Fraud* 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
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1 COMMENTS:
Anon
said...
GS...everyday
Goldman Sachs: More Than A Travesty Of A Mockery Of A Sham
Of course, Goldman traders, sitting on the trading desks where order flow from customers, clients and countries around the world ends up, would never front-run those orders, nor would they ever use that order flow and all the other order flow from all the other trading venues they have their hands in and on to feed their arbitrage-eating, high frequency trading algorithms. Never.
But, what they can do, legally, as market-makers, is take the other side of any of the trades that come their way. And for that matter, take any side of any trade, or take any side they want in anticipation of any trade they think might come their way in their duties as bona-fide market-makers.
But the weight of Goldman’s heavy foot on its clients and America is being resisted. The bank faces untold litigation costs and potential damages from pending suits too numerous to list. And worse, regulators and the Justice Department are looking under Goldman’s shoe to determine if it has a soul.
In my opinion, Goldman isn’t just a travesty of a mockery of a sham, it is a criminal enterprise and worthy of being stepped on itself.
1 COMMENTS:
GS...everyday
Goldman Sachs: More Than A Travesty Of A Mockery Of A Sham
Of course, Goldman traders, sitting on the trading desks where order
flow from customers, clients and countries around the world ends up,
would never front-run those orders, nor would they ever use that order
flow and all the other order flow from all the other trading venues they
have their hands in and on to feed their arbitrage-eating, high
frequency trading algorithms. Never.
But, what they can do, legally, as market-makers, is take the other
side of any of the trades that come their way. And for that matter, take
any side of any trade, or take any side they want in anticipation of
any trade they think might come their way in their duties as bona-fide
market-makers.
But the weight of Goldman’s heavy foot on its clients and America is
being resisted. The bank faces untold litigation costs and potential
damages from pending suits too numerous to list. And worse, regulators
and the Justice Department are looking under Goldman’s shoe to determine
if it has a soul.
In my opinion, Goldman isn’t just a travesty of a mockery of a sham,
it is a criminal enterprise and worthy of being stepped on itself.
http://www.forbes.com/sites/shahgilani/2011/09/02/goldman-sachs-more-than-a-travesty-of-a-mockery-of-a-sham/2/
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