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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

Tuesday, August 10, 2010

Goldman Sachs Links and News - August 10, 2010

Goldman's Derivatives Were 25-35 Percent of '09 Revenue: Report
ABC News
Goldman Sachs Lost More Than $100 Million on Three Days in Second Quarter
* Investigation includes bank's notice of SEC probe
SEC, Tourre Had Preliminary Talks, Agency Lawyer Says
Goldman Sachs Is Sued by Technicians Claiming Bank Denied Overtime Pay
Goldman Sachs energy unit to build world's largest CPV solar plant ...
By James Cartledge
Goldman Sachs under investigation by US and UK watchdogs
Goldman Sachs' dependence on derivatives
Reggie Middleton: What Do Goldman Sachs and B.B. King Have in ...
By Reggie Middleton


Anonymous said...

The AIG Bailout Scandal
William Greider
August 6, 2010

The government’s $182 billion bailout of insurance giant AIG should be seen as the Rosetta Stone for understanding the financial crisis and its costly aftermath. The story of American International Group explains the larger catastrophe not because this was the biggest corporate bailout in history but because AIG’s collapse and subsequent rescue involved nearly all the critical elements, including delusion and deception. These financial dealings are monstrously complicated, but this account focuses on something mere mortals can understand—moral confusion in high places, and the failure of governing institutions to fulfill their obligations to the public.

Bailing out AIG effectively meant rescuing Goldman Sachs, Morgan Stanley, Bank of America and Merrill Lynch (as well as a dozens of European banks) from huge losses. Those financial institutions played the derivatives game with AIG, the esoteric practice of placing financial bets on future events. AIG lost its bets, which led to its collapse. But other gamblers—the counterparties in AIG’s derivative deals—were made whole on their bets, paid off 100 cents on the dollar. Taxpayers got stuck with the bill.

JR said...

This video is too, too funny! (Sorry about the ad at the beginning.)

JR said...

I read the article on the AIG bailout noted in the above Anonymous comment, and I must say, it made my blood boil. Imagine the Fed asking two private companies to help in the financial crisis and they say NO! Unimaginable arrogance. I really do hope that GS gets its comeuppance. They do not deserve anything but our disdain, contempt and condemnation.

Anonymous said...

They have each others backs...they tell us to kiss their backsides! The cronyism never ends!

Given today’s Federal Reserve balance sheet policy, could this be The Playbook?

2. The Federal Reserve offers to sell the junk mortgage paper back to the Big Banks whom they purchased it from in the great bailout of 2008-09.
3. The Big Banks only offer to pay market rates for the worthless paper, quite a discount to what is on the Fed’s books and what they were paid a short while ago (good news, an audit of the Fed on this is not likely).

5. The Big Banks, realizing the last "dip at the bonus well" may have passed, devise a revitalized pretend and extend and mark up the recently purchased worthless paper back to a "reasonable mark to model level."
6. The Big banks report record paper profits and more importantly, record bonuses.

Anonymous said...

Goldman Sachs May Not Lose ANY Revenue From Financial Reform Bill

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