Fraud* 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
In a story published in The New York Times on line Monday, August 17, 2009, titled 'Goldman Shakes Off 'Negative Press', a Goldman analyst said,
"its executives “do not feel that that Goldman was prepared to change its leverage or business mod
In other words, it's business as usual at Goldman. High risk with high leverage. The same ingredients that got us into this economic tsunami to begin with. Here is another interesting comment made in the article.
Goldman went on to say that the best operating environment for the firm and possibly for improving its negative image in the press would be one where its competitors were also making money in a rebounding economy. Goldman lamented that the tough times put more negative attention on its operations.
In other words, they are encouraging or perhaps instructing the others to continue on the greed course to huge profits at the expense of the people of this nation. What ever happened to "corporate morality"?
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