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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

Tuesday, January 1, 2013

Goldman Sachs as the Bank of Fraud

The editor of FedUpUSA calls 2012 The Year of Bank Fraud and lists all the on-going fraud lawsuits against the major American banks including:

"Goldman Sachs: FHFA fraud case is ongoing; after a ruling by federal appeals court, a class action lawsuit over MBS will go forward."  (from FedUpUSA)
The banks are really sick enterprises: too huge to be tamed; too many lawsuits for which they only have to pay fines each year; and too guilty to have to admit guilt for their various offenses.  Any human being who never has to admit to his guilt for fraud, for bad ethics and for immoral behavior is not going to change his/her behavior.  It may even become a badge of honor for the banks when they consider how little they pay and how much damage they actually do while at the same time vacuuming up all the wealth to be had in the economy.

There is one optimist out there:  Eliot Spitzer who thinks that the new year will bring criminal cases.  As 4closureFraud states, Not holding My Breath But...Eliot Spitzer:  'We've Turned a Corner'--Wall Street Should Expect Criminal Cases in 2013.

See the comment and the Spitzer video here
See the list of fraudulent banks here


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