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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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Sunday, December 16, 2012

Weasel Words Define Goldman Sachs

George Orwell knew all about "weasel words" ("words or statements that are intentionally ambiguous or misleading").  He knew that the Ministry of Peace was really the department that made continuous war on the whole world.  Using that idea, here are a few paragraphs inspired by an article in CNBC written by John Carney (with no bad intentions intended).  A few ideas have been taken from the article and the  weasel words have been crossed out and the words that were truly meant (in my opinion) have been supplied:

Goldman Sachs thrives on underwriting investments based on debt someone else's debt in order to profit from it.  Goldman believes that their clients should "borrow as much as they can for as long as they can" be so beholden to debt that Goldman can make money from it over and over again, not by supporting the production of useful products and services but by putting massive amounts of money into their own coffers.  "This is just what Goldman does:" Goldman profits from other people's pain; by betting against its clients lying, or better yet, by shorting the housing market by betting against the whole economy that they helped to destroy !

Some of Goldman's suggestions frauds (Abacus) are "ill fated" illegally designed to make a Goldman profit by selling investments to "highly-sophisticated investors" highly mislead and defrauded pension and savings plans.  Goldman should just be an "intermediary" and not an extractor of wealth from others.

The SEC penalties (small fines) are handed out for every fraud committed (which should be criminal prosecutions with GS executives cooling their heels in prison) .  Goldman just reaches for the kitty jar to pay.

Yes, Goldman believes in facilitating mistakes in giving bad advice and in misleading investors as long as it earns them profits.  Paternalism legal and ethical behavior is not in Goldman's self-interest.  The bank uses restraint denies the need for legal, ethical and moral practices in its business dealings.  Goldman's persuasiveness manipulation and maneuvering is its forte--its golden road to endless profit.

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