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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

Monday, July 27, 2009

Goldman Sachs- A license to steal

Editors note: Do you think the New York Stock Exchange would let ME plug my computer into their network? I wish they would...the taxpayer would be getting their money back pronto and the thieves would be broke. At least Goldman's crimes are getting coverage now although this will be, as always, something for the public at large to ignore.....ho hum...what's on American Idol tonight? If our vastly overpaid executives continue to try and bust unions and move our wages to equal that of the Chinese, they should be aware of what that change brings about.

Stock Traders Find Speed Pays, in Milliseconds

It is the hot new thing on Wall Street, a way for a handful of traders to master the stock market, peek at investors’ orders and, critics say, even subtly manipulate share prices.

It is called high-frequency trading — and it is suddenly one of the most talked-about and mysterious forces in the markets.

Powerful computers, some housed right next to the machines that drive marketplaces like the New York Stock Exchange, enable high-frequency traders to transmit millions of orders at lightning speed and, their detractors contend, reap billions at everyone else’s expense.

Read the full story here


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