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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

Wednesday, January 23, 2013

Goldman Sachs Attends "Plutocrat's Paradise"

It is not provident to attribute conspiracy theories to amalgamated actions; however, it is difficult not to feel that the banks did agree as a group to use sub-prime mortgages to create CDOs that ultimately failed except for the fortunes that the banks obtained in fees and swap payouts. Banks were so intent on greedily accumulating wealth that even the health of their own institutions was ignored.

So when you see six Goldman Sachs guys attending a global meeting with other bankers and politicians and very rich people, it gives one pause especially when you hear that the goal of the original Davos summit meeting in 1971 was "freeing commerical enterprise from the bondage of government regulation."  Goldman has succeeded in establishing an ideology of de-regulation in finance, in government and in politics which finally gave us The Great Recession and the great bailout--of the banks because of their fraud.

The six Goldman Sachs guys attending Davos are:  Lloyd C. Blankfein, Gary D. Cohn, Dina H. Powell, David Solomon, Richard J. Gnodde and Peter D. Sutherland.

Is there a conspiracy to continue giving the rich the best wealth pickings?  You be the judge from the following article:
An action-packed thriller is about to unfold in Davos, Switzerland
By Aditya Chakrabortty - The Guardian
. . . .
More than 2,500 business executives and bankers will converge on the highest town in Europe for the annual World Economic Forum. For the next five days, Davos will, it's safe to say, boast more millionaires per square foot than anywhere else on the planet. A guest list leaked on to the web this weekend included 680 company chief executives, and a plethora of bankers: seven from Citigroup alone, six each from Goldman Sachs, JP Morgan and Deutsche Bank. David Cameron is on the list, along with 36 other sitting prime ministers. Naturally, Tony Blair and Gordon Brown are both popping in (the WEF organisers subsequently sent me an updated list, which I am hoping the Guardian will publish online).

To record the event, reporters will be allowed partial access; while phalanxes of ski-jacketed TV presenters are on hand to conduct interviews and provide pensive cutaways.
The summit's notional purpose is to allow heads of businesses and of state to mull over the future for the world economy. The theme of this year's conference is "Resilient dynamism" which, true to Davos form, is a title that would make equal sense, or nonsense, the other way round (other classics of the genre include 2011's "Shared norms for the new reality").

Read the whole article here


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