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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

Friday, April 19, 2013

What Is Goldman Sachs Really Like?

First, Goldman Sachs has paid its latest fine for RMBS fraud to Stichting Pensioenfonds ABP and according to the Bloomberg's article:

"ABP sued New York-based Goldman Sachs in New York State Supreme Court in January 2012. The company alleged that it purchased certain mortgage-backed securities in reliance on false and misleading statements and that the securities were riskier than had been represented, backed by mortgage loans worth significantly less than had been represented."
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Second, Professor Jeffrey Sachs calls the banks what they really are in an audio/video recoding posted at  Market-Ticker.  He is talking by telephone to a conference of academics discussing ending the fractional reserve lending system in order to repair the financial system by taking liquidity away from bankers who treat their banks as casinos for gambling.  He calls the bankers cynical and full of conflicts of interest.  Here is  a partial transcript of what he thinks the banking system is:

"Prima facie, [it is] criminal behavior.  It's financial fraud on a very large [scale]; there's a tremendous amount of insider trading....  [John] "Paulson worked together with Goldman Sachs to defraud massively many European banks which bought the toxic mortgages that Paulson had put together....  Goldman ended up paying a small fine and the chair of Goldman, of course, continued in his position and continued [to attend] White house State dinners."

Other descriptors that Sachs uses for bankers and banking include:
"lawlessness," "collapse of decency," "a lot of them are crooks," "nefarious behavior,"

Goldman Sachs should not be a commercial banking unit.  That [it is] is sad.

The banking system is dysfunctional;  there is a crisis of values that is extremely deep.  Legal structures and regulators need reform.  "I regard the moral environment of Wall Street people as pathological."  They bear no responsibility to others;  they are tough, greedy, aggressive and out of control and have "gamed the system."  Regulators and the White House remain docile.  Politics is corrupt to the core.

Please view and hear the video here


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