It would seem to me that a bank like Goldman Sachs should be held to a high ethical standard but Wall Street, and GS itself, obviously does not agree. Just because something is not illegal does not mean that ethical standards should be ignored. If Goldman Sachs were treated the way they treated pension funds and investment companies that they sold junk to, they would be incensed!
How Did Goldman Sachs Know That The Housing Market Was About to Collapse?
This video and a summary article can be found here
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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". 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