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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, July 2, 2010

Links and News From Readers of GoldmanSachs666

We always welcome links to news about Goldman Sachs from our readers.  Below are a few that were emailed or mentioned in comments to posts.  They are all worthy of notice and sharing.

Thanks to all of you who take the time to offer these important links. Each title is linked.

Panel Chairman Presses Goldman Sachs on Its Mortgage Bets’ Market Effect
By LOUISE STORY of the New Yourk Times

The panel’s chairman also pressed Goldman on whether its negative bets in the market became a “self-fulfilling prophecy.”

Explaining Derivatives, And Goldman's Dominance Thereof, In Four Simple Charts
Submitted by Tyler Durden...ZeroHedge

Attached are several charts used to explain to confused politicians all they need to know about the biggest ponzi scheme market ever created (synthetic derivatives), how these derivatives are created, how the leverage attributed to just one asset can result in infinite amplification of risk, and how Goldman is in the very middle of a web which encompasses tens if not hundreds of trillions in derivative counterparty exposure with virtually every single other financial company in the world.

Johann Hari: How Goldman gambled on starvation
The Independant

Speculators set up a casino where the chips were the stomachs of millions. What does it say about our system that we can so casually inflict so much pain?

By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing. You're wrong. There's more. It turns out that the most destructive of all their recent acts has barely been discussed at all. Here's the rest. This is the story of how some of the richest people in the world – Goldman, Deutsche Bank, the traders at Merrill Lynch, and more – have caused the starvation of some of the poorest people in the world. 

In U.S. Bailout of A.I.G., Forgiveness for Big Banks

At the end of the American International Group’s annual meeting last month, a shareholder approached the microphone with a question for Robert Benmosche, the insurer’s chief executive.
“I’d like to know, what does A.I.G. plan to do with Goldman Sachs?” he asked. “Are you going to get — recoup — some of our money that was given to them?”

FCIC's Angelides Says Goldman Sachs `Aggressive' on AIG: Video

Sorry, embed has been disabled.  Please click on the title link above.  This is a very good video from BloombergTV.

Angelides says "the American people are entitled to the facts".

This is a great interview with the Chairman of the FCIC.  Watch, listen and comment if you like.

Thanks again to all who contributed these links


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