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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, November 9, 2009

A Rare But Interesting Interview With Golaman Sachs Chief...All Hail The Chief

I 'm doing 'God's work'. Meet Mr Goldman Sachs

The Sunday Times gains unprecedented access to the world's most powerful, and most secretive, investment bank

A rare but very interesting interview with Lord Lloyd Blakfein.  It is long but worth the time to read.  If you can't read it all at one sitting then bookmark it for later.

A few select quotes to wet your appetite.
The grand wizard of Wall Street is steeling himself for the hardest sell of his life: he’s here to argue for good ol’ capitalism, for investment banks and for Goldman Sachs.
"We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose."  (Emphasis added and Oh Boy!)
Blankfein goes on to say something equally audacious. We should welcome the return of titanic paydays at Goldman.
"I’ve got news for you," he shoots back, eyes narrowing. "If the financial system goes down, our business is going down and, trust me, yours and everyone else’s is going down, too." 
Read the Full here


Anonymous said...

As Foreclosure Nightmares Increase, Will More Homeowners Pay Off Their Bankers in Violence?

According to a series of brilliant exposes, McClatchy newspapers found that Wall Street titan Goldman Sachs peddled billions of securitized mortgages that it knew were toxic, and then capitalized on inevitable foreclosures through murky subsidiaries tasked with kicking distressed homeowners onto the street.

The callous practice was good for Goldman's bottom line: According to a recent report from the National Consumer Law Center, there's more money for mortgage companies in foreclosures than in loan modification. To reward itself for its purportedly legal duplicity for the holidays, when economic stress is at its peak, Goldman is giving its employees billions in bonuses, all while claiming to do "God's work."

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