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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

Sunday, May 19, 2013

A Shoutout for Goldman Sachs's Leave-taking

At this time in the history of our economic times, governments are competing with each other to lower corporate taxes and to keep regulation lax in order to entice companies to set up shop in their countries.  There is a "race to the bottom" mentality that will not be good news to the citizens who meanwhile are "enjoying" austerity to benefit the payment of debt to fraudulent banks.

Below is an Irish contrarian's point of view of the worth of banks like Goldman Sachs:
Where will we be without the bankers?
It's time to trust the banks after all they have done for this little country of ours, writes Gene Kerrigan
By Gene Kerrigan - Irish Independent

IT'S not all bad news. Sometimes, it's like the country is on a downward spiral into permanent stagnation. But, occasionally there's some really good news. For instance, have you heard that Goldman Sachs, the controversial cabal of international bankers, is pulling out of the International Financial Services Centre? Reliable sources say Goldman Sachs doesn't want to do business in this country anymore. Whoopee!
 . . . .
During the Celtic Bubble, bankers had a free hand. They acted with disregard for anything except their own interests. That's not because they're bad people – though some of them had the morals of jackals and the brains of peat briquettes. It's because people who are paid massively, lauded as geniuses and given the run of the country will act accordingly.

Now, the pleas are mounting for lighter regulation and bigger salaries for bankers. And there's no sign that this Government strongly disagrees.
. . . .
The fact that Goldman Sachs and others are leaving the IFSC – well, an active, concerned government would have ministers fanning out across the globe, gleefully welcoming this news. Yell it from the pages of the Financial Times and the Wall Street Journal.

Take a bunch of Reuters and AP reporters to dinner, send Michael Noonan into the Bloomberg TV studios with a big grin on his face.

"We're glad to see the back of those bastards," he would say.
 Read the full article here 


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