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Fraud*
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

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Thursday, August 15, 2013

Goldman Sachs Does Not Observe the Rule of Law

What is needed to improve the economy is financial reform, judicial reform AND political reform.  The author below neglects to mention the frauds committed by the banks that brought about the collapse of the financial system.  One has only to read the work of William K. Black to see how much fraud the banks committed and how little was done by the justice system or the political system to bring the frauds to light and to put some executive bankers (like Lloyd Blankfein) in jail.  It is a fail all around:

The Rule of Law is Dead!  Long Live the Rule of the Bankers!

The Rule of Law in the Financial System
By Adam Levitin - Credit Slips
. . . .
  At stake is nothing less than the rule of law. 

Read the article here
Better yet, read William Black here

1 COMMENTS:

wheresthefreemarket said...

stop taking down posts and start focusing on people that support the nefarious activities of goldman...........

Get Ready for Berkshire's Goldman Sachs Investment

http://www.thestreet.com/story/12010278/1/get-ready-for-berkshires-goldman-sachs-investment.html?

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