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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- An Old Story

From Nathan's Economic Edge:

The number of people using food stamps increased for the 14th consecutive month with the number of people receiving them at a record 39,430,000! That’s equal to 12.8% of our entire population! No pictures of people in soup lines that extend around the block? There they are.

Yet Lord Blankfein at Goldman Sachs continues to maintain that they are doing “God’s work” and that they are simply doing what’s in their client’s best interest:

Goldman Sachs: No apologies

NEW YORK ( -- Goldman Sachs defended its controversial employee bonuses and multi-billion dollar relationship with AIG in its annual report released Wednesday, while downplaying its short-selling in the mortgage market.


"Our first priority is and always has been to serve our clients' interests," read the letter, in one of its opening lines.

Not to mention their own best interests. The question, of course, is who is looking out for everyone else’s best interest? This is exactly where the game went bad. Government is supposed to look after the people’s best interest and is supposed to keep rogues under control. Obviously they have allowed Goldman unprecedented access to run government and thus all representation for the people has been usurped. A story that’s getting old already, I know. Yet nothing has changed, and that is why we are going to pay dearly.


Read the rest here.


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