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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

Saturday, February 20, 2010

Goldman Sachs Links and News - February 19, 2010

Goldman Sachs Group, Inc.Greece facing Goldman Sachs debt deal scrutiny -
Greece Hires Former Goldman Banker as Debt Chief
Goldman Stars in This Greek Tragedy
By Elisa Martinuzzi Goldman Sachs (GS), Wall Street's most profitable securities firm and a boon to conspiracy theorists the world over, has angered EU

Goldman Sachs: No Longer Shocking, But Still Wrong
                                    Seeking Alpha (blog)
Wall Street's Bailout Hustle : Rolling Stone
Goldman Sachs and other big banks aren't just pocketing the trillions we gave them to rescue the economy - they're re-creating the conditions for another ...
The Great Goldman Sachs Fire Sale of 2008 - DealBook Blog ...
re: The Auditors » Blog Archive » A Prisoner's Dilemma: AIG and ...
Gretchen Morgenson and Louise Story of the New York Times told us on February 6, 2010 that Goldman Sachs aggressively pushed AIG to the edge of liquidity by repeatedly demanding cash. A longstanding dispute over the value of securities ...

 A little more on the Greek Issue.  It is important to know what impact the Greece story will have on the the world and us here in the U.S.  It is also interesting as well as important to realize that Goldman Sachs and possibly JPMorgan are right in the middle of it all once again.

How will there "seat at the Greek table" benefit them and at what cost to us and Europe in particular.  It is for this reason that we must educate ourselves in preparation  of what might and could be.  We already know - and by GS CEsO,  Blankfein's own admission - that they played a very large and intergral part in the world's economic ciris.  Just ask Iceland - the whole country was bankrupted by purchasing Mortgage Backed Securities and Derivatives.

What ever was done n Greece must be intertwined with deals elsewhere.  How, where and how much remain to be seen.  But one thing for sure, this crisis is not isolated in Greece.

Greece Is Far From The EU's Only Joker
First there was Enron; then, subprime. Now it turns out that some governments have been just as adept at using financial alchemy to hide debts. ...

The Real Greek Tragedy
It would be possible in other circumstances to disregard the ongoing story of Greece and its debts as a tedious tale of financial markets. ...

Greek Crisis Fallout: Could the Euro's Days Be Numbered?
 - Bruce Crumley
The frenzied betting by financial markets against the stability of Greek government bonds is a clear ...

The euro's Greek tragedy
 - Colin Barr
NEW YORK (Fortune) -- The Greek crisis has thrown another detour into the euro's march to world ...

Why the fate of Greece matters to the world
Business Times (subscription)

By JOERGEN OERSTROEM MOELLER OVER the past few weeks, financial headlines have been hijacked by Greece. A number of commentators have almost buried the euro

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Anonymous said...

How much does this story translate into other areas like finance/banking?

February 19, 2010
Bill Moyers Journal takes a hard look at how campaign cash in judicial races may sway America's courts.

The power of money drives cynicism into the heart of all levels of government.

Anonymous said...

* February 19, 2010, 4:36 PM ET

Cracking Open Goldman Sachs’s Code of Secrecy

Goldman declined to comment about its decision to drop lawsuit, other than to say the matter has been resolved.

Still, the suit provided insight into Goldman’s corporate culture. Exhibits accompanying the complaint included Goldman’s employee rulebook about preserving confidentiality. The document shows the extent to which Goldman goes to keep information secret, something Goldman’s clients certainly welcome, but to the average reader not in the securities industry might seem as if the manual was written by Ian Fleming.

Anonymous said...

Wall Street Targets the Elderly
Looting Social Security


Hank Paulson, the Gold Sacks bankster/US Treasury Secretary, who deregulated the financial system, caused a world crisis that wrecked the prospects of foreign banks and governments, caused millions of Americans to lose retirement savings, homes, and jobs, and left taxpayers burdened with multi-trillions of dollars of new US debt, is still not in jail. He is writing in the New York Times urging that the mess he caused be fixed by taking away from working Americans the Social Security and Medicare for which they have paid in earmarked taxes all their working lives.

Anonymous said...

Elizabeth Warren: Why Washington Is Not Reforming the Financial System

"The problems could not be more obvious, and quite frankly, the solutions are just about that obvious, but we just can't seem to get the two together...The reason that we are not changing things right now is because the banks have lobbyists in Washington in numbers I have never seen...People who just want to advocate for American families, people who want some changes to level the playing field do not have that kind of lobbying power. And so what we are really watching here is a David and Goliath story."

Anonymous said...

Goldman Says ‘Nothing Inappropriate’ in Greek Swaps

Feb. 22 (Bloomberg) -- Goldman Sachs Group Inc. did "nothing inappropriate" when it arranged currency swaps for the Greek government that reduced the country’s national debt by 2.37 billion euros ($3.2 billion), a top executive said.

"They did produce a rather small, but nevertheless not insignificant reduction, in Greece’s debt-to-GDP ratio," Gerald Corrigan, chairman of Goldman Sachs’s regulated bank subsidiary, told a panel of U.K. lawmakers today. The swaps were "in conformity with existing rules and procedures." …

CORRIGAN was a N.Y. Fed Governor at the time of the Gold Cartel-orchestrated Bank of England gold sale at the bottom of the market.

Anonymous said...

Guest Post: McCain Says Paulson and Bernanke Promised that the $700 Billion Troubled Asset Relief Program Would Focus on the Housing Meltdown

McCain isn’t the only one to say that Paulson was doing a bait-and-switch.

Anonymous said...

When does crime get punished?

Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs

Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system.

A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.

These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released.

That lack of disclosure shows how the government has obstructed a proper accounting of what went wrong in the financial crisis, author and former investment banker William Cohan says. “This secrecy is one more example of how the whole bailout has been done in such a slithering manner,” says Cohan, who wrote “House of Cards” (Doubleday, 2009), about the unraveling of Bear Stearns Cos. “There’s been no accountability.”

Anonymous said...

Fraud, fraud, and more fraud...and of course, GS

Keiser also speaks to The Market Ticker’s Karl Denninger about CDOs, synthetic CDOs and hiding Greek debt.

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