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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, December 24, 2010

Goldman Sachs Cartoon Videos

Love those cartoons and videos about Goldman Sachs!

You can see this video here

You can see this video here

You can see this video here


Anonymous said...

Fed Finally Forks Up Documents Showing It Funded Wall Street's Off-Balance Sheet Vehicle
The Tax-Payers' Tab: a Cool $9 Trillion and Then Some

With Citigroup having such a large presence in the conduit market, it strains the imagination how Citigroup’s former top executives, CEO Chuck Prince and Executive Committee Chair, Robert Rubin, could have testified to the Financial Crisis Inquiry Commission on April 8 of this year that they had no idea until months into the crisis that Structured Investment Vehicles (SIVs) created by Citigroup and roosting off its balance sheet had liquidity puts that could, and did, force billions of the toxic assets back onto the bank’s balance sheet. SIVs are first cousins to conduits but typically have more leverage. Citigroup’s SIVs were shielding subprime debt instruments from being reflected on its balance sheet but were forced back on when they became impaired, leading to staggering losses for the bank.

Whether it was Credit Default Swaps or Collateralized Debt Obligations squared or conduits or SIVs, two words emerge from the hubris: leverage and greed. By leveraging the balance sheet, upper management could lay claim to massive compensation and bonuses.

t takes only reading comprehension skills and zero Wall Street experience to read the above paragraph and know that this firm would blow up. How did Robert Rubin, former co-chair of Goldman Sachs and former U.S. Treasury Secretary, not see this at Citigroup. Mr. Rubin received over $125 million in compensation at Citigroup. Sandy Weill, the man who built the behemoth and its far flung network of dysfunctional parts and served as its CEO, received over $1 billion. The taxpayer received the tab.

Joyce said...

The Counterpunch article above is worth reading.

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