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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

Wednesday, November 14, 2012

Goldman Sachs: the Epicentre of Financial Destruction

Early in this 21st century, there have been two enormous events that will surely be with us for many years to come.  The events are, first, the meltdown of the Fukushima Daiichi reactors in Japan and, second, the crash of the American financial system.  These two catastrophic events have much in common:  both came about because of collusion with regulators and governments; both ignored protests by the populations of their individual countries; both centered their attention on risk, both risk taking and risk aversion, without regard to the consequences to others; both were serious betrayals of the people committed by their institutions; both put profits ahead of safety; and both had man-made models/designs that were disastrously and totally flawed.

The banks at the center of the financial meltdown would like everyone to believe that none of their executives knew that the mortgage market would implode--as if we could believe that suddenly those very richly paid bankers did not know that they had crafted a destructive system that would make themselves immensely more wealthy than they were.

The financial meltdown was brought to us by the banks in spite of what their executives have said at financial inquiries.  Like radiation polluting the air worldwide, we have toxic assets everywhere in the western world.  Banks are the nuclear reactors now:  they have contaminated the air with leveraged fraudulent products and they have bathed the underworld with derivatives that continue their havoc in invisible pools.  Trillions of unregulated dollars float just below the surface throughout the shadow banking system like so much radioactive debris in the oceans emanating from Fukushima.  CDOs, CDSs, HFT have become the radioactive flotsam and jetsam of the ruined and insolvent banking system. 

Banks thus sit like huge broken nuclear reactors situated in a more or less self-regulated environment waiting to create the next big tsunami of toxic debt to engulf the economies of the world.  Within the unregulated shadow banking system floats the finance companies, the commercial paper issuers, the money market funds, the securitizations and the repurchase ("repo") markets for short-term financing of securities that will bring us the wreckage of the next Big Banking Crisis.  How else can we explain those "hot spots" called MF Global that lost billions of clients' money or JP Morgan Chase and the missing billions there?  Did Corzine or Dimon go to jail for embezzling?  No!  See what I mean?

Trillions of dollars are waiting to be unleashed in ever more enormous amounts of debt that will eventually enslave all but the richest 1%.  It is this scenario that the Federal Reserve and the banking system believe in.  Goldman Sachs is The Great Believer in Riches.

The Big Betrayal described here contains the lethality of the wealth transfer from all citizens to the rich.  There are no safety valves left in the nuclear scenario being created for us by the banks.  The final purge will completely destroy the dreams of homeowners, pensioners, and ordinary workers; the wages of workers will be decimated even as the the bankers destroy their own balance sheets with special purpose vehicles that hide the true nature of their bank insolvency.  The debts that cannot be paid, will not be paid but, in the meantime, austerity bleeds the citizens of Europe of any of their hope or even of any means by which to live. 

The banks have turned into a huge criminal enterprise that caused a crisis and then claims it has to be paid for losses that they incurred while fleecing the population!

Banks are f**ked up:  like sea water pouring over an exploded nuclear reactor, money flows and flows into the disfunctional financial system and an equally dysfunctional stock market.  Fraud will continue apace until the banks are secure in their control of the government, the economy and the populace.

The banking system is all pollution now--fraud, corruption and shadows is all that is left.  What is real for the bankers and what is real for Goldman Sachs is just a nightmare for the rest of us!  The financial system is all waste heat, pollution and radioactive nuclear decay that releases nothing but poisonous debt into the atmosphere, enough poison to maim us all.

As Talks Begin on "Fiscal Cliff," Report Warns "Fix the Debt" a Front for More Corporate Bailout
Interview of Sarah Anderson by Amy Goodman - Democracy Now
. . . .

SARAH ANDERSON: It’s just crazy to be talking about, as he said, "shoring up the entitlement programs." That’s just Washington speak for reducing the cost of these programs and limiting access. To think that we need to shift the burden onto the backs of the poor and elderly is crazy, when we’re in one of the richest countries—the richest country in the world. Our problem is that our resources have been misallocated. And the approach to the debt should be to look at the ways that we could raise revenues through fair taxation, including taxing financial transactions, which could rein in Wall Street; number two, environmental reforms like cutting fossil fuel subsidies and using carbon taxes; and three, cutting military spending, especially all these military bases we have around the world that are obsolete. That kind of combination could raise trillions of dollars over the next decade. And that’s how we should be addressing the debt, not through these, you know, tax shenanigans that are just about giving more breaks to corporations and the wealthy, and cuts to Social Security and Medicare.

AMY GOODMAN: And the organizing that’s going on around—for example, just the word "entitlements" that is continually used, it has become the way of describing Medicare, Social Security. Your thoughts?

SARAH ANDERSON: Yeah. Well, I’ve learned to instead call them call them "earned benefit programs," because these are programs that American workers are paying into over their lives, and they have a right to that money, to have these basic social programs that have made us a much stronger society with a stronger middle class. And to think that people are trying to use this situation to cut into those earned benefit programs is just nuts, when there are so many other places where we could get the revenues needed to deal with the situation and also to shift our economy in a way that makes it more equitable, green and secure.

See the video and full transcript here


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