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Fraud*
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

Thursday, July 29, 2010

Charlie Gasparino (FBN) Reports on Goldman Sachs

FOX BUSINESS’ CHARLIE GASPARINO REPORTS GOLDMAN SACHS EVADES VOLCKER RULE

Sources tell Fox Business Network’s (FBN) Charlie Gasparino that Goldman Sachs has “already moved about half of their Proprietary Trading desk to Asset Management.” The company has found they can “retrofit a proprietary trader into an asset manager” and making “client trades” they will be able to continue their business practices and avoid layoffs.

Excerpts from the report are below courtesy of 
FOX BUSINESS NETWORK
On how Goldman Sachs is evading the Volcker rule:
“Goldman Sachs is essentially taking traders from the Proprietary Trading desk and thinking about moving them to different parts of the firm, including Asset Management. We understand they already moved about half of their Proprietary Trading desk to Asset Management.”

On how companies are able to work around the regulations:
“If you deal with a client you are able to get around this [Volcker Rule]. And that’s what Goldman Sachs is trying to do and what the rest of the street will try to do. If you do a trade that’s known as a “client trade” you don’t have to worry about the Volcker rule. You can evade it. And that’s what Goldman Sachs is doing. It just shows you how this rule despite the fact that initially it scared the hell out Wall Street and everybody thought they couldn’t do proprietary trading, that means trading with your own money with your own ideas. Paul Volcker, the Presidential Economics Advisor, believed that was one of the causes of the financial crisis, all the risk taking.”

On whether there will be layoffs as a result of the Volcker rule:
“We are trying to get a handle on how many proprietary traders will be laid off because of this rule . People at the firms think it’s pretty de minimus because they are going to be able to retrofit a proprietary trader into an asset manager so to speak. To a certain extent they have less freedom. They can still trade as long as they are trading on client orders. Goldman Sachs is telling its proprietary traders it doesn’t have big plans for layoffs and they are looking to redeploy them to other areas of the firm. It’s like a show game.”

On the ineffectiveness of the Volcker rule:
“At the end of the day, all these firms are going to figure out ways around this. All these rules- they will be evaded by these banks- they employ smart people. They could have passed one rule and say: too big to fail is over. You screw up you’re dead. We aren’t going to insure your customer deposits on your bank side if you do trading on the other side. Instead they have created this thing which firms have figured out how to get around. Goldman Sachs are the smartest guys in the world.”


More from Charlie on Goldman Sachs Image:

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