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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

Saturday, October 30, 2010

Goldman Sachs as Literary Arbiters??

Would you buy a book about the causes of the financial crisis that is recommended by Lloyd Blankfein? But what else could one expect from a CEO that has no notion about personal or corporate integrity, who lives to enjoy the next ginormous paycheck. It would seem that a person's preference for reading an in-depth book about the financial meltdown would be one that was predicated on making Blankfein grow purple with anger, not one based on the following endorsement of the book and the author, Raghuram Rajan: “His analysis of what went wrong, and what needs to be done to address the structural flaws that caused the financial crisis, should be essential reading for policy makers and practitioners alike,” says Blankfein. What irony! What chutzpah!

Book by PM's economic advisor wins award
Indo-Asian News Service
New Delhi, October 30, 2010

Fault Lines: How Hidden Fractures Still Threaten the World Economy, by Raghuraman Rajan, an economic advisor to Indian Prime Minister Manmohan Singh, won the Financial Times and the Goldman Sachs Business Book of the Year Award 2010.

Carrying a cash award of 30,000 pounds, the award was given at a function in New York Wednesday. This year's judges include Lionel Barber, Liaquat Ahamed, Helen Alexander, Lynda Gratton, Mario Monti, Jorma Ollila and Shriti Vadera.

The book looks at the hard choices that will prevent another recession like the one in 2008, following the financial collapse of 2007.

While there are broad similarities in the things that go wrong in every financial crisis, this was a crisis centred on what many would agree is the most sophisticated financial system in the world.

Rajan was the economic counsellor and director of research (chief economist) at the International Monetary Fund from September 2003 until January 2007.

Currently the Eric J. Gleacher distinguished service professor of finance at the University of Chicago's Graduate School of Business, Rajan was appointed economic advisor to the Indian prime minister in 2008.

He has co-authored a book titled, "Saving Capitalism from the Capitalists"

Read the article here


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