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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

Thursday, March 21, 2013

Goldman Sachs: A Plague On Us All!

The citizens of a country that has a government that refuses to prosecute fraud will pay the price.  Lack of prosecutions creates an unstable banking system and a weakening economy.  Banks show a general disrespect for government by capturing and controlling how government works.  Banks continue to lobby for their own benefit while citizens continue to have lower income and stagnant wages.

Now we have a new specter of banks being made whole (in spite of their own fraudulent activities) with depositors' savings.  Austerity, low wages and risks to citizen entitlements continue apace while banks become billions richer.  The inequality is staggering!
Is Cyprus In Our Future?
The Plague of Wall Street Banking
By Kevin Zeese and Margaret Flowers - Counterpunch
. . . .In fact, the big banks have been engaged in all sorts of nefarious activity for a long time, as Washington’s Blog points out with this jaw-dropping list of crimes, and are rife with fraud. And, this week the biggest of the too big to prosecute, JP Morgan, had its financial fraud and disrespect for government on display when the Senate Banking Committee issued a massive 300 page indictment, errr [sic] report, documenting the $6.2 billion “London Whale” scandal. The report traces the scandal right to the top, CEO Jamie Dimon, and shows how the bank lied to bank examiners and investors. Experts state the obvious from this evident fraud; investigations and fines, and possibly a large monetary settlement are possible but a prosecution by DOJ remains unlikely. Obvious because everyone knows the game in Washington is one of no criminal prosecutions.

Although, another too big to jail bank, Goldman Sachs did have a loss in court this week, when the US Supreme Court refused to overturn a Court of Appeals decision requiring the bank to defend a civil suit by investors claiming securities fraud.  There are lots of hurdles ahead, but this provides a glimmer of hope.

Read the whole article here


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