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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

Thursday, April 29, 2010

Goldman Sachs NOT in Settlement Talks With SEC

Carles Gasparino of FOX Business News has just published a very interesting article, Goldman Not Talking Settlement, Yet..
Will Goldman Sachs (GS: 160.32, 4.9101, 3.16%) settle the now-famous civil fraud case over its disclosures (or lack thereof) to a German bank that bought from the firm a batch of toxic investments?
Yes, of course. There's not a person on Wall Street, including at the senior levels of Goldman, who isn't predicting a settlement.

But that doesn’t mean Goldman is now in settlement negotiations with the Securities and Exchange Commission in the case, as published reports have suggested. In fact, FOX Business Network has learned there are no settlement negotiations taking place and there probably won’t be anytime soon.
It is widely believed that civil suits like this one by the SEC are generally settled out of court with no admission of guilt or innocence.  This is going to play out for some time and could be even more politically motivated then some had originally thought.




Read Charlie Gasparino's article...click here
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Posted by Larry Rubinoff

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