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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

Tuesday, November 29, 2011

Goldman Sachs's Blankfein Confesses!

You can see the video and a short commentary here


Gets worse each day said...

Just When You Think It CAN'T Get Uglier Out There...

"Some bird-brain professors are quoted in the article as saying that this is not inside information, but that is total horse shit.  If I had possession of that information when Paulson doled it out to his buddies, I would have gone out bought up every single discounted Fannie Mae and Freddie Mac bond I could find and I would have leveraged those purchases with as much money as I could borrow.  I'm sure the trading records of those at the Paulson insider trading pow-wow will never be investigated.  What Paulson did was unequivovally illegal and he won't be prosecuted for it.  Hell, Bush signed an executive order that gave all of his cabinet members a perpertual get of jail free card. Obama was supposed to repeal that EO but never did."

Over and over said...

Taibbi points out that banks take punitive settlements in stride,
saying, “They recognize that every now and then they’re going to get
dragged into court, they’re going to have to give a little bit of money
to somebody, and then they get to walk away and keep doing it.”

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