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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

Sunday, January 13, 2013

Goldman Sachs Says: "Thank You, Timothy Geithner!"

Once again, we receive confirmation that Goldman Sachs would have been insolvent in 2008 if Timothy Geithner had not infused it with a $10 billion cash bailout then bailed out AIG for more cash payments to Goldman and if Goldman had not been remade into a commercial bank and thus able to feed at the Federal Reserve trough discount window for billions more. 

Yes, indeed, Goldman Sachs thanks Timothy Geithner for being the best friend Goldman ever had!
Wall Street thanks you for your service, Tim Geithner
First the treasury secretary propped up the big banks with public spending.  Then he backed their agenda:  cuts to public spending
By Dean Baker - The Guardian
. . . . 
The collapse of Lehman Brothers, a second major investment bank, started a run on the three remaining investment banks that would have led to the collapse of Merrill Lynch, Morgan Stanley, and Goldman Sachs if the Fed, FDIC, and treasury had not taken extraordinary measures to save them. Citigroup and Bank of America both needed emergency facilities established by the Fed and treasury explicitly for their support, in addition to all the below market-rate loans they received from the government at the time. Without this massive government support, there can be no doubt that both of them would currently be operating under the supervision of a bankruptcy judge.

Of the six banks that dominate the US banking system, only Wells Fargo and JP Morgan could conceivably have survived without hoards of cash rained down on them by the federal government. Even these two are questionmarks, since both helped themselves to trillions of dollars of below market-rate loans, in addition to indirectly benefiting from the bailout of the other banks that protected many of their assets.

Had it not been for Geithner and his sidekicks, therefore, we would have been permanently rid of an incredibly bloated financial sector that haunts the economy like a horrible albatross. 

Read the entire article here


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