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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 21, 2011

Subpoenas to Goldman Sachs

There is a small buzz beginning in the blogosphere of something important about to happen to Goldmans Sachs and even Goldman Sachs senses it. The excitement focuses on subpoenas going to Goldman Sachs that may signal prosecutions for Goldman Sachs's actions before and after the financial crisis. Some signs that have been noted: Goldman Sachs shares have gone down (see here) ; there are still a few apologetic pieces supporting Goldman Sachs but these ring false (see here); Time is suggesting that these may be the last days of Goldman Sachs (rather than the last days of the world!); interns are turning down Goldman Sachs offers (see here); and Goldman Sachs itself is getting ready for a "criminal probe" according to Reuters).

Not everyone is convinced that justice eventually will be served (See naked capitalism here).

You can see the video here


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