In the following video, Matt Taibbi talks about the report of the Senate Permanent Subcommittees on Investigations by Levin and Coburn where Goldman Sachs is used as a case study explaining how the banks contributed to the financial crisis. Taibbi calls the report "aggressive."
Taibbi talks about regulatory changes that eroded oversight of the banks' business. This lack of regulation is reflected in the substantially lower number of referrals to the Justice department by regulators. Regulators say they used the notion of "verbal referrals" instead of proper criminal referrals where investigations should have taken place.
The interview discusses the position that Goldman Sachs held in the chain of fraudulent events before and after the financial meltdown.
Matt Taibbi vs. Goldman Sachs - video
View the video here
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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". 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