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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

Tuesday, May 21, 2013

Goldman Sachs: Criminal Bankers

Goldman Sachs has paid many fines for fraud, the largest being $550 million to the SEC in 2012.  Goldman  sets aside a few billion each year for payments of such fines--it is part of doing their business.

Senator Elizabeth Warren is a lone voice crying in the wilderness asking why no full-scale investigations or criminal prosecutions have been brought against the banks.  Instead, Goldman Sachs and their ilk pay a fine, do not admit wrongdoing and continue their corrupt business practices.
Sen Warren demands to know why criminal bankers aren't being locked up
By Stephen C. Webster - The Raw Story
. . . .
In her letter sent Tuesday, she went on to add:
…I believe very strongly that if a regulator reveals itself to be unwilling to take large financial institutions all the way to trial — either because it is too timid or because it lacks resources — the regulator has a lot less leverage in settlement negotiations and will be forced to settle on terms that are much more favorable to the wrongdoer.
The consequence can be insufficient compensation to those who are harmed by illegal activity and inadequate deterrence of future violations. If large financial institutions can break the law and accumulate millions in profits and, if they get caught, settle by paying out of those profits, they do not have much incentive to follow the law.
Read the rest of the letter here
Read Webster's article here


Angelo_Frank said...

Chris Hedges | Overthrow the Speculators

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