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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

Tuesday, April 21, 2009

Goldman Sachs Pulls a Rabbit Out of the Hat

Editor's Note: Andrew can crank it out when he wants to, but he is still very young, therefore he knows he must dance carefully so as not to totally piss off the giants on Wall Street. At some point he may want to cash in and move to the other side like Steve Rattner did. It's a shame, because someone as purely brilliant as Andrew could make such a difference. C'est la vie.

Bank Profits Appear Out of Think Air
by Andrew Ross Sorkin in The New York Times

This is starting to feel like amateur hour for aspiring magicians.

Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers.

But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second.

With Goldman Sachs, the disappearing month of December didn’t quite disappear (it changed its reporting calendar, effectively erasing the impact of a $1.5 billion loss that month); . . .

Read the full article - Click Here


Greg Bacon said...

Enron style accounting is now the norm for Wall Street... or maybe Enron got their smashing idea from Wall Street banks.

Wall Street is an out of control casino and they've lost the trust of millions of Americans, who won't be back to invest whatever money they have left in their racket.

Ditto for much of the free world.

No wonder Obama and Bush shoveled trillions of dollars their way.

The marks got wise and left.

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