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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 28, 2010

More Goldman Incestuos Relationships

From Alternet:

Ex-Goldman Trader Bought Major Stake in ACA, Shorted Subprime CDOs

The Goldman-Paulson fraud suit threatens to throw a spotlight on a realm of Wall Street that has escaped most scrutiny throughout the financial crisis: the hedge fund industry. Top hedge fund managers profit from Wall Street’s business model of fraud and collusion more than any CEO at the big banks, but tend to evade accountability because of the opacity of their industry and their extraordinary power.

One such hedge fund manager is Richard Perry. Perry, a former Goldman Sachs trader, became known as one of the subprime winners in 2007 — one of the hedge fund managers who saw the crisis coming, and placed profitable bets that the housing market would collapse. Perry reportedly shorted $3 billion in subprime-related securities, netting a $1 billion profit on the trade.


Perry’s winning billion-dollar subprime short, alongside his major investment in ACA, is all the more notable because of his ties to Goldman Sachs. He was a star trader at the bank under former Goldman Sachs head Robert Rubin, and has partnered with the bank on investments in recent years. Perry is extremely close to Rubin, outside of the professional context — former babysitter to his children, teaching assistant, and advisory board member at Rubin’s Hamilton Project. Despite being extremely close to someone who made $1 billion shorting the subprime market, Rubin has called the financial crisis a “perfect storm” that no one saw coming.


Read the rest here


Anonymous said...

Richard C Perry
Hedge fund manager

Richard C. Perry co-founded private investment management firm Perry Capital LLC in 1988. Prior to 1988, Mr. Perry worked in a number of capacities at Goldman, Sachs & Co.

Anonymous said...

I guess that little show yesterday was just that...a little show. Vig rhymes with Pig (elected officials) and Rig (markets/legislation)

APRIL 29, 2010.
Goldman Shows It Can Still Lobby Hard

WASHINGTON—Goldman Sachs Group Inc. is lobbying hard to kill a provision in financial industry overhaul legislation requiring big banks to sell off their derivatives-trading businesses, and rival banks are welcoming the help, shrugging off attacks on the firm by lawmakers and securities regulators.

Goldman's lobbying could put Democrats and the White House, which is lukewarm on the provision, in a difficult position. With congressional elections looming in November, lawmakers don't want to appear supportive of Goldman or Wall Street.

But Goldman's leadership is less concerned about politics than the provision itself, known as "section 106." The nation's five largest banks ...

Anonymous said...

Maybe someone should seriously look into this?

Jailed Whistleblower: US Lawmakers Held Offshore UBS Accounts

Democracy Now! co-host Juan Gonzalez discusses his interview with UBS
whistleblower Bradley Birkenfeld one day after Birkenfield’s Tax Day
clemency request to President Obama.

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