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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

Tuesday, February 9, 2010

Goldman Sachs Complicit in Greece Debt Default?

Editor's note: You know it's bad when you're not even shocked by the news anymore. This time, our little rat friends at GS decided to pawn off some exotic derivatives - a favorite! - to Greece in 2002, masking the true state of the country's financial condition. Who do you blame? Greece for taking the deal or Goldman Sachs for making it? - JDA

It isn't enough to bankrupt entire municipalities with exotic debt instruments that they don't understand, the big banking boys are also happy to destroy entire countries. Oh dear, JP Morgan, Goldman is making you look bad, why didn't you think to take down Greece?! Jefferson County, Alabama? What a bunch of f$%^ing amateurs. Oh wait! I forgot, JP Morgan is already being sued by the City of Milan for pulling this derivatives crap in Italy. Close enough.

Point is, Goldman has some more sins to atone for. Add them to the ever-growing list.

Via Spiegel (love those freaking Germans sometimes):

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received."
Read the rest via Jr Deputy Accountant.


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