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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

Goldman exec says tough luck.....suckers

Editor's note: This is the way the media rolls in Germany. Too bad the media in the US doesn't have the cajones to ask questions like these:
'Some Aspects of Our Industry Seem Greedy'

The investment bank Goldman Sachs is back in the black. SPIEGEL spoke with the chief executive of its German operation about finance industry greed, the morals of banking and who should be blamed for the global financial meltdown.

SPIEGEL: Mr. Dibelius, bankers worldwide have behaved shamelessly and irresponsibly in recent months. Do you feel complicit?

Dibelius: Yes, and I also want to face up to the debate. In retrospect, some aspects of our industry seem greedy, self-centered and unrealistic, as if the industry had no concern whatsoever for the society around it.

Read the full story- Click here


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