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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

Friday, October 1, 2010

Mr. Blankfein of Goldman Sachs is on Stage Left

When Lloyd Blankfein was answering questions before the Senate hearing on Goldman Sachs & the Financial Crisis he went on and on about how wonderful his company is. But if we had been able to see behind the facade, we would have heard the real Lloyd Blankfein. Fortunately, I have found a video with just such information on it. Blankfein is represented by the gentleman on the left. He is saying what Blankfein really thought!

The video can be found here


Anonymous said...

Ever wonder where all that volume came from in front of a news release?...and they always get it right...

Jim Grant Accuses Fed Of "Lethal" Intervention And Manipulation Of US Economy

As Grant says: "Willis was present at the creation of the Fed, he was one of the draftsmen of the Federal Reserve Act of 1913. Willis was also the first secretary of the Federal Reserve Board - he knows this institution. He wrote a book in 1936, which was a lamentation about the low estate of Central Banking in America, the Fed had lost its way in 1936. It had opened its doors in 1914 and by 1936 it had eaten the forbidden fruit, it was in the business of guiding the economy, of managing the economy, of manipulating this aggregate and that, and Willis said: "For Pete's sake. You can't know that - the GDP data are not reliable enough for you to do what you think you are doing." It's a wonderful tract against the tendency of the Fed to do what it has so lethally done to this economy in my opinion, which is to steer us, in the interest of raising the GDP it presses interest rates to zero, pouring out immense volumes of econometric studies in support of this dubious enterprise. Hey Fed: just attend to the dollar, that's it, no inflation, just do one thing! You've heard of mission creep, these guys are the mission creeps par excellence."

Special Report: The ties that bind at the Federal Reserve

(Reuters) - To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets -- and that access can be lucrative.

But a Reuters investigation has found that the information flow sometimes goes both ways as Fed officials let their guard down with former colleagues and other close private sector contacts.

This selective dissemination of information gives big investors a competitive edge in the market. In the past, Fed officials themselves have privately expressed discomfort about the cozy ties between the central bank and consultants to big investors, though their concerns have largely fallen on deaf ears.
No one is accusing Meyer and his firm, Macroeconomic Advisers -- or any other purveyors of Fed insights for that matter -- of wrongdoing. They are not prohibited from sharing such information with their hedge fund and money manager clients.

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