GoldmanSachs666 Message Board

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, May 6, 2013

Goldman Sachs is Ring-Fenced From Criminal Prosecution

An investment bank (Goldman Sachs) can commit fraud and the executives do not have to admit to wrongdoing;

An investment bank is allowed to forge foreclosure documents and the executives just have to promise not to do that again;

When an investment bank gets into trouble by taking huge risks, it becomes a commercial bank so that it can obtain liquidity from the Federal Reserve and the executives keep their lucrative positions;

When an investment banks commits fraud, it pays a fine;

When an investment bank committs criminal accounting control fraud, it pays a fine;

No matter what fraud, or unethical, or immoral action an investment bank commits, the executive compensation continues to increase year after year after year;

Investment banks are pathologically unable to see or understand the harm that their frauds cause even when pensions, wages and salaries, and savings of the middle- and working-classes are decimated because of the actions of investments banks like Goldman Sachs.
US will not prosecute Goldman Sachs for fraud
Senate panel investigating2008-2009 financial crisis decides not to pursue criminal case against Wall Street firm
By Aljazeera

The US Justice Department has said it will not prosecute Wall Street firm Goldman Sachs or its employees in a financial fraud probe.

In a written statement on Thursday, the department said it conducted an exhaustive investigation of allegations brought to light by a Senate panel investigating the 2008-2009 financial crisis.

"The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,'' the department said.

But the department added that if additional or new evidence were to emerge, it could reach a different conclusion about prosecuting Goldman.

A Senate subcommittee chaired by Senator Carl Levin in April 2011 found that Goldman marketed four sets of complex mortgage securities to banks and other investors but that the firm failed to tell clients that the securities were very risky.

The Senate panel said Goldman secretly bet against the investors' positions and deceived the investors about its own positions to shift risk from its balance sheet to theirs.

Read the rest of the article and see the video here


Post a Comment