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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

Friday, August 28, 2009

Goldman Sachs Sued for Back Rent

Developer sues Goldman Sachs for back rent (Crain's NY):

On Wednesday, Mr. Monian sued Goldman—which had backed some of his deals in the past—for at least $75 million, alleging that the investment bank broke the terms of its lease of his building at 180 Maiden Lane. Mr. Moinian’s action followed a lawsuit that Goldman Sachs filed against him last month alleging that he owed it at least $3.1 million.

Goldman leased the building from Mr. Moinian in 1998 for 15 years. The bank alleges Mr. Moinain owes it $3 million because it didn’t exercise a termination option in the lease last year. Sources said the bank sought to use the building as a sort of safety valve so it can stagger its move into the new headquarters it is constructing downtown, which is slated to begin in the fourth quarter.

Instead, Goldman subleased the building to insurer AIG but retained the right to keep employees in the building. According to Mr. Moinian’s lawsuit, AIG is paying the rent for Goldman on the space the investment bank has already left at 180 Maiden Lane. The suit claims the arrangement means that Goldman is profiting from the sublease and that the lease terms require it to share 50% of any profit with Mr. Moinian. He alleges that Goldman has spared itself $150 million in rents because of the arrangement with AIG.

A Goldman spokeswoman said Mr. Moinian’s suit had no merit.

Well, sure, Goldman spokeswoman, you may be right but to be entirely honest, Goldman itself has no merit so I'm not sure you are entirely qualified to discuss things of which you are not familiar.

Read the rest of the article - click here


Anonymous said...

Wasnt the bailout of AIG called Maiden Lane II and III?! And the Fed and Tresury still expect us to believe that G$ had NOTHING to do with the TARP and TALF programs from which they profited so handomely?

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