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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, June 2, 2010

Did Goldman Lie?

What's a few lies when you're facing fraud charges?

Did Goldman Lie To Calpers When Seeking Consulting Mandate?

Remember long ago in late April when people actually discussed Goldman Sachs and its criminal charges of CDO fraud? Not really? Now may be a good time to remember what some said was the biggest fraud investigation in history, because according to new developments not only is Goldman still in very hot water (Fox Business disclosed earlier that the SEC added veteran litigator David Gottesman to its group of attorney trying the Goldman case), but according to a new report by Reuters' Matt Goldstein, the firm lied to Calpers in March, when it was seeking a consulting mandate from the pension giant, claiming it was not "the target of a formal investigation." Calpers apparently is not too happy about this: "Calpers spokesman Brad Pacheco told Reuters the pension fund's investment staff "will be reaching out to Goldman for an explanation on their response." The investment staff is finalizing contracts for Calpers' consultant pool, which will be effective July 1." Needless to say, Goldman's chances of taking a slice out of Leon Black's pie are looking bad to quite bad.


Read the rest here


JR said...

Here's a video that talks about Canada's debt in the 1990's and how it was handled (told by a Goldman guy!)

Just before the present recession began, the Canadian Conservative Prime Minister began cutting VAT taxes, income taxes and corporate taxes. He began his tenure with a comfortable surplus. Then he began withdrawing important monies from our public broadcaster, aid groups in Africa, groups that helped Palestinians, and woman's groups. Now we are in the deepest debt ever which I find appalling. Canada apparently didn't have a banking crisis but our government sent out bags of stimulus money anyway. We certainly will be undergoing more austerity soon.

Our PM trained as an economist! Maybe lawyers are better managers.

Anonymous said...

Isn't this the same guy who vouched for Blankfein?...hmmm.....

Warren Buffett who opines about politics all the time, constantly opines about right and wrong, defends wrong because it was a good investment. He is defending the indefensible. Rating agencies are not defensible at this. He is Mr. Do Good, yet he is defending the most corrupt business model in corporate America."

Anonymous said...

I guess you need a Phd to figure this out?..not really...

Eugene Fama: “Too Big To Fail” Perverts Activities and Incentives

When everyone is opportunistic and the “rules of the game” themselves are up for grabs – for example through lobbying based on existing and expected future super-profits (e.g., from being allowed to exercise any form of monopoly) – then bizarre and bad things can happen.

But, in any case, Fama is completely correct that,

“[Too Big To Fail] is not capitalism. Capitalism says – you perform poorly, you fail.”

He is also correct that “complicated regulation may be a nice idea in principle but in practice it never works”. Regulators get captured by the people they are supposed to be regulating (as now illustrated in the oil and gas industry); this is “not unusual; it happens all the time”.

Anonymous said...

Honesty's for the masses, not the upper classes...

Buffett Backs Moody’s in Crisis Hearing Without ‘Candid’ Voice

“Even though he’s a financial savant, he’s not in a position to be candid,” said Elizabeth Nowicki, a former SEC lawyer and a visiting professor at Boston University. “Buffett has a dog in the fight, both with respect to his relationship with Goldman Sachs and his relationship with Moody’s.”

JR said...

I think that any political and/or economic system works if and when the practitioners are inherently honest and transparent rather than greedy and dishonest. I guess that would make a lot of people who believe so-called pure capitalism works wonderfully no matter how egregiously people act within it.

Right now, money seems to drive everything and brings out the worst in those who have the most of it no matter how many billions they give to charity.

Buffet has traded in his integrity for money and if that makes him happy fine. I just wouldn't want to know the man or deal with him.

JR said...

Here's an interesting observation:

Goldman Was a “Predatory Cat,” and Moody’s a “Goat”

JR said...

Wall Street Sees Derivatives Sales Flaws After SEC Goldman Suit:

Anonymous said...

Honesty is the massage to every one in the world.

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