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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

Saturday, December 1, 2012

Goldman Sachs Wins in US; Goldman Sachs Wins in Europe: We All Lose!

It seems that wherever Goldman Sachs goes, the public interest is undermined.  There is no longer any protection for the public.  The monetary systems in both Europe and the US have been co-opted by banks led by Goldman Sachs.  Goldman's power cannot be undersestimated.  The bank made sure that no bank executive can ever be brought to justice in the US for the meltdown of the financial system in 2008. 

Now Goldman is working its black magic to protect its interests in Europe.  See Tyler Durden's article from Zero Hedge:

Goldman Wins Again As European Union Court Rules To Keep ECB Involvement In Greek Debt Fudging A Secret
By Tyler Durden - Zero Hedge

Three years ago, a hard fought landmark FOIA lawsuit was won by the great Bloomberg reporter, the late Mark Pittman, in which the Fed was forced to disclose a plethora of previously secret bailout information, which in turn spurred the movement to "audit the Fed" and include a variety of largely watered down provisions in the Frank-Dodd bill. This victory came despite extensive objections by the Fed and the threat that the case may even escalate to the highly politicized Supreme Court, which lately has demonstrated conclusively that not only is justice not blind, but goes to the highest ideological bidder. Moments ago, Europe just learned that when it comes to secrecy of its supreme monetary leaders, in this case all originating from Goldman Sachs and defending data highly sensitive to the same Goldman Sachs, the European central bank's secrecy is not only matched by that of the Fed, but even more engrained in the "judicial" system of the Eurozone, after the European Union General Court in Luxembourg just announced that the European Central Bank will be allowed to refuse access to secret files showing how Greece used derivatives to hide its debt.

Why? Simple: recall that it was Goldman Sachs who was the primary "advisor" on a decade worth of FX swaps-related deals which allowed Greece to outright lie about both its fiscal deficit and its total debt levels, and that it was a Goldman alum who became head of the same Greek debt office just before the country imploded. And certainly the ECB was involved and knew very all about the Greek behind the scenes shennanigans. And who happens to be head of the ECB? Why yet another former Goldman worker, of course. Mario Draghi.

And with yet another ex-Goldmanite taking over the BOE, any hopes of bank transparency in the UK have just been crushed as well. Goldman is taking over the world one central bank, and Supreme Court at a time, and leaving not a trace behind, even as it manages to create ever more debt out of thin air to keep the population occupied chasing trinkets, gadgets, and other unneeded stuff, while the real wealth plunder by Goldman et al enters its terminal phase.
From Bloomberg:
Disclosure of those documents would have undermined the protection of the public interest so far as concerns the economic policy of the EU and Greece,” the European Union General Court in Luxembourg said today, rejecting a challenge by Bloomberg News. The news organization initially sought the documents in August 2010."
Read the entire article here


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