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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

Saturday, June 5, 2010

Mind of Goldman

A deep look into the mind of cheaters-


JR said...

An interesting take from the Chinese point of view. Wouldn't it be something if the Chinese sue GS?

Goldman Sachs Must
Defend Its Gains in China

By Wei Gu (Christine Lahuec translating to French)

Translated By Andrew Lusztyk

12 May 2010

Edited by Julia Uyttewaal

France - Le Monde - Original Article (French)

Always eager to jump at anything suggesting foreign conspiracy, the Chinese press leapt at accusations of fraud made against Goldman Sachs by the American regulatory authorities.

Particularly decried were the exceptional results of Goldman Sachs in China. They would prove that the dice are loaded: The bank has succeeded in controlling a brokerage firm of which it owns only 33 percent; its investments have borne astronomical profits; it has quadrupled its stake in the Chinese bank ICBC, and the value of its stake in Shenzhen Hepalink Pharmaceutical, which made its market debut on May 5, has grown by more than 250 times …

More Here:

JR said...

The video on "predictable irrationality" (sounds a lot like "irrational exuberance" Greenspan 1996) was very enlightening and goes a long way to explaining Blankfein's utter incredulity that he or his company had done anything wrong in selling CDOs and earning enormous amounts of money on the misfortunes of others. The creation of derivatives distances GS from the person who bought a house, had his mortgage increased and then is forced into foreclosure. It is certain that Blankfein is emotionally removed from that homeowner's pain especially in light of the fact that he earned billions of dollars through those distant derivatives. His billions justify his behaviour just as the unethical behaviour of those around him assuages his conscience.

And what I would like to know is, How do you increase Blankfein's sensitivity to others' misfortunes? (Maybe a substantial jail term, a huge fine and some community service with foreclosed homeowners!!!)

Years ago, when I was taking University teaching courses, I was sitting in a classroom full of teachers who were writing an exam. The Professor left the room and as soon as he left all the teacher's began exchanging answers. I did not participate because I had studied long and hard for the test and probably had better answers than they did. (I have, however, taken a pencil or two from my classroom so I'm no angel.)

I see now that those teachers were all in the "club" of cheating together which made cheating a permissible activity, even though none of them would have endorsed cheating for the students they taught.

I guess given the opportunity, the big reward and no penalties, everyone could be tempted to act unethically.

So if the SEC doesn't penalize GS, we can expect more and bigger cheaters in the future.

JR said...

Here's information on just exactly what GS did to help hide Greece's debt:

JR said...

1) More points of view re GS:

2)Secretary steals from Goldman Sachs!:

3)And again some Goldman Sachs Alums:

Anonymous said...

Is the Chinese gov't bought and paid for like ours? We'll see...

Goldman Bashing Is The New Chinese Black

And you thought Goldman had it bad in the US. The FT reports: "Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the US,” read the opening lines of an article in the China Youth Daily, a state-owned daily newspaper, last week." Matt Taibbi - you have met your match, and the outcome is picturesque indeed - a vampire squid that slurps and sucks its way to every loose ounce of gold and silver. But fear not, all those millions of ounces in GLD are perfectly safe and sound.

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