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Fraud*
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, July 23, 2009

Gee, Warren Buffett Must be Glad for that Goldman Sachs Bailout

So? "Who would you rather have breathing down your neck at a shareholder meeting, the government or Warren Buffett?"

Well the answer to that question is fairly simple. Unless we're talking about Tim Geithner, in which case I would much rather hang out with Warren Buffett any day.

Bloomberg on Buffett's big GS score:

Warren Buffett’s option to buy shares of Goldman Sachs Group Inc., part of an agreement reached at the depths of the credit crisis, has earned a profit on paper of more than $2 billion, a return of about 44 percent.

Goldman Sachs today passed $162 in New York trading for the first time since rival Lehman Brothers Holdings Inc. collapsed in September. Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. holds warrants to buy $5 billion of Goldman common stock for $115 a share any time in the next four years.

“It must feel good to be Warren Buffett,” said Gerald Martin, a finance professor at American University’s Kogod School of Business in Washington, who has studied the billionaire’s investing history. “That number just flies in the face of people who like to say he’s lost a step.”

“It makes sense, in a way,” said Martin of the Goldman Sachs decision to repay the U.S. funds first. “Who would you rather have breathing down your neck at a shareholder meeting, the government or Warren Buffett? An investment from Buffett reflects well on your company, and taking that government money was always a negative.”

I'd make some snarky, entirely unfounded quip about Buffett knowing something we don't and cleaning up on GS as a result but it turns out he made the same move with General Electric and lost out - big time. Poor old bastard.

Read the rest - click here

1 COMMENTS:

Anonymous said...

Just ran into this. Please let Mike know about it if he doesn't already.
http://dailybail.com/home/max-keiser-goldman-sachs-are-scum-thats-the-bottom-line-best.html

There are 2 parts. This is Part 1.

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