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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

Wednesday, March 13, 2013

Not Prosecuting Goldman Sachs Will Ruin the Economy

Matt Taibbi has a way with metaphors.  Comparing Goldman Sachs to a "vampire squid" is so right.  Let's take some qualities of the squid and apply it to Goldman:  squids have multiple tentacles that according to folklore can regrow if broken off.  When you think about squids in every capital of the western world reproducing their kind, it is scary.  Squids are everywhere and multiplying as we write.  Squids have the ability to release murky brownish ink when startled which serves to camouflage and hide their position and activities.  They are invisible in their natural surroundings. 

Now take the vampire aspect:  vampires draw the lifeblood from their living victims sometimes making the victims act like vampires also.  Vampires are often charismatic and sophisticated--qualities that Goldman attributes to itself.  But vampires are evil and malevolent in their actions.  Occasionally they become like zombies or the living dead (until revived by bailouts!).  The only way to destroy a vampire is to thrust a wooden stake through its heart.  Vampires cannot be coddled and supported and forgiven for their vile actions.  Vampires live necessarily in the dark and love the opacity that darkness provides and the secrecy it gives for their nefarious activities.

But, you say, no one wants to put a stake in the heart of this bank because it will kill the bank!  No one wants to hive off some of those tentacles that cause grave harm to victims because it will maim the creature, but saving the "creature" will ruin its surroundings and its victims.  What can be done?

The Government Has It  Bass-Ackwards:  Failing to Prosecute Criminal Fraud by the Big Banks is Killing--NOT Saving--the Economy
By Naked Capitalism and WashingtonsBlog
Cross posted from Washington’s Blog

U.S. Attorney General Eric Holder said today:
I am concerned that the size of some of these institutions [banks] becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy
As we’ve repeatedly noted, this is wholly untrue.

If the big banks were important to the economy, would so many  prominent economists, financial experts and bankers be calling for them to be broken up?

If the big banks generated prosperity for the economy, would they have to be virtually 100% subsidized to keep them afloat?

If the big banks were helpful for an economic recovery, would they be prolonging our economic instability?

In fact, failing to prosecute criminal fraud has been destabilizing the economy since at least 2007 … and will cause huge crashes in the future.

After all, the main driver of economic growth is a strong rule of law.

Nobel prize winning economist Joseph Stiglitz says that we have to prosecute fraud or else the economy won’t recover:
The legal system is supposed to be the codification of our norms and beliefs, things that we need to make our system work. If the legal system is seen as exploitative, then confidence in our whole system starts eroding. And that’s really the problem that’s going on.

I think we ought to go do what we did in the S&L [crisis] and actually put many of these guys in prison. Absolutely. These are not just white-collar crimes or little accidents. There were victims. That’s the point. There were victims all over the world.
Economists focus on the whole notion of incentives. People have an incentive sometimes to behave badly, because they can make more money if they can cheat. If our economic system is going to work then we have to make sure that what they gain when they cheat is offset by a system of penalties.
Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future.

Indeed, professor of law and economics (and chief S&L prosecutor) William Black notes that we’ve known of this dynamic for “hundreds of years”. And see this, this, this and this.

Read the rest of the article here


Aman said...

GoldMan sachs dosent have a Employee database secured, they have provided their database to AON HEWITT, Which claims to be the best company, I will post one email on which I complained to company GOLDMAN SACHS AND NO ACTION WAS TAKEN. Please everyone see it and you will come to know about the reallity.

Hi Lauren,

I would like to make some notice to you and RAISE A FINGER ON YOUR COMPANY GS, that how my verification got cleared in AON HEWITT, if my documents were fake and How can i GET A ACCESS TO YOUR EMPLOYEE DATABASE. I have raised a issue to AON as well but no action was taken, If still no action is taken I will STart putting it into ur blogs, I will start contacting local news readers to give a staments in the news paper for the same, PLEASE READ THE BELOW EMAIL AS WELL. If u need any other clariffication get in touch with me or i will email this to your seniors as well

Thursday, February 21, 2013, 5:42 AM


Please check the email below and if serious kind of action is not taken against these three, I will email directly to client. I am just emailing you because you are the onshore team and on shore team also have a good power. Some of the things i haven't mentioned in the below email and One thing i would like to share with you. Rajiv and Mala says to colleagues that I was asked to resign because of the reason, My documents were Fake. If my documents are fake then how can I get a CLIENT ACCESS. If some of the certain action is not taken on the words they are using, I am going to question on client and give this in the NEWS PAPER as well where Clients can easily see that their name is been socialized in the newspaper and questioned on their verification process. This will not be in India, Uk, US, wherever GOLMAN SACH is there.

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