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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

Wednesday, September 1, 2010

Goldman Sachs Burnishes Its Tarnished Reputation

Goldman feels heat in suit vs. Dollar Thrifty
New York Post

Goldman Sachs' mantra that "clients come first" is under fire again.

The investment bank, which is still trying to burnish its reputation after settling fraud charges brought this year by the Securities and Exchange Commission, stands accused in a lawsuit of using information it gleaned from one client to win business from another.

The suit claims Goldman took "non-public information" that it got from advising Dollar Thrifty Automotive Group on one deal and used it to pitch rival Hertz Rental Global Holdings in a bid to win a lucrative investment banking assignment.

Shareholders of Dollar Thrifty, who are suing to block the rental-car company's $1.2 billion takeover by Hertz so that rival Avis can negotiate a better deal, are questioning the bank's actions in an attempt to undercut the merits of the deal, although Goldman is not a party to the lawsuit.

Read the entire article here


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