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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, May 12, 2009

Eliot Spitzer on NY Fed and the Critical Goldman Sachs Connection

Try as they might to wriggle their way out of this disastrous and sickening conflict of interest, the New York Fed is going to have to accept that they really fudged this one up. Adding insult to injury, with now ex-Chair Stephen Friedman jumping ship in response to the revelation that he cleaned up to the tune of some $3 million on Goldman Sachs share purchases he made while already under NY Fed-sanctioned clearance, the NY Fed insists that they stand behind their decision to allow Friedman to keep his Goldman holdings. Well of course they do. Why oh why would FRBNY be so bold as to admit they blew it and big time? They may not be ethical but they certainly know how to play the game, don't they!

I sincerely hope the New York Fed doesn't think this one is just going to be allowed to be swept under the rug. They may have gotten away with treason and economic terrorism up to this point but I can't imagine America is much in the mood for a continued financial beating at the hands of the boys in New York. Whoopsie, should have really been more careful with those conflicts of interest!

Via Slate, further proof that the NY Fed may be forced to expose itself once and for all:

The kerfuffle about current New York Federal Reserve Bank Chairman Stephen Friedman's purchase of some Goldman stock while the Fed was involved in reviewing major decisions about Goldman's future—well-covered by the Wall Street Journal here and here—raises a fundamental question about Wall Street's corruption. Just as the millions in AIG bonuses obscured the much more significant issue of the $70 billion-plus in conduit payments authorized by the N.Y. Fed to AIG's counterparties, the small issue of Friedman's stock purchase raises very serious issues about the competence and composition of the Federal Reserve of New York, which is the most powerful financial institution most Americans know nothing about.

Read the full story - click here


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