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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

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Friday, September 14, 2012

Why Goldman Sachs Will Not Be Criminally Prosecuted

After having read the article below, here are the conclusions that I have reached:

There seems to be some truth in the idea that if almost everyone is committing fraud, then no one will have to pay. 

The regulators have already been captured by the banking system, so naturally the rules will favor bankers. 

Money in politics guarantees that the laws governing fraud and ethics will not have teeth. 

When the government says that nothing illegal was done in the financial crisis, no banker has anything to worry about. 

Getting a monetary settlement from civil suits for fraudulent acts is good enough.

Many groups that were supposed to investigate financial fraud cannot succeed when they lack enough resources, including proper office space.

Civil lawsuits are the only way to make banks behave ethically especially when the banks never have to admit to any wrongdoing thus saving them from lawsuits that arise from such an admission.

Regulators are afraid of failing so they don't bring criminal lawsuits.

Banks will surely learn to behave when they pay a substantial fine even when they allow for billions of lawsuits in their yearly budgets.  Thus, jail time is not needed.

All regulators have to do is appear to investigate and everyone will be satisfied.

It is good enough to go after the "little guy" and leave the executives alone.

Justice is served already, then!

We await the next financial crisis and in the meantime watch the ongoing looting of wealth by the financial system.

Too Big To Jail:  Wall Street Executives Unlikely To Face Criminal Charges, Source Says
By Ben Hallman - Huffington Post
. . . .
William Black, a law professor at the University of Missouri-Kansas City and a prominent former bank regulator, is in the camp that thinks prosecutors have missed a massive opportunity.
"They don't get the whole concept of looting," he said.

Black, who worked with prosecutors to develop some of the 1,100 criminal cases that emerged from the Savings & Loan crisis of the late 1980s and early 1990s, said that Wall Street accounting fraud flows from a simple recipe: grow by buying high-interest loans, leverage the business by borrowing lots of money and keep next to nothing in reserve against losses.

"You are mathematically guaranteed to report record profits," he said.

But those profits are based on a fiction, he said, one that costs investors when the bank collapses -- and in some cases, can cost taxpayers too.

Financial firms like Goldman Sachs profited tremendously by purchasing loans described widely in the industry as "liar's loans," Black said. These loans were made without the borrower having to prove income, or even that he or she had a job.

"It makes no sense that an honest lender would ever make liar's loans," he said. Nor does it make sense that a sophisticated bank like Goldman, which runs an entire business based on the ability to calculate risk, would purchase such dangerous loans without knowing that they were toxic, he said.

Read the whole article here




3 COMMENTS:

Joseph Jones said...

The small businesses of American should take a page, out of Goldman Sachs
book. When it comes down it; we need to put the right man in the President
seat.

This election is about our Country and the course we
are heading. Why is this President spending so much money to get elected?
Something is wrong with that picture.
The President is playing with the people that vote on
feeling. People are hurting out here. If I offer you something free or half
price of would you take it?  The point is
feel good now, hurt later. The other guy hurt now. Be profitable later, and in
the future.



I will cast my vote for the future profits, the
other guy.

People with money built this Country along with people
who wanted, and needed a better future. We earn the right to get rich. 
No, I am not now, but policies being put in place by this President can stop me
from that goal.

Who would you vote for; someone keeping you on your knees looking for a hand out?  Do you want someone with a track record of
putting people to work?  Someone who worked
a job and now he is successful.  This is
a blueprint to share with us on how we can stand-up work hard and have a better
future too.

The president is out giving away our future just to get
elected. All his great ideals are just in time for election.   Why is guy
using a comment about BIG BIRD he is the bird no, I’m sorry T-----!

Joseph

Joseph Jones said...

The small businesses of American should take a page, out of Goldman Sachs
book. When it comes down it; we need to put the right man in the President
seat.

This election is about our Country and the course we
are heading. Why is this President spending so much money to get elected?
Something is wrong with that picture.
The President is playing with the people that vote on
feeling. People are hurting out here. If I offer you something free or half
price of would you take it?  The point is
feel good now, hurt later. The other guy hurt now. Be profitable later, and in
the future.


I will cast my vote for the future profits, the
other guy.

People with money built this Country along with people
who wanted, and needed a better future. We earn the right to get rich. 
No, I am not now, but policies being put in place by this President can stop me
from that goal.

Who would you vote for; someone keeping you on your knees a looking for a hand out?  Do you want someone with a track record of
putting people to work?  Someone who worked
a job and now he is successful.  This is
a blueprint to share with us on how we can stand-up work hard and have our better
future too.

The president is out giving away our future just to get
elected. All his great ideals are just in time for election.   Why is guy
using a comment about BIG BIRD he is the bird no, I’m sorry T-----!

Joseph

Joseph Jones said...

The small businesses of American should take a page, out of Goldman Sachs
book. When it comes down it; we need to put the right man in the President
seat.

This election is about our Country and the course we
are heading. Why is this President spending so much money to get elected?
Something is wrong with that picture.
The President is playing with the people that vote on
feeling. People are hurting out here. If I offer you something free or half
price of would you take it?  The point is
feel good now, hurt later. The other guy hurt now. Be profitable later, and in
the future.


I will cast my vote for the future profits, the
other guy.

People with money built this Country along with people
who wanted, and needed a better future. We earn the right to get rich. 
No, I am not now, but policies being put in place by this President can stop me
from that goal.

Who would you vote for; someone keeping you on your knees, now looking for a hand out?  Do you want someone with a track record of
putting people to work?  Someone who worked
a job and now he is successful.  This is
a blueprint to share with us on how we can stand-up work hard and have our better
future too.

The president is out giving away our future just to get
elected. All his great ideals are just in time for election.   Why is guy
using a comment about BIG BIRD he is the bird no, I’m sorry T-----!
Joseph

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