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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

Monday, October 22, 2012

Injustice is Goldman Sachs

Deregulation has resulted in many anomalies where justice is meted out for those who commit financial fraud.  There is now a two-tier system of justice in the US--one for individuals and one for institutions. 

For example, on the one hand, you have penalties for insider trading which is a criminal offense for which an individual can go to prison for many years as Rajat Gupta knows full well.  On the other hand, you have forgery or "Robo-signing" by Goldman and other banks which is not considered so serious and in fact has been forgiven.   Goldman gets a slap on the wrist and an admonishment to not do that again.  Through an agreement with the states' governors general and the federal government foreclosure fraud has also been forgiven.

Insider trading is considered anathema to the "proper" running of the "free market" and must be stamped out.

Accounting control fraud is unimportant and may already have been written out of the law in a country that now considers making a profit illegally is considered appropriate behavior and even Sarbanes-Oxley will not be used to prosecute Blankfein and his CFO for signing off on financial statements that have fraud written all over them.

Insider trading is a horror show that must be stamped out at all cost and every guilty individual must be jailed.

Selling toxic securities made of sub-prime mortgages is fair game with a little misrepresentation here and a little omission there and everything is good to go.  Goldman can pay a little fine, admit no wrongdoing, keep getting rich and carry on!

Insider trading "undermines integrity of the markets."

Derivatives have no need to be regulated because they have become the shadow market--hang integrity high!

Insider trading must be deterred.

CDOs and CDS must not be deterred.

Where is the Judge Rakoff for prosecuting accounting control fraud and toxic securities that have contributed to massive losses of wealth to homeowners, pension plans, municipalities and savings?

So, Gupta can expect a loss of face and a loss of freedom.  Others can hardly wait to heap scorn on him;

While Goldman Sachs is extolled as virtuous and unassailable in its ability to make money.  In fact, many of their executives are just now collecting millions of dollars on their 10-year old stock options.  Thus Goldman is enshrouded in praise.

The Justice System is now the Unjust System.

Gupta to Urge Probation From Judge Who Defended Insiders
By Patricia Hurtado and David Glovin - Bloomberg Businessweek

“The nature and circumstances of the crime weigh in the government’s favor, because insider trading is a serious white- collar crime that undermines the integrity of the markets” said Holwell, who is now in private practice.


“The government will lean on general deterrence because insider trading has to be eradicated and one way to do that is by taking highly visible cases and making examples of them,” Holwell said. “That will weigh heavily on Rakoff.”
Other criminal defense lawyers said Gupta’s fall from grace may work in his favor. Kevin O’Brien, a former federal prosecutor in New York, said the judge must weigh Gupta’s achievements against his crimes. 

Read the whole article here 
Now that corporations are people, you can see what kind of people here


RobertaKelly said...

IOLTA  is the interest paid on the "Client Trust Accounts," that is, the attorneys licensed at the B.A.R.s, have "Trust Accounts" for their "Clients," and these accounts are paid interest.  The interest does not get to be for the attorney nor the attorney(s) "client(s)."  The interest gets to be for the B.A.R.

The U.S. Supreme Court heard cases filed against IOLTA, and the American Bar Association [ABA] reports about the cases.

IOLTA was and is supposedly to pay for the good of the lesser in society, legal representation, for the 'poor' who cannot afford representation in the courts, competing against Goldman Sachs.

Interesting idea, Goldman Sachs manages the portfolio retirement "stocks, bonds," etc., for the Unjust system and the Unjust system gets to have the interest that the Fed pays for the attorneys such as, those who represent Goldman Sachs, gigantic "Client Trust Funds," and the Unjust system cannot lose.

IOLTA has hardly protected the lesser in these times.

Goldman Sachs, JPMorgan, ET AL, pay their attorneys untold sums in client trust, and the accounts are placed wherein the B.A.R.s get to siphon the interest for the purpose of representing the poor and lesser.

Robin Hood reversed into the BLOB's communist agenda.  Free market capitalism is false market communism and we must stop IT.

Joyce R said...

Roberta, thanks for your comment.   We will keep our eyes open for more info on IOLTA and Goldman Sachs. Nothing surprises me anymore in the number of ways that the rich seek more riches.

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