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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, April 18, 2012

Goldman Sachs and "Money, Power and Wall Street"

Here is a PBS documentary worth seeing about the Financial Crisis brought to us by Wall Street including Goldman Sachs:
Money, Power and Wall Street|PBS Frontline Four-Hour Investigation Goes Inside the Epic Story of the Global Financial Crisis
Posted on 4closureFraud

Tuesdays, April 24 and May 1, 2012, from 9 to 11 P.M. ET on PBS

Since 2008, Wall Street and Washington have fought against the tide of the fiercest financial crisis since the Great Depression. Now, FRONTLINE’s veteran financial and political producers Martin Smith (College Inc., The Madoff Affair) and Michael Kirk (Inside the Meltdown, The Warning), team up to present the inside story of the struggles to rescue and repair a shattered economy, exploring key decisions, missed opportunities and the unprecedented and uneasy partnership between government leaders and titans of finance in Money, Power and Wall Street, a four-hour investigation airing Tuesdays, April 24 and May 1, 2012, from 9 to 11 P.M. ET on PBS (check local listings).

The revolution in modern finance began not in a Wall Street boardroom but at a luxury hotel in Boca Raton, Fla. There, in the summer of 1994, a team of 20-something bankers from JPMorgan pioneered an insurance product for loans called a credit default swap. “The defining problem was that banks were unable to adequately deal with their own credit risks,” says Bill Winters, the former co-CEO of JPMorgan’s investment bank. With the credit default swap, JPMorgan created a new marketplace in which banks could buy and sell risk. It fueled a golden era of profits for the banking industry and a boom in global investing.
Read the rest of the information and see the video here


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