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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, June 4, 2010

Goldman Was a “Predatory Cat,” ....

..... and Moody’s a “Goat”.

From the Wall Street Journal:


.... for those closely following the role of the credit raters in the financial crisis, the more-interesting testimony may come from a little-known former Moody’s executive named Gary Witt.

In Witt’s written testimony submitted to the commission, Witt says: “concerns that rating analysts and investment banking analysts worked too closely together prior to the issuance of securitized debt is a legitimate concern.” In particular, he describes a situation involving one of his staffers, a lawyer named Rick Michalek, who was removed from rating Goldman Sachs Group CDOs because the investment bank requested that he be taken off their deals.

“In my opinion, Rick Michalek was an exceptionally thorough legal analyst. His zealous document reviews were an added expense for investment banks who hired top law firms as transaction counsel with high hourly fees. It was my understanding that this behavior (exceptionally thorough document reviews that resulted in high legal fees being charged to investment banks) had led to a personal reprimand from Brian Clarkson, then head of structured finance.”

Witt adds:

“To the best of my recollection, in late 2004 or early 2005, I received a request from a CDO structurer at Goldman Sachs that Rick not be assigned to further Goldman Sachs CDOs for the next year. I was told that failure to comply with their request would result in a phone call to one of my superiors. I was concerned that this could possibly result in Rick’s dismissal.”


Read the rest here


Something totally different but just as important: Proper booming for oil spills


JR said...

If you want to check out just how much Thad Allen knows about fixing the oil disaster, see the following:

Anonymous said...

Friday, June 4, 2010
Investment Firms Grab Stock Data First, and Use It Seconds Before Others

The debate between legal and ethical, often hidden by legal jargon and semantics, is generally viewed as “unfair” by the public. As long as debates such as this one rages within public view, the end result will be deterioration of confidence in a system increasing viewed as a rigged game.

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