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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

Friday, April 16, 2010

Goldman Sachs Charged With Fraud

The first sightings of Justice

Goldman Didn't See It Coming
From FOX Business Network Sr. Correspondent Charlie Gasparino: “One of my sources that’s close to Goldman tells me that Goldman -what they are saying internally- had no idea this was coming down today. They have been subpoenaed, given documents, but they had no idea they were going to be hit with a charge today. They kind of just filed it. I’m talking to a fairly senior person, not a political person. They probably had some idea that something was coming down because they were giving them documents. They believe this is nothing more than a hit job.”
FBN's Charlie Gasparino says sources inside Goldman Sachs say they didn’t see the SEC probe coming.


Kitty said...

Let the theatre execution begin.
I doubt GS played lone hand in this fraud and stick to my opinion that everyone who's guilty needs to be punished.

Anonymous said...

Just read this entire article and I fail to see what Goldman did wrong.

If they had done something to insure the Abacus fund would fail, that would be another story. It failed because of the housing crash. Goldman didn't know for sure housing would crash, as proven by the fact that they were more long than short in mortgage bonds, a fact that most ignore. If they knew housing would crash they would have been fully short. Ill-informed people need a scapegoat, and Goldman, with its high salaries is an easy one.

The technical issue of whether Paulson was an "outside advisor" is what this case is about, if you read the article carefully. Funny reading all the crazed responses that don't even focus on what this article says...lets just get out the burning torches.

Anonymous said...

It is the government's fault for allowing these practices to go on and remember we are backstopping all this in many cases with our tax dollars . I will never in my life invest any more in the markets because one event can clean you out while the fraudsters have government backing . It's a joke played on the american people. Goldman and it's friends are undermining
this country's economy with their actions while we face higher taxes to cover their #### games

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