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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, July 21, 2009

Goldman Sachs Lack of Love Puts Profit at Risk

David Reilly's article scrapes the outer edges of Goldman Sachs being an accomplice, to an estimated $23.7 Trillion bailout of the financial system. Will they have to start a "we're really nice guy's campaign". . . to protect their image and share price or will America wake up?

For starters, most folks aren’t quite sure how Goldman Sachs manages to make prodigious amounts of money. That leads to a feeling the firm must either be taking huge risks, or unduly benefiting from its extensive government connections.

Goldman hasn’t done a good job dispelling such notions and it sometimes makes matters worse. The firm has failed to adequately explain its trading relationship with American International Group Inc. and give a clear sense of whether and how it benefited from the massive bailout of the insurance giant.

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