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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, March 16, 2013

Goldman Sachs's (Partial) Rap Sheet

Zero Hedge has compiled a list of the crimes and misdemeanors of the TBTF banks in the US.  Goldman's participation in this criminal rap sheet includes:

betting against their own investment products; robo-signing; mafia-type behavior; front running with high frequency trading; off-balance sheet items; rotten securitization of sub-prime mortgages; insider trading; understating debt levels used to fund securities trades (2009) and, therefore, excessive borrowing to fund investments; perjury; civil lawsuits re securitization by SEC; other civil lawsuits; "malignant, symbiotic relationship with government;" fraud by managers (accounting control fraud); etc.

Jaw-Dropping Crimes of the Big Banks
By George Washington - Zero Hedge
Here are just some of the improprieties by big banks:
  • Engaging in mafia-style big-rigging fraud against local governments. See this, this and this
  • Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
  • Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
  • Committing massive fraud in an $800 trillion dollar market which effects everything from mortgages, student loans, small business loans and city financing
  • Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
  • Engaging in unlawful “Wash Trades” to manipulate asset prices. See this, this and this
  • Participating in various Ponzi schemes. See this, this and this
  • Bribing and bullying ratings agencies to inflate ratings on their risky investments
Read the rest of the article here


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