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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

Sunday, April 25, 2010

Goldman execs brag about crash

From Raw Story:

In revealed e-mails, Goldman chief says we ‘made more than we lost’ by betting against market

Goldman Sachs' top executives were aware that the company made money by playing against the US housing market, according to internal e-mails released Saturday.
The bank's chief executive Lloyd Blankfein wrote in November 2007 that the firm "didn't dodge the mortgage mess," but "made more than we lost" by betting against the housing market, the Associated Press reported.
The e-mail was one of several company documents subpoenaed by a Senate investigations panel. In many of the e-mails, Goldman executives brag about money they were making as the market crashed around them.


Read the rest here


RobertM said...

Another great link anon- thanks!

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