tag:blogger.com,1999:blog-37191939283668365122024-03-12T18:01:37.001-07:00Ramblings of Richard M JablonskiAnonymoushttp://www.blogger.com/profile/09419348358040574299noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3719193928366836512.post-25604778157482709342012-08-09T19:47:00.001-07:002012-08-09T19:49:38.110-07:00Probe of Goldman financial crisis? Gone thanks to the Justice Department<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqWxgXazNR26gYlJnVI7vlIx2KmlBFe7V95XO71Alqz-FRPKBZ0OKje3shcSYk-YtUPdscUPhDwSoxAalUoIoC2BW04M2bxZ_vaNTKN4wDzaTochldYMX_GdHz2dktDMIwchcM9PtV03Y/s1600/justice.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqWxgXazNR26gYlJnVI7vlIx2KmlBFe7V95XO71Alqz-FRPKBZ0OKje3shcSYk-YtUPdscUPhDwSoxAalUoIoC2BW04M2bxZ_vaNTKN4wDzaTochldYMX_GdHz2dktDMIwchcM9PtV03Y/s320/justice.jpg" width="320" /></a></div>
<br />
<span id="articleText"><span class="focusParagraph">The U.S. Justice
Department said it will <a href="http://www.reuters.com/article/2012/08/10/us-usa-goldman-no-charges-idUSBRE8781LA20120810">not pursue criminal charges</a> against Goldman
Sachs Group Inc or its employees related to accusations that the firm
bet against the same subprime mortgage securities it was selling to
clients.</span></span><br />
<br />
<blockquote class="tr_bq">
<span id="articleText">"The decision not to prosecute Goldman, a firm
held up by critics as a symbol of Wall Street greed during the 2007-2009
financial crisis, highlights the difficulty in prosecuting
crisis-related cases.<br />
<br />
<span id="midArticle_2"></span>Few expected
the bank to face criminal charges, but in April 2011, U.S. Senator Carl
Levin asked for a criminal investigation after the subcommittee he leads
spent more than a year looking into Goldman.<br />
<br />
<span id="midArticle_3"></span>The
accusations were aired in a heated 2010 Congressional hearing in which
Levin grilled Goldman Chief Executive Lloyd Blankfein for hours about
whether it was morally correct for the firm to sell its clients products
described internally as crap."</span></blockquote>
Ethics, morals and human dignity are all secondary to
the profit margin these days, or so it seems. Bankrupt bankers have to be bailed out even though
we can all see that they and other business leaders are unable to make progress towards solving the economic crisis.<br />
<br />
No wonder then that our governments are
completely incapable of facilitating conditions for the stability and
improvement of people – because all social, political, educational and
communal values exist solely to serve economic growth, which simply
means growth in money supply, in GDP and in consumption.<br />
<br />
As long as we are wedded to this financial archetype and its money
model, the strong will exploit the weak, and our social and
environmental fabric (and morals) will continue to fall apart.<br />
<br />
The current economic crisis gives us an opportunity to look deeper
and examine the consequences of confusing the means with the ends. Money
has a place, of course, but we must keep it in its place and not allow
it to dominate our lives in such a manner that we lose ourselves
and become its slaves. Money was made to serve people, not the other way
around.<br />
<br />
Unfortunately, we have allowed money to become the master and prevail over all other moral, ethical and ecological values.<br />
<br />
<br />
<span id="articleText"><span class="focusParagraph"> </span></span><br />
<br />Anonymoushttp://www.blogger.com/profile/09419348358040574299noreply@blogger.com0tag:blogger.com,1999:blog-3719193928366836512.post-5971998646636682192012-08-09T14:56:00.000-07:002012-08-09T19:49:27.788-07:00FBI Busts Phillip D. Murphy for Defrauding Investors<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJEyHBDKaicWK0eyBA5-iKbmjHtGY1TsVp3xPhvXiH9NHNVcCpapdNJ7_ZWSygp-nCVnj3P9sh_E4DH3h2naOyW7UELslsGIkUNrJ2CdNP0MrEoBuAD1tddggW5U6O60tE9KgQepgrdUs/s1600/segway-patrol-3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="253" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJEyHBDKaicWK0eyBA5-iKbmjHtGY1TsVp3xPhvXiH9NHNVcCpapdNJ7_ZWSygp-nCVnj3P9sh_E4DH3h2naOyW7UELslsGIkUNrJ2CdNP0MrEoBuAD1tddggW5U6O60tE9KgQepgrdUs/s400/segway-patrol-3.jpg" width="400" /></a></div>
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<br /></div>
<br />
Straight off the FBI presses, Philip D Murphy allegedly participated in a <a href="http://www.fbi.gov/newyork/press-releases/2012/former-financial-services-executive-indicted-for-his-participation-in-a-far-reaching-conspiracy-and-scheme-to-defraud-involving-investment-contracts-for-the-proceeds-of-municipal-bonds">complex fraud scheme</a>.<br />
<br />
<blockquote class="tr_bq">
"A former financial services executive was indicted yesterday for his
participation in a far-reaching conspiracy and scheme to defraud related
to bidding for contracts for the investment of municipal bond proceeds
and other municipal finance contracts, the Department of Justice
announced.<br />
<br />
The three-count indictment was filed yesterday in the U.S. District
Court in Charlotte, North Carolina. The indictment charges Phillip D.
Murphy, a former executive for a financial institution, with
participating in a wire fraud scheme and separate fraud conspiracies
from as early as 1998 until 2006."</blockquote>
<br />
<div align="left">
In
only a few minutes, an unscrupulous con artist or fast talking 'financial
advisor' can swindle an unsuspecting consumer out of a nest egg that took
a lifetime to build. Unlike muggers and thieves, investment fraud artists
don't take your money against your will; they persuade you to hand it
over willingly.</div>
<div align="left">
</div>
Here's how
one convicted con man describes the way he targeted senior citizens:<br />
<br />
<blockquote class="tr_bq">
"...The
key is to become friends with the victim first. I always talked to someone
several times before ever asking for a sale. I asked them about their
life, listened to their stories, kept them company, flattered them. 'Edie,
you couldn't possibly be 75 years young. Why my wife is only 35 and you
sound just like she does over the phone!' Once they were my friends and
trusted me, I could sell them until they ran out of money..."</blockquote>
<br />
You don't
have to be wealthy to capture the eye of a con artist. Many of their
prime targets are older consumers with little or no experience investing
money.<br />
<br />
<h3>
<b>Suspicious
Sales Pitches</b></h3>
<br />
Beware of
any promoter whose investment presentation:
<br />
<ul>
<li>Preys
on fear. Con artists know senior citizens often worry about out living their
savings or experiencing a catastrophic event that could wipe out savings.
They may say the investment is a way to build up so much savings you
won't have to worry.<br /> </li>
</ul>
<lipromises at="at" great="great" greater="greater" higher="higher" investment="investment" little="little" no="no" on="on" or="or" remember="remember" return="return" risk.="risk." span="span" the="the" your="your"></lipromises>
<li>Involves
the latest trend. Be skeptical of promises of instant profits, as in
pyramid schemes, where you must enlist others. Other recent frauds involve
investments in wireless cable or telecommunications licenses or stations,
so-called 'prime bank instruments,' precious metals and mines, international
deals, and gas and oil drilling ventures.</li>
<li>Pushes
you to invest money in a plan you don't understand.</li>
<li>Offers
testimonials you have no way to check out.</li>Anonymoushttp://www.blogger.com/profile/09419348358040574299noreply@blogger.com0