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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 5, 2009

Poor, Poor Goldman

Editors note: Time magazine has picked up on the Taibbi vs. Goldman war of words. As one would expect, they blow it off as so much conspiracy theory and end with this jewel worthy of a $20 pr0n fluffer someone whose job depends on avoiding saying anything bad about Goldman.


Also, while many of the advantages Goldman gets are unfair, is it really Goldman's fault? Is it Goldman's fault that it was able to make billions of dollars with the taxpayers' dollars it was forced to take as part of the Treasury's Troubled Asset Relief Program? Is it Goldman's fault that government officials from both parties regularly pick its employees or former employees to fill key regulatory positions? Goldman may benefit, but is the firm really to blame?


You see.... it's not Goldman's fault they rigged the system at the expense of the taxpayer! Oh my, what's a poor billionaire to do?

Read the full story

2 COMMENTS: said...

Astonishing ~ I was bothered by what's happening to financial markets during the last few years, especially.

Now, I understand the reasons.

During the last week, I came to realization about what is happening, and those are mind-blowing.

Based on my market analysis and exercising discernment, these are likely all true.

Anonymous said...

You know what's funny? 'Tyler Durden' had a story on zerohedge about the possibility that GS was legally front-running clients and used their client portal disclaimer as evidence. This elicited a response from GS's rather PO'd Mr. Canaday.
Oddly enough, in this same Time article, the author essentially makes the same allegation - that they trade against their own clients!

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