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Fraud*
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

Wednesday, February 17, 2010

Goldman Sachs Links and News - February 16, 2010

Swap, Investors 'Fooled'

BusinessWeek
Elders of Wall St. Favor Tight Rein
New York TimesGoldman Sachs Takes the Rap Again, This Time for Greece - CBS ...
By Conrad de Aenlle
Outrageous But Legal: EU Knew Goldman Sachs Helped Greece Use
By Damien Hoffman
Goldman Sachs' Greek tragedy
The Week Magazine
A new Goldman Sachs "scandal"
FierceFinance
Goldman Sachs Bets On Global Warming (More Like Pushes The Agenda ...
By Stephanie
Brown University's Simmons says she'll leave Goldman Sachs board
Providence Journal
The Hoi Polloi vs. Goldman Sachs | The Agonist

2 COMMENTS:

Anonymous said...: Why is Goldman everywhere there is trouble?

Keiser Report – Markets! Finance! Scandal!

http://maxkeiser.com/2010/02/17/kr1-keiser-report-markets-finance-scandal/; February 17, 2010 at 8:10 AM
Anonymous said...: Wednesday, February 17, 2010
When is a Fraud Not a Fraud?

3. But in this case, we have an interesting conundrum. Goldman clearly HAD TO KNOW the Greek offering documents were incomplete, right? They had arranged those swaps, they knew there was more debt than Greece was ‘fessing up to in its later offering memoranda.

Point 3 is where matters get a bit sticky. Under SEC regs, the failure to mention the swaps or their effect (that there was additional debt that had been deferred) would be a violation. This is a simplification, , but the concept is that the offering documents have to make a full and fair disclosure. That means not only do the statement made need to be accurate as of the date when they were made, but further more, they cannot fail to state a material fact if leaving that information out would be misleading. So question is whether under the regs governing this deal, whether an omission of this sort would also be considered a regulatory violation and/or an investor fraud.

Yves here. Goldman has made a science of being too clever by half, but it may have made a fatal mistake. Governments do not take well to being abused or made to look foolish, and Goldman appears to have done both.

http://tinyurl.com/ylhazdl; February 17, 2010 at 2:55 PM

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