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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 15, 2010

Press Release: Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO; 2010-123; Jul. 15, 2010

Press Release from U. S. Securities and Exchange Commission: as linked by Huffington Post

Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO

Firm Acknowledges CDO Marketing Materials Were Incomplete and Should Have Revealed Paulson's Role


High-Res Photo

high-resolution photo of Robert Khuzami, Director, SEC Enforcement

“This settlement is a stark lesson to Wall Street firms that no product is too complex, and no investor too sophisticated, to avoid a heavy price if a firm violates the fundamental principles of honest treatment and fair dealing.”
Robert Khuzami
SEC Enforcement

Washington, D.C., July 15, 2010 — The Securities and Exchange Commission today announced that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.
In agreeing to the SEC's largest-ever penalty paid by a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.
CLICK HERE  for full SEC Press release

Goldman Sachs SEC SETTLEMENT Reached -- And Stock SOARS

July 15, 2010
The Securities and Exchange Commission has reached a settlement agreement with Goldman Sachs. The news was first relayed via CNBC's Twitter feed. The settlement comes on the heels of Congress's passage of a sweeping financial reform bill earlier today.

From the SEC's press release on the settlement:


Anonymous said...

This article applies here...the guys on top can spew all the crap they want about justice but it doesn't mean we got any....

When Money Buys Integrity
Economics in Freefall

"There are endless examples of regulators--indeed, entire governments--captured by the private interests that they are supposed to regulate"

Anonymous said...

What time is the party?

Anonymous said...

BREAKING NEWS: Huffington Post reports that on the very day the Senate passed Wall Street reform and created a Consumer Financial Protection Bureau, Treasury Sec. Tim Geithner is urging President Obama NOT to appoint the most credible person as its leader: Elizabeth Warren

Elizabeth Warren is feared by Wall Street.
As chair of the bailout oversight panel, she held Wall Street executives' feet to the fire and was not afraid to speak out.
As a Harvard professor, her credentials are impeccable. And she was the one who came up with the idea for the Consumer Financial Protection Bureau -- perhaps the best piece of this bill -- in the first place.
In short, Warren is perfect for the position and most financial insiders have just assumed she would get it. That's why it's so outrageous that Geithner -- a longtime Wall Street insider -- would attempt to sabotage her appointment
If we can get thousands of petition signatures today, the media will take notice and we can publicly shame Geithner.

This is a moment that requires good people to fight back.

Anonymous said...

IKB's CEO Found Guilty of Market Manipulation -- Some U.S. Bank CEO's Should Also Face Charges

Financial news media is abuzz with analyses of Goldman Sachs's settlement with the SEC for $550 million in a case of alleged fraud regarding the packaging and selling of a CDO called Abacus. Goldman Sachs admitted to no wrongdoing. The settlement is less than Tiger Wood's potential $700 million divorce settlement -- and Tiger didn't help bring the economy to its knees (he also publicly admitted his transgressions and expressed regret) -- but it's a start.

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