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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

Sunday, January 8, 2012

Goldman Sachs and the Volcker Rule

From Naked Capitalism we have an interesting video and comment as follows:

Whither Volcker Rule and Other Options for Reining in Big Bad Banks
Posted by Yves Smith - Naked Capitalism

Gerry Epstein of PERI speaks to the Real News Network about the out of the headlines negotiations on Volcker rule implementation as well as other ideas for bringing major banks to heel.

It’s worth noting that Epstein is not aware of the fact that Occupy Wall Street’s Occupy the SEC group has a subgroup that is providing extensive comments on the Volcker (their first set was on the proposed repo exclusion).

See the video and comments here


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