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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 20, 2009

Is Grousing About Goldman Sachs Reaching Critical Mass?

By Peter Brimelow - MarketWatch

NEW YORK (MarketWatch) -- I'm amazed: Grousing about Goldman Sachs, and fury at the financial sector, is actually reaching the point where something might happen -- maybe even answers to questions we've been asking for a while.

As Jim Bianco of Bianco Research just noted in his News Clips/Daily
Commentary service: "The amount of bad news that [Goldman Sachs Group
/quotes/comstock/13*!gs/quotes/nls/gs (GS 160.34, +0.31, +0.19%) ] is generating with its record earnings is incredible. We cannot remember a company that has received so much scorn for making money."

Banco linked to critical stories in the Economist and the New York Times, and a scathing op-ed column ("The Joy of Sachs") by Paul Krugman.

And that's only the beginning. Last week, Arianna Huffington in her liberal Huffington Post Webzine actually issued bipartisan praise of two Wall Street Journal pieces critical of Goldman and the bailout. (Her article is here; the WSJ pieces here and here.)

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