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Fraud*
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

Occupy Wall Street News

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Wednesday, December 1, 2010

Goldman Sachs Loses in Arbitration Case

Goldman Sachs now has a chance to prove that it cares about its clients at least as much as it cares about itself.

Goldman Fails to Vacate $20.1 Million Bayou Award
by Edward Pettersson - Bloomberg

Goldman Sachs Group Inc. failed to vacate a $20.1 million award an arbitration panel had granted Bayou Group LLC creditors who sued Goldman for failing to detect Bayou funds for which it did transfers were a fraud.

U.S. District Judge Jed Rakoff in Manhattan said in a ruling today that Goldman failed to show that the arbitration panel had “manifestly disregarded the law” in granting the award.

The creditors group sued Goldman in 2008 after Bayou Group executives pleaded guilty to running a Ponzi scheme and the company’s hedge funds went into bankruptcy. The creditors alleged Goldman failed to diligently investigate the funds and was liable for fraudulent transfers. The arbitration panel awarded the creditors the full $20.1 million they sought.

Ed Canaday, a Goldman spokesman, declined to comment on Rakoff’s ruling.

The case is Goldman Sachs Execution & Clearing LP v. the Official Unsecured Creditors Committee of Bayou Group, 10-05622, U.S. District Court, Southern District of New York (Manhattan.)

Read the article here

7 COMMENTS:

Anonymous said...

Charles Ferguson (Inside Job) on Charlie Rose

Systemic corruption by the financial services industry-watch!


http://www.ritholtz.com/blog/2010/11/charles-ferguson-inside-job-on-charlie-rose

Anonymous said...

This is how much corruption hates the truth!


University Of Calgary Professor And Senior Advisor To Canadian PM Calls For Julian Assange Assassination On National TV

It is not a good week for Wikileaks. Following yesterday's Interpol arrest warrant, also yesterday, Tom Flanagan, a senior advisor and strategist to the Canadian Prime Minister Stephen Harper, called for the assassination of Wikileaks director Julian Assange. On CBS News. On Live TV. As the video notes, "it is believed to be the first ever televised "fatwa" since the edict by the Iranian leadership of the late Ayatollah Khomeini against British writer Salman Rushdie in February 1989." It's a good thing western society, where due process used to mean something, is so much more evolved than that of Iran. Additionally, although news anchor Solomon afforded Flanagan the opportunity to retract his statement, Flanagan balked at doing so and instead reiterated that U.S. President should put out a "contract" on Assange or use "a drone" and that he would not be unhappy if Assange "disappeared." Flanagan who is a trusted member of PM Harper's inner circle of Tory strategists joins Sarah Palin in calling for the death of the Wikileaks director as retribution for the website's release of confidential diplomatic and intelligence "chatter" this week. How long before any senior political advisor has the freedom to issue fatwas on national TV on anyone who dares to utter or publish something that they consider offensive?

http://www.zerohedge.com/article/university-calgary-professor-and-senior-advisor-canadian-pm-calls-julian-assange-assassinati

Anonymous said...

Is It Open Season On Advisors And Professors?

http://market-ticker.org/akcs-www?post=173651

Anonymous said...

If you think this could never happen here....you're wrong! ...better start thinking!

MEP Nigel Farage

Nigel Farage: Founding Member of the UK Independence Party (UKIP) & Member of the European Parliament (MEP) for the South East region and is the leader of the parliamentary party in the EU parliament.



http://tinyurl.com/32j9zyv

JR said...

I must say to Anonymous 2 that Tom Flanagan is a bit of a clown. He says things to get people upset. He is a conservative clown and since has apologized for suggesting assassination.

It is a very scary thing to want to kill someone who is practicing freedom of speech. None of the disclosed WikiLeaks cables so far has said anything that we didn't already know or suspect; it is just told to us with more accuracy. In any case, these disclosures are the opinions of various people. What is more frightening is what "politicians" say on a day-to-day basis!

Anonymous said...

@JR...and the politicians get away with it...imagine a civilian uttering those words...what would happen?

Anonymous said...

See they are above the law...we have 2 set of laws...


The announcement came as something of a surprise to many ethics lawyers outside the Justice Department, who said there appeared to be significant evidence to indicate that Mr. Ensign may have conspired to violate a criminal ban on federal lobbying.

Interviews, e-mail and other documents first disclosed in October 2009 in The New York Times indicated that Mr. Ensign had helped Douglas Hampton, who was one of his aides, secure lucrative lobbying work to win the silence of Mr. Hampton and his wife, Cynthia, about the senator’s affair with her. Mrs. Hampton once served as treasurer of an Ensign campaign.

Federal prosecutors “are clearly gun shy,” said Melanie Sloan, the executive director of Citizens for Responsibility and Ethics in Washington, an advocacy group that brought several complaints against Mr. Ensign in the case. “This basically says high-ranking government officials can now assume the laws don’t apply to them,” she added.

http://tinyurl.com/2eyh647

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