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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

Thursday, December 13, 2012

Goldman Sachs--Pigging Out

Every once in awhile we should remind outselves of who is leading the corruption of the banking and corporate system in the United States.  These are people who smugly believe that everyone else should lower their expectations but that they themselves deserve all the obscene compensation they give themselves.  They are not friends of the American worker; they make ridiculous claims about how the rich are the job creators; they pay as few taxes as possible; they seek to make the rich even richer; they do not like competition; they want to Fix the Debt by getting rid of the social safety net; and, finally, they wish to pass austerity measures for others to follow.

Here is a list from Naked Capitalism of these Grandees beginning with--Lloyd Blankfein:

9 Greedy CEOs Trying to Shred the Safety Net While Pigging Out on Corporate Welfare
By Lynn Parramore - Naked Capitalism

Here’s a sample of the Fix the Debt CEO Council Hall of Shame. (Download the complete list at the organization’s Web site.)

1. Lloyd Blankfein, chairman and CEO, Goldman, Sachs & Co. Blankfein, infamous for describing his financial activities as “God’s work,” shared his attitude toward society with CBS news recently. He explained his keen desire to see Americans lowering their sights for the future. You really have to watch the interview to get the full flavor of Blankfein’s smug assurance that predation can be sold as concern for the nation’s well-being. In addition to trotting out several myths about Social Security’s design and functions, including the bogus notion that retirement age must be raised, he gives a pithy summary of what life is going to be like for the 99 percent:
You’re going to have to do something, undoubtedly, to lower people’s expectations of what they’re going to get, the entitlements, and what people think they’re going to get, because you’re not going to get it.
Not if Lloyd Blankfein has anything to do with it. He calls it managing expectations. Here’s another word: theft.
Since the financial crash, Blankfein’s company, Goldman Sachs, has received tens of billions of dollars in what the Economic Policy Journal describes as “direct and indirect succor from the Fed.” In sharp contrast to average Americans, when Goldman needed help in the 2008 crisis, a friendly Federal Reserve let Goldman turn into a commercial bank almost overnight, so it could go to the Fed for help 24/7.

Read the rest of the article here


LiberatedCit said...

Should Goldman Sachs Stop Underwriting Debt?

Hell yes

LiberatedCit said...


 Joyce I think there may be some more bailouts coming through the GSE's see here

Joyce R said...

Thanks for the links, LiberatedCit.  I read the one about Goldman Sachs underwriting and conclude that Goldman says one thing to the market and does another thing to make a profit.  Same old, same old. Why does anyone bother to listen to them?

Joyce R said...

Yes, with DailyBail, I too have concluded that the regulatory, justice, political and financial systems are thoroughly corrupted by fraud and nothing but a total restructuring will save them.  Sad, so sad.

If you read Michael Hudson, you will find out what is in store for us in the future:

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