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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

Friday, March 8, 2013

Goldman Sachs Guy With a Bill to Undermine Dodd-Frank

In case you need reinforcing information about the goals that Goldman Sachs has for the financial system, then read what Jim Himes, formerly of Goldman Sachs (1995 to 2003), and Randy Hultgren have to say about deregulating Dodd-Frank when Dodd-Frank has not yet been fully implemented!

Himes and Hultgren introduced a bill that would deregulate derivatives by allowing banks to keep commodity and equity derivatives in federally-insured units thus allowing Federal bailouts of swaps.  That is going backwards rather than improving financial security for the taxpayer.

Goldman Sachs guys have a knack for helping to undercut financial reform (and Ben Bernanke agrees with the proposal!)
Jim Himes, Former Goldman Sachs Executive, Introduces Bill To Deregulate Derivatives
By Chelsea Kiene - HuffPost Politics

Rep. Jim Himes (D-Conn.), a former Wall Street executive, is joining Rep. Randy Hultgren (R-Ill.) to introduce legislation that would deregulate derivatives, undercutting one of the most meaningful elements of the 2010 Dodd-Frank Wall Street Reform Act.

Derivatives -- which Warren Buffett has referred to as “financial weapons of mass destruction” -- are viewed as a key trigger of the 2008 economic crisis.

The bill would "allow banks to keep commodity and equity derivatives in federally insured units," Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank's "push out" provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity.

Read the full article here


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