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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 16, 2009

Will Tim Geithner Set Goldman Sachs Free?

Editor’s Note: Goldman wants to pay back its $10 billion TARP loan and therefore avoid government restrictions. But by electing to be a “systematically important financial firm” to avail itself of government guarantees as well as using the Federal Deposit Insurance Corporation to back $28 billion in bonds it seems Goldman wants to have it cake and eat it. Today’s Op Ed piece in the Financial Times highlights what they are trying to do. – by RG

“Don’t set Goldman Sachs free, Mr Geithner
By John Gapper
Published: April 15 2009 in the Financial Times

Should Tim Geithner let Lloyd Blankfein escape?

Mr Blankfein, the chairman and chief executive of Goldman Sachs, is eager for his institution to become the first big bank to shake off the stifling embrace of the US government. Mr Geithner, the US Treasury secretary, must decide whether to let him.

. . .

There are obvious political risks in letting Goldman roam free while other banks remain bound by the troubled asset relief programme (Tarp). It would exacerbate suspicions that Goldman, with its long history of producing Treasury secretaries, gets special treatment. These were not soothed by the decision to pay off all Goldman’s credit default swaps with American International Group, now controlled by the state.

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