For the past few days Duncan L. Niederauer, who know runs the NYSE, has been telling the world that the recent rally was not driven by actual fundamentals but rather by trading. This is a wild statement coming from a former Managing Director of Goldman Sachs.
The number show that Goldman Sachs did more program trading during this artificial rally than the next 14 largest program trading companies in the world . . . COMBINED. Moreover, Goldman Sachs did it in their own Principal account.
So if the SEC and the NYSE want to get to the bottom of things like this, I suggest they open an investigation. But that would never happen with a Goldman Sachs man at the helm of the NYSE and Goldman Sachs team members in Washington . . . and beyond.
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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". 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