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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 2, 2010

Goldman Sachs not sorry

From the Examiner:
Goldman Sachs not sorry for role in economic crash

Goldman Sachs is back. This time, they are not at the door asking for handouts to shine their guilded toilet fixtures. They are on a public relations mission to recover their image. Perhaps, they shouldn't have claimed they were doing God's work as they plundered billions from public coffers to save themselves if they cared about public perception.

Goldman's new HQ. (Wikimedia commons)
These new-age robber-barons have been manipulating the US economy for their own benefit since the Great Depression. As the recent housing bubble crashed harder than most expected, Goldman Sachs got a soft landing with the help of their friends in the Bush administration, whilst many of their competitors were torpedoed.
Like any organization that thrives in the shadows, Goldman Sachs does not like having the spotlight on their activities. After their CEO slipped up and showed the height of their arrogance by admitting that he believed they were doing God's work, they ceased cooperating with the media.

Read the rest here


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