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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, August 18, 2009

Goldman Sachs Can Lie With Honor(?) and Dignity(?)

I just could not resist this headline published in Goldman Sachs: We were never really in trouble

Are you through laughing? Here are a few more comments by GS and good for a few more laughs.

"Goldman president Gary D. Cohn told The New York Times that "We did not have a near-death experience," and added that the government saved the financial industry as a whole but did not save Goldman Sachs."
(ha ha ha ha)

The article quotes hedge fund manager Whitney Tilson who said
"he isn't buying it: "Goldman's sure got a lot of cojones (emphasis not in article) saying that it was never in any danger. What a crock!(again, emphasis mine. LR) Had AIG not been bailed out, a global financial meltdown would have ensued that would have taken down Goldman in a matter of days ..."

;"Goldman Sachs (NYSE: GS) received billions in bailout money from its former CEO turned Treasury Secretary -- both directly and through the bailout of American International Group (NYSE: AIG)."

You have to wonder why there was never more written on this fact and that more was never reported. Don't inquiring minds want to know? Mine does and it sure didn't look right to me from the beginning. By the way, the same could be said for the Sunday night funding of the Bear Stearns bailout by JP Morgan. Another move that included our buddy Paulson and the President of the N.Y. Federal Reserve Bank, yes, our current Secretary of the Treasury.

"But in response to criticism, Goldman remains defiant, insisting that it never had a problem..."
Yes, more laughs here.
"And on the matter of whether Goldman exerted undue influence on government policy? Tilson also is skeptical of the denials: "So Paulson talks to Blankfein 24 times in 6 days at the height of the crisis, and plays an instrumental role in channeling $13 billion of taxpayer money to Goldman via the AIG bailout ... yet Paulson is claiming no conflict of interest..."
Read full here I'm laughing so hard I can't continue


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