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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, March 24, 2011

Goldman Sachs's Revelatory E-mails: 2006-2007

It is interesting that Lloyd Blankfein, CEO of Goldman Sachs, is appearing before the court as a witness for the prosecution of Rajat Gupta, ex-member of Goldman Sachs's board. Blankfein confirmed that Gupta violated the company's "confidentiality policies" when he gave tips to outsiders about Goldman Sachs's financial position.

It's the pot calling the kettle black!

Too bad that Goldman Sachs isn't on the stand for its violation of ethics, and possible criminality, revealed by their own memos written in 2006-2007 just as the financial meltdown reached its zenith. There is something repulsive about Blankfein accusing others of wrongdoing while he stands there, all accusatory, yet having admitted his firm made a "mistake" and paid a fine that is the equivalent to so much bird seed to GS's bottom line!

Goldman Sachs's own words do not give us much reason to cheer for their candour, what with their "shitty" deals, "dirty...originations," "a day that will live in infamy," "pigs," "distribute junk," "crap pools," etc., phrases found in their internal messages.

What I would like to see is Blankfein facing a jury of his peers and explaining all the ways he managed to pull the wool over the eyes of "other banks, pension funds, insurance companies, municipalities, university endowments, and hedge funds." (p2. of memo from Senator Carl Levin, Subcommittee Chairman....)

Below are the 900+ pages of e-mail exhibits from the hearing conducted by Levin and Coburn:


See the original document here


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