Street and the Financial Crisis: Anatomy of a Financial Collapse, the 650-page report just released by the Senate Subcommittee on Investigations, chaired by Democrat Carl Levin of Michigan, alongside Republican Tom Coburn of Oklahoma. Their unusually scathing bipartisan report also includes case studies of Washington Mutual and Deutsche Bank, providing a panoramic portrait of a bubble era that produced the most destructive crime spree in our history — "a million fraud cases a year" is how one former regulator puts it. But the mountain of evidence collected against Goldman by Levin's small, 15-desk office of investigators — details of gross, baldfaced fraud delivered up in such quantities as to almost serve as a kind of sarcastic challenge to the curiously impassive Justice Department — stands as the most important symbol of Wall Street's aristocratic impunity and prosecutorial immunity produced since the crash of 2008.

Read the article and see a video here


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