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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, January 18, 2012

Reprise on Goldman Sachs

Now that Goldman Sachs is reporting lower revenue and bonuses, it's time to go back to their nefarious days of CDOs and CDSs, in case we forget.

First, the video of Senator Levin questioning Goldman about rotten deals from YouTube:

You can see the video here

Second, the Naked Capitalism writeup about Goldman's defense by apologists and Matt Taibbi's take on them which you can read here.


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