William K Black who wrote the book, "The Best Way to Rob a Bank is to Own One," talks about how the banks, including Goldman Sachs, pulled off the greatest scheme since the 1929 crash to obtain monstrous amounts of money to the detriment of the people of the United States. Because the fraud occurred at the highest levels of the banks, including the CEOs, It is referred to as accounting control fraud. The fraud promised large amounts of bonuses and pay to all. The systemic scheme was a sure thing. It appears that the banks had no loss reserves on their accounting books. Instead loss reserves fell to record lows even though massive bad loans were made.
If Goldman Sachs was insolvent in 2008 (and we know that they were borrowing massively from the Fed which suggests insolvency), then it should have been shut down rather than bailed out by the taxpayer. Goldman Sachs is right now pretending that recovery has occurred but the rules were gimmicked to the banks' advantage so that mainly finance has recovered. In spite of the mortgage crisis, not a single arrest, indictment or conviction has been made!
These two videos can be seen 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