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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

Saturday, May 11, 2013

How Goldman Sachs's "Shitty" Deals Became Acceptable

Today is poetry appreciation day at GS666.  The following composition (which could be sub-titled "How Shit Becomes Prosperity") appears in Naked Capitalism's comments section posted by AbyNormal on May 9, 2013 and attributed to anita garriett.  (With my correction on line 7.)

The Creation

In the beginning
Was the proposed rule
And then came the assumptions
And the assumptions were without form
And the proposed rule was completely without substance
And the darkness was upon the face of the bankers
And they spaketh amongst themselves, saying
“It is a crock of crap and it stinketh.”
And the bankers went unto their Associations and sayeth,
“It is a pail of dung, and none may abide the odour thereof.”
And the Associations went unto the Sub-Committees
And sayeth unto them,
“It is a container of excrement, and it is very strong
Such that none here may abide by it.”
And the Sub-Committees went unto their Congressmen & Senators and sayeth,
“It is a vessel of fertilizer, and none may abide its strength.”
And the Congressmen & Senators spoke amongst themselves, saying one to another.
“It contains that which aids plant growth,
And it is very strong.”
“It promotes growth and is very powerful.”
And the Congressmen & Senators went unto the President and sayeth unto him,
“This new rule will actively promote the growth
And efficiency of all banks, and these areas in particular,
And will serve as a comfort and protection for our constituents.”
And the President looked upon the rule and saw that is was good
And the rule became
Regulation O.

 ~anita garriett

Read the original here


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