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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, August 13, 2011

Goldman Sachs Is Downgraded By The People

Hubris knows no bounds when Goldman Sachs downgrades BofA. Who downgrades Goldman Sachs? It began with the FCIC report and ended with the Levin/Coburn report which pinpointed Goldman Sachs at the centre of the financial meltdown of 2008. It is the bank that has been accused, and found guilty, of civil fraud and found wanting in other areas. Yet, Goldman Sachs had only to pay a piddling fee for its "mistakes."

The People will downgrade Goldman Sachs and have been doing so for years. Just read any comments on internet stories about Goldman Sachs since 2008. The downgrade is from "get those suckers out of their positions" to "put those executives in jail." The people cite something more substantial than rumors: i.e., Goldman's mortgage backed securities that it fraudulently sold as safe which then turned into junk.

Goldman's revenue is down substantially; it is being sued by everyone; and its executives have been losing money because of the market downturn.

When you remember that Goldman Sachs has few redeeming social values, the downgrade by the People seems fair.

Goldman Sachs Downgrades Bank of American, Cites Market Rumors As The Reason
By Courtney Comstock - Business Insider

Goldman Sachs also downgraded 19 other banks today, but their revised outlook on Bank of America is what really stings.

That's because the market is buzzing with rumors about Bank of America, and Goldman's negative view might signal that the firm believes that Brian Moynihan is unable or limited in his ability to quash the concerns, now and in the future.

Even though Moynihan recently appeared on CNBC and on a much-criticized 90-minute conference call with shareholders and hedge fund manager Bruce Berkowitz in order to quash the rumors (and he tried hard -- Moynihan said essentially that those people who think we're in trouble, I'll see you in court if that's what it takes) , Goldman cites those market rumors -- that BofA has too little capital -- as one of the main reasons it's downgrading Bank of America.

Read the whole article here


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