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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

Monday, April 29, 2013

Goldman Sachs Has Already Cannibalized the Economy

Two articles have very different views of what Goldman Sachs stands for. 

How Goldman Sachs sees itself as

--an "enduring brand;"
--the best investment company;
--highly rated;
--"our clients' interests always come first;"
--"a set of core values;"
--a match between cultures and behaviors;
--"greedy, but long-term greedy;"
--now "greedy, but short-term greedy"  (i.e., greedy all the time!)

How we see Goldman Sachs

--casino capitalists;
--too big to jail; too big to fail;
--high rollers;
--screwer of public sector;
--financial oligarchs;
--funder of corporate raiders;
-- supporter of takeover artists;
--a rip-off of the system

So you see two things: the propaganda that Goldman Sachs believes and the truth that Michael Hudson and we see.

Too Big To Jail?
By Michael Hudson - Blog
. . . .
Instead of the cartoons that textbooks draw to describe banking under industrial capitalism, we have got something quite different. In the textbook fairy tale, the banker loans money to the industrialist to build a factory. Happy workers are coming in, and deposit their paychecks as savings to make yet more loans to expand the economy.

But what actually is happening today is that Wall Street organizes the sale of high-interest junk bonds to raise money for corporate raiders. The takeover artist buys a factory that’s already there, lays off half the labor force, works the remainder more intensively, takes the pension fund for himself, or uses the Employee Stock Ownership Plan (ESOP) to buy up the company’s stock, so as to raise the price at which he can exercise the stock options he gives himself.

He replaces defined pension benefits with a defined contribution plan, in which all the employees know is how much is docked from their paycheck every month, not what they are going to get after they retire. The role of this kind of “investment banking” is predatory. It makes money from debt-leveraged buyouts, takeover loans, and gambling on which way interest rates or currencies will move.

The effect of this non-industrial superstructure of credit and debt is to shrink employment, worsen working conditions, and downsize pension obligations. Wall Street economists call this “wealth creation,” by which they mean that wealth is being sucked up to the top 1% of the economic pyramid. When they talk about wealth creation, they mean the wealth to this 1 percent, not prosperity for the 99%.]

See the video and the transcript here


tom ato said...

Published on Apr 26, 2013

Chris Hedges speaks at the New Jersey Green Party meeting on Sunday April, 7 2013

educational treasure for all students and truly a historical and epic
discussion on the state of America and the World as a whole. Here,
Hedges gives his opinions on how to effectively make a positive
difference in our society and globally in a peaceful, non-violent way.
Protesters and Activists can learn a lot from this man, he has seen
governments rise and fall.

Very interesting video that most visitors to this site may find worth their time.

Joyce R said...

Thank you, tom ato, for the link which is worth reading.

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