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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

Wednesday, November 23, 2011

The Mayhem Created by Goldman Sachs Guys

Janet Tavakoli has analyzed the MF Global debacle and has found numerous actions that finally led to its bankruptcy. Four of the main players in the downfall of MF Global are Goldman Sachs guys--Jon Corzine, Gary Gensler, William Dudley, and JC Flowers.

Tavakoli found possible cover-ups, misuse of customers' funds, messed up accounting books, a lot of huge risky investments, missing money, use of credit derivatives, disguising the nature of transactions, regulators not doing their jobs including the CFTC and FINRA, thin capitalization, bouncing checks, and, finally, the miracle of MF Global becoming a primary dealer.

(Thank you to the reader that gave us the link.)

You can read her seven-page report here


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