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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 21, 2010

Goldman's victims respond...

.... and the financial industry fights back.

Last week, the Securities and Exchange Commission charged that Goldman Sachs defrauded investors by failing to disclose conflicts of interest in subprime mortgage investments it sold as the housing market collapsed in 2007. Fabrice Tourre, a Goldman Vice President, is accused of encouraging investments into subprime mortgage securities he knew would fail, while working with a hedge fund to bet against its success. Referring to himself as the “the fabulous Fab,” Tourre boasted in e-mails about his scheme to defraud investors.
Reacting to the SEC’s probe into Goldman, UK Prime Minister Gordon Brown over the weekend called for his own investigation of the firm. “This is probably one of the worst cases that we have seen,” Brown said. The Royal Bank of Scotland, a bank buoyed by a UK taxpayer funded bailout during the financial crisis, was one of the biggest victims of the alleged fraud, losing $841 million dollars. Earlier today, Britian’s Financial Services Authority announced that it will in fact start a formal enforcement investigation into the London unit of Goldman Sachs — where Tourre is currently employed.

The financial industry is fighting back. On Monday, the UK division of legal and lobbying giant DLA Piper released a poll of business leaders showing that an overwhelming majority (60%) want a Tory leader to take over when elections take place on May 6.


What DLA Piper UK does not disclose in its poll, and what the British media is largely ignoring, is that DLA Piper UK counts Goldman Sachs, as well as many other banks and investment firms, as clients. Like their American counterparts in the Republican Party, the Tories have been quietly courting the financial industry through a new organization called the Conservatives’ City Circle. At the same time, Tories are trying to present themselves as supportive of responsible banking reform and taxation.


Read the full story here.


Anonymous said...

Will the thieves regulate other thieves? that is the question....

Wednesday, April 21, 2010
All Roads Lead to Rome

Anonymous said...

Great site! Goldman is the posterboy for anti-business, anti-jobs, anti-captitalsim, anti-peace. The together with the FED for the US and IMF for the world, they keep all people down as they suck the live and soul out of the world. The good thing is no oppression on earth will last forever, no matter how big they are. Let them lie and deny but get painted in process with a wide brush worlwide. They are a true beast and parasite. Freedom of speech!

Anonymous said...

Goldman's screwing knows no bounds...

Business News of Wednesday, 21 April 2010

Source: Tully/GHP
How Goldman Sachs Screwed Ghana
Goldman Sachs, the global financial institution, with fraud allegations levied against it has a long history of setting up its clients for a fall...and making handsome profits.

This is a story of how this global investment banking and securities firm screwed Ghana

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