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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

Thursday, January 6, 2011

More Allegations Of Goldman Fraud

From Market Ticker guy Karl Denninger, who along with Dylan Ratigan have been calling for investigations for YEARS now. Is there anyone in Washington that still believes in enforcing laws fairly?          (....didn't think so)
ACA is suing Goldman over the ABACUS deal that blew up in their face and in which Paulson (John, not Hank) was involved. If you remember, this was the deal over which the SEC sued as well, and "settled." The argument at the time was that it would be very difficult to prove fraudulent intent, and therefore the settlement (without admission of guilt, of course) was "in the best interest of everyone."


Well, now in this complaint ACA alleges that not only were they not told the instrument was created due to someone's short interest, they were explicitly told by Goldman that Paulson intended to be long!

If proof of this this exists, it's black-letter proof of fraud folks:

Read the rest here


Anonymous said...

Jan. 6: Former Labor Secretary Robert Reich explains why Goldman Sach’s decision to buy part of Facebook isn’t a risk to the company but is to taxpayers.

Anonymous said...

JON STEWART: Mark Zuckerberg Is The World's Biggest Hypocrite
Mark Zuckerberg doesn't want to be transparent. The guy's whose immense success was founded on mining our personal data. The guy who shares my photos with the world unless I change my privacy settings every half-an-hour...WTF?"

Goldman Sach's role was less surprising.

"Goldman! Sachs! Well when it comes to weaseling around financial regulations they are the masters....Oh Goldman, is there any financial regulation you can't subvert."

Read more:

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