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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

Saturday, February 9, 2013

Do Not Take Advice from Goldman Sachs

There is something perverse about feeling that we cannot live without the too big to fail banks.  These banks directly caused the recession of 2008 through their fraudulent activities in securitizing sub-prime mortgages which turned into junk in the hands of unwary investors.  How soon we all forget!  What the banks did to pension and savings investment should make us wonder why we would listen to any future bank predictions or recommendations about the economy.

But what banks say about the economy only focuses on a very small portion of the economy--the part that makes the banks thrive--the stock market.  An economy that depends on the financial sector, passing money from place to place, is an anemic economy for everyone but the banks and large corporations.  The banks would have us believe there is a deficit and spending crisis when there are actually crises in jobs and infrastructure (see comment 1). 

Why anyone pays attention to Goldman Sachs's analyses is a mystery.  These guys are all about their own profit and they do not care about the welfare of the public at large.  The answer to the question in the title of the article is Yes.
Goldman Sachs hedging its bets:  Is more economic pain on the way?
By Tom Cleveland - All Voices

Goldman Sachs has been charged with financial fraud

Investment bankers – can’t live with ‘em, and can’t live without ‘em.

At least that's how it seems in these tough economic times. We tend to hang on their every word, as if they truly know how big money intends to manipulate financial markets in the foreseeable future. But we also tend to blame these financial powerhouses for creating the worst recession since the Great Depression.

Goldman Sachs, Morgan Stanley and JP Morgan are the evil villains in this plodding screenplay, but, as the world suffers, these guys keep running to the bank with enormous bonuses with rarely any visible intention of correcting prior wrongdoings. They refuse to accept any fault for continually maneuvering the system to their monetary advantage. They do it because they can. They are the center of the global capital formation industry, where money and greed drive the engines of commerce.

As much as we may despise the reality of the present situation, we also respect these financial titans whenever they opine on the potential of future events, especially when they project valuations for stocks, commodities and currencies. When they speak, we listen intently. Up until now, Goldman, the leader of the pack, has been very upbeat on its forecasts for the stock market in 2013, suggesting a stellar second half of the year after the fiscal shenanigans in Washington have run their course.

Read the rest of the article here


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