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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 14, 2011

TBTF: Goldman Sachs

Simon Johnson, a British American economist, formerly chief economist of the IMF, presents his views on capital requirements for big banks, including Goldman Sachs, on stress tests and their impact on making policy, and on the need for more capital in US banks:

You can see the video and read the introduction here


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