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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

Saturday, May 7, 2011

The "Misleading" of Goldman Sachs

Senator Levin has been interviewed many times about his co-authored report on the financial meltdown. The report itself used Goldman Sachs as a case study in its investigations.

Senator Levin candidly describes the banks as replete with conflicts of interest and greed. He is reluctant to used the words "lie" or "fraud" and is content to let the justice system decide whether those terms are applicable. However, he does use the word "mislead" which seems rather a tame term to use when you know what Goldman Sachs did to its clients and to the investors that trusted GS's judgement when buying the securities they underwrote and sold to them.

Here are some videos in which Senator Levin explains the report and answers questions about the report.

You can see this video here

You can see this video here

You can see this video here

Bloomberg also has two video recordings of interviews with Senator Levin here and here.


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