Goldman’s business model is grand theft.
Goldman again got off scot-free. On August 9, the Justice Department dropped criminal fraud charges. Evidence the equivalent of enough firepower to sink a carrier battle group was buried and forgotten. More on what happened below.
Black’s Law Dictionary says:
“Fraud consists of some deceitful practice or willful device, resorted to with intent to deprive another of his right, or in some manner to do him an injury.”
It includes “all acts, omissions, and concealments which involve a breach of legal or equitable duty, trust, or confidence justly reposed, and are injurious to another, or by which an undue and unconscientious advantage is taken of another.”
The legal dictionary calls fraud:
“A false representation of a matter of fact – whether by words or by conduct, by false or misleading allegations, or by concealment of what should have been disclosed – that deceives and is intended to deceive another so that the individual will act upon it to her or his legal injury.”
Criminal and civil frauds differ by level of proof required. The former needs a “preponderance of evidence.” The latter must prove intent and be “beyond a reasonable doubt.”
Goldman settled SEC charges for pennies on the dollar. What a business. Steal a fortune. Pay a pittance back. Goldman writes it off as operating cost.
Wall Street’s business model reflects fraud and grand theft. Goldman steals with the best of them. Take away dirty money and the whole system collapses. It operates at the expense of investors and societies.
It profits hugely by swindling clients it calls “muppets.” Small time con artists rip off marks. Goldman loots on a grand scale. Even nations are plundered for profits. It makes money the old-fashioned way. It steal and get away with it unaccountably.
No avenue with potential is ignored. It’s an equal opportunity predator. Chairman/CEO Lloyd Blankfein calls it “doing God’s work.” Which one he didn’t say. The Supreme Court ruled he and other Wall Street giants are immune from clients pursuing security fraud charges. Washington alone can sue.
Wall Street’s culture encourages fraud. It’s rewarded handsomely practically risk-free. The price for getting caught is chump change. It pales compared to fortunes stolen. Betting against Goldman faces long odds. Casino ones pay off better.