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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

Thursday, April 9, 2009

How Goldman Sachs Took Over the World

NOTE: Here is an intro from an article that appeared online in the U.K. Independent by Stephen Foley

Whether it's a credit crunch to fix or an Olympics to plan, the list ofGoldman Sachs alumni is sure to have a candidate. If there's something weird in the financial world, who you gonna call? Goldman Sachs.

The US government, involved in a firefight against the conflagration in the credit markets, is calling in another crisis-buster from the illustrious investment bank, this time Goldman's most senior banker to finance industry clients, Ken Wilson.

And so with this appointment, the Goldman Sachs diaspora grows a little bit more influential. It is an old-boy network that has created a revolving door between the firm and public office, greased by the mountains of money the company is generating even today, as its peers buckle and fall.

Almost whatever the country, you can find Goldman Sachs veterans in positions of pivotal power.

Read More - Click Here

By the way, here are a few of the names this article discusses . . . all affiliated with Goldman Sachs.

Jim "BooYaa" Cramer, John Thornton, Duncan Niederauer, Jon Corzine, Joshua Bolten, Paul Deighton, Robert Rubin, Gavyn Davies, Robert Zoellick, Mario Draghi, Malcolm Turnbull, Hank Paulson


Anonymous said...

About a week ago, FASB lifted the mark-to-market rule, replacing it with "subjective valuation". This permits Goldman to put any value they want on the KAKA on their balance sheets. Therefore, they can be as profitable as they like. All they have to do is value that stuff at 90 cents on the dollar, when in fact it is worth 10.

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