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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

Monday, October 5, 2009

Goldman Sachs Wants Its Cash, CIT

Somehow I get a feeling that what Lord Blankfein wants, Lord Blankfein gets.


Goldman Sachs Group Inc (GS) would be due a $1 billion payment if troubled commercial lender CIT Group (CIT) were to file for Chapter 11 bankruptcy, the Financial Times reported on Sunday, citing people familiar with the matter.

The report said Goldman would be owed the payment under a $3 billion rescue finance package it gave to CIT in June 2008, before the U.S. government bought $2.33 billion of CIT preferred shares in December.

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