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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

Sunday, July 19, 2009

Goldman Sachs Hating: More than Merely "Fashionable"

While I feel compelled to share this piece on "resisting the urge" to bash the Boys from Broad Street, it is certainly not because I agree with the opinion. In fact, I believe in The Goldman Conspiracy conspiracy - oh yes, kids, believe it or not, there is an entire group of misinformed individuals (most of whom are in one way or another in the pockets of the same interests they are defending) bemoaning the misguided nature of Goldman hating. Somehow, all of the GS critics have conspired at once to start picking at the coincidences and obvious connection between a Goldman resume and a position in the federal government. Government Sachs, anyone? Certainly that has been around since long before the 2nd quarter earnings explosion that Mark Gimein points to below as what kicked most of the hating off in the first place.

Listen, MG, I'm not sure why in the hell you feel compelled to come to Goldman's defense but this isn't some fashionable phase financial writers are going through just because we feel compelled to bond over our shared hate for Goldman Sachs. Trust me, I have better things to do with my time.



What began as an effort to keep the financial industry from repeating its mistakes has turned into, as at other points in history, an attack on the idea of trading profit. It is no longer enough that the banks should be reformed; the opportunity to make this kind of profit should be eliminated.

This now-fashionable line of attack is badly misguided. Goldman and J.P. Morgan are reaping great rewards as the last firms standing in a game in which everyone else has been cowed or crushed. Yes, they're able to do that partly because the government has kept the financial system afloat. (Would anyone really prefer that it had not?) But the essence of the outcry is that we must punish Goldman for having been right. This is a mistake.

There is no tin foil hat required to be a Goldman hater, and as the wave of enlightenment spreads across America (yes, even to the stupid lazy sheep who might care less if it weren't so painfully obvious), this will be more clear. For now, expect them to keep marching out asshat after asshat to convince us that this Goldman conspiracy is unfounded and asinine.

Read the rest of the article at Jr Deputy Accountant


Anonymous said...

JK Galbraith wrote about Goldman Sachs activities in his history of the last (1930s) Great Depression. Galbraith describes how just prior to the 1929 Stock Market Crash GS had launched a whole load of investment funds that were leveraged, invested in each other, crashed from 100% to 10% of their value over night. I believe GS had to answer questions from Congress on this.

All very well - but wouldn't it be great to find a few historic newspaper clippings on the above! Who wouldn't love to see the New York Times dig something out of its archives and put on the front page on how GS ripped the public off with the same trick eighty years ago!

I live out side the US so very difficult for me to do - does anyone have any ideas on how to do some historic newspaper research?

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