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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

Monday, May 16, 2011

"Unethical" Accurately Describes Goldman Sachs

"A lie told often enough becomes truth." --Vladimir Lenin. Maybe the corollary is true also: A truth told often enough is seen as the truth. So here's a video that is presented to tell the truth.

Goldman Sachs takes cover behind its "sophisticated cliental" and its claim for not knowing the mortgage market would fail. Because Goldman Sachs has no ethical standards or moral underpinnings for its actions, it feels no remorse or guilt for its fraud and lies.

You can see the video from The Big Picture here


Anonymous said...

With Eric "pardon me (for a price)" & "Taxless Timmy" as Mr. No Hope For Change's top appointees, is it any wonder there have been no prosecutions?

Anonymous said...

Unethical seems totally want to read complete garbage and the type of mindset we as a country are dealing with?...

Lying to Congress

Let’s start with simplest charge: Of course Goldman execs lied to Congress. Everyone lies to Congress. Congress lies to Congress. Who outside of Charlie Sheen wants to air dirty laundry in front of the whole world? Yes I believe Goldman lied but not in they way RS thinks they did. Yes, GS knew these bonds were crappy. Yes, they could have done a better job disclosing all the risks. But as a former CDO manager and investor, I know to review, research, and analyze CDOs independently of Rating Agencies.

Anonymous said...

Specific lies cited in this video....where would you be if those lies came out of your mouth?

Blodget:Blankfein Better Business Bureau Bludgeoned By Blatant Big Short

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