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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 22, 2013

The Audacious Mentality of Goldman Sachs

Jeffrey Sachs accuses the oligarchs of having "a crisis of values:" in a "pathological" moral environment.  "They are tough, greedy, aggressive, and feel absolutely out of control."

Robert Johnson calls the oligarches "audacious:"  they no longer care to appear legitimate and are filled with the hauteur of finally achieving their triumph of money and power.

There seems to be nothing that anyone can do to stop the onward march of the financial elite which has re-made the economy in their own image.

Robert Johnson on the Oligarchs:  "They're All Standing on the Deck of the Titanic Looking in Each Other's Eyes"
By Robert Johnson - Naked Capitalism

But there is a sort of, “Okay guys, you’re mad, how are you going to stop me?” mentality at the top. Now I’m going to say that that fight has to happen, but there’s also, you know, they always talk about Marx and capitalism, capitalists versus labor. A lot of the interesting fissures in a system are intra-capitalist conflict, and right now, I guess the way I’d put it in a metaphor is it feels like there are an awful lot of the elite that know this system is not wholesome, and they’re all standing on the deck of the Titanic looking in each other’s eyes, and they’re asking a question with their eyes, “Are we going to help this navigator? Are we going to help this captain get off the ice? Or are we going to get the food and the jewels from the safe and put them in our lifeboat?” And my sense is that most of them are trying to get stuff into their lifeboat, and that system isn’t going to cohere. And in that dysfunction there is opportunity.

Read the article and see the video here


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