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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

Friday, December 16, 2011

The Nadel Settlement With Goldman Sachs

Apparently, the only hope left that Goldman Sachs will ever "pay" for its fraudulent behavior in bringing about the financial crisis is through individual lawsuits. The SEC can do no better than win a civil suit against Goldman Sachs, have them pay a menial fine and/or ask them never to do that again. Goldman Sachs never has to admit to doing anything wrong as they hand over token monies for their "mistakes." These examples show how "regulatory capture" works.

I'm rather for "protracted litigation" and criminal prosecution against Goldman Sachs, with a jury making the final decisions. That would be grand to see!

So below we have an article on one of the latest settlements with Goldman Sachs. Blecchhh!

Goldman Sachs to pay $10 million to settle Nadel-related claims
By John Hielscher - Herald Tribune

Giant investment bank Goldman Sachs Group Inc. will pay nearly $10 million to settle claims over its handling of hedge-fund trading in the Arthur Nadel Ponzi scheme.

The settlement, by far the single largest recovery of money for the Nadel receivership, could set the stage for other deep-pocketed companies to resolve threatened litigation in the case.

Prominent law firm Holland & Knight, lender Wells Fargo and Shoreline Trading Group, all of whom were involved with Nadel's Scoop Management Inc., also have either been served or threatened with legal action by the case's receiver. For its part, Shoreline pocketed the bulk of more than $13 million in fees from the Nadel funds.

New York-based Goldman Sachs did not admit to any wrongdoing in its $9.85 million settlement, but agreed to settle to avoid protracted litigation, Nadel receiver Burt Wiand said Wednesday.

"It's a meaningful contribution for the defrauded investors," Wiand said. "We got back significantly more money from Goldman Sachs than it made acting as the prime broker."

Goldman Sachs Execution & Clearing L.P., an affiliate of the brokerage and investment house, had no knowledge of Nadel's Ponzi scheme, Wiand said. But it failed to respond to "red flags" that could have exposed it prior to January 2009, when Scoop Management imploded.

If approved by U.S. District Judge Richard Lazzara, the deal would remove all receivership claims against Goldman Sachs, as well as bar individual investors from filing claims against the investment firm.

Goldman Sachs' spokesman Michael DuVally declined to comment on the settlement.

Read two more pages of this article here


JEHR said...

Dear Mr. Blankfein

I'm really angry after listening to a radio program about what the world has to look forward to because of the financial crisis brought to us by GS.  You, as a banker, need not worry as you have the security and money you so greedily desired.  What does the rest of the world have?  We have many years of lower living standards, debt that has been foisted on us by the banks and world stagnation and upheaval.  I am persuaded that you are to blame for the world's financial woes.  There may be others too, but I know what you did.

You sat there in your mirrored room and because of bank groupthink began a process of engineering the multiplication of debt that you then sent out into the farthest corners of the world--your mangy derivatives that brought destruction that will last for years.

May I make a suggestion.  Tomorrow you should go to your shareholders and/or board members and say that you are going to decrease the size of Goldman Sachs so that the bank will not bring any more horror to the world.  You can discard your status as a bank holding company and go back to your partnership so that your actions will not affect the average person.  You don't deserve to be a bank holding company because you do not respect people who save for their pensions and work hard for their retirement.

You, go back to pure speculation but leave the rest of the world alone.

Finances should support the economy not BE the economy. Your power is nothing more than a grand illusion and you have done damage that you can't even imagine.

A Believer in Human Nature

Guest said...

Lloyd says call your cheating congressman...

Global's Story Is a Different Story of Filched Funds

Yesterday Congress held another hearing on MF Global. One representative seemed to suggest that MF Global's movement of money to the UK may have somehow been allowable under Rule 1.25. It was as if a Member of Congress had become Corzine's PR flack, an apologist for Corzine, and was trying to create a false excuse for Corzine. Jon Corzine has been a big Congressional fundraiser and bundler, and it is interesting to see how cheaply some Members of Congress can be bought.

Rule 1.25 wouldn't allow investment in foreign sovereign debt for U.S. dollar accounts, and even if it did, the accounts' assets must be segregated. Rule 1.25 does not allow anyone to filch funds from customers' accounts.

Listen to it said...

Egon von Greyerz (EvG):

Dante said...

Bill Black Serves Up Some Dante

Now we're doing the same crap: This morning it is reported on CNBC that European banks are buying sovereign debt at 5% coupons and borrowing the money from the ECB at near zero for three years.  This is a scam as BASEL allows them to buy these bonds with zero capital!

This is a doomsday trade: If the trade "works" and there is no blowup they'll make more money than they've ever made before.  If it blows up the guys on the other side of the trade will get zero because they can't pay.  Instead of leverage coming out it's being added!

This crap has to stop.

Obama did not explain what Wall Street behavior he found least ethical or what unethical Wall Street actions he believed was not illegal. It would have done the world (and Obama) a great service had he been asked these questions. He would not have given a coherent answer because his thinking on these issues has never been coherent. If he had to explain his position he, and the public, would recognize it was indefensible.

Read more:

Got her but no banksters said...

Pennsylvania police officer filmed firing taser at teenage girl - video

CCTV footage shows a police officer pushing a 14-year-old girl against a parked car and firing a taser at her groin. Shortly before the taser was fired the teenager is seen raising her hands in surrender. She received hospital treatment after the incident in Allentown, Pennsylvania

Betrayed said...

Maybe they should start auditing every public official?

Former Texas Judge Charged With Taking Bribes in $40 Million Refinancing

A former Texas judge was accused by
the U.S. of taking bribes in 2007 in exchange for his vote to
refinance about $40 million in El Paso County debt and replace a
county financial adviser.

The ex-judge, Antonio Guillermo Cobos, 44, was charged with
three counts of conspiracy and fraud, Robert Pitman, the U.S.
attorney in San Antonio, said today in a statement. If
convicted, Cobos faces as long as 20 years in prison on each of
the counts, according to Pitman.

“The citizens of El Paso County expect, and are entitled,
to have their elected representatives make decisions on the
basis of the merits of what they are voting on, not whether or
how they can personally benefit,” Pitman said in the statement.

Daryl Fields, a spokesman for Pitman, couldn’t immediately
provide the name of Cobos’s lawyer.

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