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
Wednesday, October 20, 2010
It is worth a look back at Goldman Sachs and its business practices as exposed by the present financial crisis. Janet Tavakoli reminds us about Goldman Sachs's risky business practices which nearly bankrupted the company and helped bring about the Great Recession. Janet also discusses what should be done to change the financial system. Will there ever be a fraud audit or will anyone be indicted for fraud because of the mortgage meltdown and the resultant foreclosures?