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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, December 28, 2012

Goldman Sachs Rule by Fraud

Are you unsure of why it was a big mistake to bail out the fraudulent banks in 2008? 

Are you happy with the sick banks that have rotten balance sheets propped up by the Federal Reserve? 

Are you angry to find out that no matter what frauds the banks commit, from using client's money illegally to making wild bets that lose billions of dollars and cause untold pain to millions of average Americans to creating derivatives designed to fail, banks only pay a small portion of their fraudulent gains for restitution!  How can that be fair?  Most lovely of all is "The companies didn’t admit or deny wrongdoing."

Rule of Law is dead; Rule by Fraud is alive and well.

Below is another reason to be distrustful of banks and everything they stand for:
Citigroup, Goldman Sachs among banks fined over lobbyist payments
By Bloomberg News - nj.com
 . . . .
Local authorities were unfairly asked to reimburse payments that the firms made over five years to the California Public Securities Association, a lobbying group, to help influence the state, the Financial Industry Regulatory Authority, which oversees securities firms, said today in a statement. The firms inadequately described the fees, wrapping them into bond- underwriting expenses, Finra said.
. . . .
Goldman Sachs “discontinued the longstanding industrywide practice of seeking reimbursement for such fees” in California last year, the bank said in a statement. It also refunded the lobby-group fees that had been charged on state-level issuances in which the firm was lead underwriter.
 
Read the whole item here

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