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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

Wednesday, April 7, 2010

Goldman Sachs Links and News - April 7, 2010 - Featuring Larry's Corner

 Today's Links and News contains two embed items.  First, the CBS News report.
"There's enormous tension, enormous envy," said Jon Corzine, who has served as governor of and as a senator from New Jersey. "There's an enormous gap between Wall Street and Main Street."

CBS News chief investigative correspondent Armen Keteyian  reports no one right now represents that gap more than the most profitable investment banking firm on Wall Street -- where Corzine was once CEO -- Goldman Sachs.
 The second embed is the letter written by GS to their shareholders which was included in their most recent SEC finling.  (Do you really think anyone at the SEC ever reads these reports?)

Both pieces are worth the time.  Hope you enjoy this small departure.

Exclusive: Is Goldman Sachs Playing Fair?
CBS News
Watch CBS News Videos Online

Goldman Sachs denies betting against mortgage clients

Goldman Sachs denies betting against clients - Yahoo! News
Goldman Sachs denies betting against mortgage clients
Washington PostGoldman Sachs explains itself to shareholders in its annual letter ...
Goldman Sachs is very grateful - Democratic Underground
Goldman Sachs Proprietary Trader Hedayat Said to Leave Firm
Goldman Sachs: No apologies
Goldman Sachs: Spinning Gold
Huffington Post (blog)
Goldman Sachs deniesbetting against clients | Business | guardiancouk
Goldman Sachs: The Trillionaire Puppet Masters at Work « Follow ...
By seeker401 
Goldman Sachs defends risk strategy amid crisis
Times Online

The Goldman Sachs Letter To Shareholders
This letter to GS shareholders will become a collectors item. It's a sure thing.  I'm selling reservations for copies for $19.99.  I am also taking bets that it won't become a collectors item.
If it does then all that bought copies won and for those that bet that it would not, well...I can't pay off because I never had the money to back these bets.  Just call me AIG.  A guy or company could make trillions working a scam like this.  Even better is when there is no one in law enforcement or the Federal Government who gives a Hoover Dam.
Disclaimer: Just to clear the air, I am not really taking reservations for copies nor am I taking bets on this.  Just trying to make a point.

But do read the letter and you to can download it from Scribd. 
Goldman SH Letter                                                                   

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Anonymous said...

"There's enormous tension, enormous envy," said Jon Corzine, who has served as governor of and as a senator from New Jersey

That basically says the guys a where all envious they raped the country's coffers? I think most people are fed up that there are 2 set of rules when it comes to risk taking. They get bailed out...the rest get hung out to dry.

Anonymous said...

You mean this Jon Corzine...the one that feels a little entitled from his position?..Imagine what he'd do for real $? Enough is never enough?

Corzine's tix tricks

Former New Jersey Gov. Jon Corzine's office got U2 and Bruce Springsteen seats the public couldn't buy last year, at the same time the state was suing brokers over ticketing practices, according to documents showing 22 elected officials received special treatment.

Corzine's office reserved 57 tickets for U2, Springsteen and the Jonas Brothers at Giants Stadium and Izod Center from July to October 2009 through the New Jersey Sports & Exposition Authority, agency records show.

The documents, evidence in a state lawsuit against ticket Web sites, indicate more than 350 seats for 15 concerts were set aside for elected officials.

Read more:

Anonymous said...

Their(gs) everywhere you don't want them to be...

We wonder just how few market participants are being affected currently as Getco may or may not be using Flash to prescreen orders and reroute order flow between various exchanges. Oh yes, remember that whole Flash trading debacle? Well, after making a ruckus and saying it is banning it, the SEC still hasn't done anything officially from preventing the large liquidity "providers" from front running all institutional large blocks as Flash is still perfectly legal on all exchanges! And the exchanges wonder why so much traffic is moving to dark venues. Amusingly enough, say you do say enough to a manipulated exchange-based market and want to trade in dark pools (assuming you are a multi-million QIB and can afford Sigma X), well, then you get sub-pennied to death, as the algos front run all of your trades there as well, in blatant violation of the NBBO. The logical alternative, and the one we have been endorsing for months, to simply stop trading until things are fixed, just does not seem to compute.

Amusingly, the SEC is once again posturing and pretending it cares about the market which has not been efficient, or unmanipulated since about the early 1990's (and even then specialists would rape and pillage whatever they could - just ask Goldman and why it acquired Spear Leeds & Kellogg). In the latest iteration of its buffoonery, the SEC has announced it would now "track" High Frequency Trading firms and presumably isolate those orders. Why they are doing this is completely unknown - after all wasn't all HFT perfectly normal and nobody suffered as a result of massive momentum pushes away from equilibrium in either direction?

Anonymous said...

Davidowitz: Wall St.-D.C. Bigwigs "Buried Our Country ... They Sold Us Down the River"

"They buried our country, they sold us down the river," he tells Aaron and Henry in the accompanying clip. "They allowed Wall Street and the banks to run wild with our money and take unconscionable risks with our money. And now that it's hit the fan they don't know what happened? It's preposterous."

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