More from McClatchy on Goldman Sachs' secret housing bets. As you watch these two risk analysts discuss how they were disregarded when obviously fraudulent loans were being
rammed through the system, remember that one of the basics of criminal fraud is selling something you know to be worthless. I'm sure Goldman will say they were only doing the "prudent" thing by hedging their bets and to that I say "I've got some stuff for sale".
GoldmanSachs666 Message Board
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". 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