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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

Thursday, August 6, 2009

Goldman Sachs Theft Continues

Editors note: Let's get this straight. Banks and companies like Goldman ripoff investors building giant Ponzi scheme. Ponzi scheme collapses and those same companies get bailed out with taxpayer money. Corrupt government keeps same people responsible for mess in charge of cleanup. Goldman and others charge huge fees for 'fixing' mess they created. Shadow market and derivatives betting still exist, mark to myth accounting still in place, foreclosures not foreclosed on. Am I missing anything?

AIG breakup nets Wall Street $1 billion bonanza: report

NEW YORK (Reuters) - Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.

Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed.

Bank of America Corp, private equity firm Blackstone Group LP, law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG, the newspaper said.


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