From FOX Business Network
FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino is reporting that sources tell him “it was never in the cards” for Goldman Sachs to spin off the firm’s proprietary trading desk.
“Under the Volcker Rule if you are a big bank, you can’t do proprietary trading. You can’t trade with the firm’s own money. There has been lots of talk about the spinoff of this into someone buying it, into a separate firm. That never was in the cards. First priority for Goldman Sachs is to find different places for those proprietary traders to work. Second priority is maybe fold the proprietary trading desk… into an existing fund in the asset management division. The third choice they have is they create a separate hedge fund inside the asset management division. They tell me now that’s the least likelihood.”
“What they tell me over there – there was never any plan to spin the equity proprietary trading desk off, meaning sell it, move it out of the firm. That was never in the works.”
GoldmanSachs666 Message Board
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". 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