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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, July 24, 2010

An A.I.G. Failure Would Have Cost Goldman Sachs, Documents Show

Published: July 23, 2010

Since the United States government stepped in to rescue the American International Group in the fall of 2008, Goldman Sachs has maintained that it would have faced few if any losses had the insurer failed. Though it was the insurer’s biggest trading partner, Goldman contended that it had bought credit insurance from financial institutions that would have protected it, but it declined to identify the institutions.

A Congressional document released late Friday lists those institutions and shows that Goldman was exposed to losses in an A.I.G. default because some of the investment bank’s trading partners, such as Citibank and Lehman Brothers, were financially unstable and might have been unable to make good on large claims from Goldman. 

 The document details every institution that had sold credit insurance on A.I.G. to Goldman as of Sept. 15, 2008, the day before the New York Fed arranged the insurer’s rescue with an $85 billion backstop. The document, supplied by Goldman Sachs, was released by Charles E. Grassley of Iowa, the ranking Republican on the Senate Finance Committee.

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JR said...

SEC makes Goldman man up
Confrontational tactic could spark more Wall Street lawsuits

By JESSE WESTBROOK and JOSHUA GALLU • Bloomberg News • July 25, 2010

By forcing Goldman Sachs Group Inc. to admit a "mistake," U.S. regulators may be signaling a more confrontational approach to future settlements that could expose Wall Street to more investor lawsuits.

In its $550 million accord with Goldman Sachs, the Securities and Exchange Commission deviated from its usual practice of imposing a fine while letting a firm remain silent on whether it engaged in misconduct. Firms that are required to admit oversights may find it difficult to argue in private litigation that they conceded no wrongdoing and settled purely to end regulatory scrutiny, said Salvatore Graziano, a lawyer who specializes in class-action suits on securities fraud.

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Anonymous said...

Let's see if Angelides is just talking or actually will follow up on this bravado...

Financial Crisis Commission Threatens To Audit Goldman Sachs

The Financial Crisis Inquiry Commission headed up by Phil Angelides has threatened to audit Goldman Sachs, as it looks for more data on its dealing in derivatives.


The commission will not back down from demands for information Goldman’s executives have maintained they do not track, Phil Angelides told the Financial Times.

“We have a deep level of questioning about whether we’re getting the straight scoop here and whether Goldman is working with us on information that they surely have,” Mr Angelides, chairman of the US Congress-appointed commission.

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