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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 29, 2013

Goldman Sachs--one of "The Untouchables"

Frontline has created a video called The Untouchables (January 22, 2013) that "investigates why Wall Street's leaders have escaped prosecution for any fraud related to the sale of bad mortgages."

This video explores why no criminal liability for fraud was brought against the banks or mortgage originators.  In short, the banks were not investigated for fraud so, of course, no fraud was found.

Names are named such as Lanny Breuer who recently resigned from the Department of Justice after being interviewed by Frontline and  Angelo Mozilo, former Countrywide CEO.  All the usual suspects are there:  Robert Rubin, Dick Fuld, etc.

Senator Ted Kaufman was a man of honor fighting this corruption as was Jeff Connaughton, Carl Levin and other committee heads that investigated those responsible for the financial crisis. Then there were those who could have made a difference and chose not to like Eric Schneiderman.

Certainly the President's desire to look forward and not backward was the main incentive not to investigate or criminally prosecute the executives of the banks, including Lloyd Blankfein of Goldman Sachs.  For the past few years he has been "breathing a sigh of relief."

See the Frontline video and other videos and articles on the financial meltdown here
See William K. Black's detailed analysis of Goldman Sachs destruction of the economy here


Jaime Falcon said...

Lanny explains his controversial behavior:

Joyce R said...

Wouldn't it be wonderful, Jaime, if for one day everything that came out of bankers' mouths was the truth and not lies?

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