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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

Thursday, July 8, 2010

Charlie Gasparino of Fox Business on Goldman Sachs

This post and graphic courtesy of Charlie Gasparino of FOX Business Network
FOX Business Network’s (FBN) Charlie Gasparino is reporting today that Goldman Sachs insiders expect their earnings estimates to come down even more due to the pending SEC suit, and the mood at the firm is “horrendous.”
“Their earnings estimates have come down 50 per cent since May. FBN has learned that people inside Goldman expect it to come down even more before they actually issue second quarter earnings. The reason is obviously the SEC settlement is out there, lousy month for trading, lousy month in the equity business. A lot of people are baking in this SEC settlement inside the earnings even though they haven’t paid it and no one knows what it’s going to be. I did a little counter research to try to see if these hold up…with people who are competitors with Goldman, what people on the trading desks, in the know think. They think there is an overreaction. They think the SEC settlement may not come for awhile, may not come until September. The other thing is, Goldman knows how to trade…people are discounting their ability to trade out of this quarter, and they are discounting it way too much. You talk to competitors; they say these analysts are going way over the top. Analysts are taking a dimmer view of Goldman more than anybody else.”

“The mood is horrendous among employees.”
'Thank you Charlie for allowing us to share these excerpts from your report.  I find most interesting your comment that "The mood is horrendous among employees".  This in itself could spell trouble for the great, too big to fail, disingenuous  corporation.  Many empires crumble from within and this may be a sign of the beginning of the end of Goldman Sachs as we know it.  Yes, GS will survive but possibly - hopefully - with much less influence in our government, our economic system as well as those abroad.

The world will come to see Goldman for what it has been and still is through the eyes of their once stargazed,  brain money washed employees.


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